Transactional-IoT refers to the automated communication and transactions between devices within the Internet of Things (IoT) ecosystem.
Geneva, Switzerland, Aug. 5, 2024 (GLOBE NEWSWIRE): WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company operating as a holding company, today announced the successful execution of its groundbreaking Proof of Concept (PoC) for Transactional-IoT (t-IoT) technology codenamed Project SEALCOIN. This milestone marks a significant step forward in the disintermediation of service providers for interconnected devices, showcasing the transformative potential of SEALCOIN’s innovative platform. Of note, WISeKey is in the process of establishing SEALCOIN AG, a Special Purpose Vehicle (“SPV”) to house its decentralized technology project, SEALCOIN.
Transactional-IoT refers to the automated communication and transactions between devices within the Internet of Things (IoT) ecosystem. SEALCOIN’s PoC demonstrates the use of advanced technology embedded within a semiconductor device to validate and verify transactions autonomously. At the heart of this innovation is the Secure Element, an embedded security hardware that protects the private key and certificate representing the device’s unique identity. Leveraging elliptic curve cryptography (ECC) compatible with Hedera’s Decentralized Ledger Technology (DLT), the device can simultaneously authenticate and sign transactions on-chain.
Key Highlights of the PoC:
- Disintermediation of Service Providers: By enabling devices to transact directly with one another, SEALCOIN eliminates the need for intermediaries, enhancing efficiency and reducing costs in the IoT ecosystem.
- Advanced Security: The Secure Element ensures that the device’s set of keys are protected, maintaining the highest standards of security and trust.
- Seamless Integration with Hedera: Utilizing ECC, the same cryptographic algorithm employed by DLT, devices can authenticate and sign transactions in real-time, ensuring secure and transparent on-chain interactions.
Mr. Moreira, WISeKey’s CEO, noted, “This significant milestone triggers the launch of the development of the SEALCOIN platform. We are excited to announce that we are starting these developments and are aiming to deliver a Minimum Viable Product (MVP) by Q4 2024. The SEALCOIN Platform will further enhance the capabilities of our Transactional-IoT technology, providing a comprehensive solution for secure, autonomous device interactions.”
Furthermore, SEALCOIN is leveraging Hedera’s Decentralized Ledger Technology as the underlying decentralized infrastructure. Hedera’s DLT offers high performance, security, and stability, making it an ideal choice for supporting the seamless and efficient operation of the SEALCOIN platform.
The successful execution of this PoC reaffirms SEALCOIN’s commitment to driving innovation and setting new standards in the IoT landscape. As the company continues to advance its technology, the team is excited to explore new possibilities and applications that further the mission of creating a safer, more interconnected world.
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