WISeCoin, the Innovative Tokenized Service of WISeKey, Authenticates People, Products and Machines Using Blockchain and AI
WISeKey allows Connected Electric Cars to Pay with WISeCoin Cryptocurrencies at Autonomous Electric Charging Stations
WISeKey International Holding (“WISeKey”, SIX: WIHN, NASDAQ: WKEY), a leading cybersecurity IoT company, today announced that its WISeCoin IoT solution enables secure people-to-people, people-to-machines and machines-to-machines digital communications using blockchain and AI technologies.
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WISeKey combines its blockchain technology, with extensive experience in digital identities and PKI, and expertise with secure microcontrollers, to create a tokenized service offering, the WISeCoin utility token. WISeCoin provides an innovative way to verify connected objects wanting to interact with one another. Through this unique service offering, WISeCoin AG, a Special Purpose vehicle created by WISeKey to build the infrastructure for secure intra-object interactions and transactions, aims at becoming the ubiquitous industry solution for facilitating secure IoT interactions.
The solutions provided by WISeCoin AG allows any person, object or machine to exchange information or value in a trusted manner while significantly reducing the risk of malicious cyber threats, frauds and hacks. WISeCoins are however not a means of payment, but a service offering. It is enabled through the token which is stored in a digital wallet and entitles the holder to the service offering of the WISeCoin. The token is indifferent to the wallet provider and can be incorporated into any ERC-20 compatible wallet.
The WISeCoin Validation Service uses AI provided by HIRO (via the certificate’s validation authority) to analyze the digital certificate of different actors and recognize and trust the identity of other parties they are interacting with. To do this, WISeCoin token gives its token holders (stored on digital wallets) access to the WISeKey Public Key Infrastructure (PKI), which provides the verification service in order to mitigate malicious actors and hackers from compromising interactions.
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Objects send the validation authority the third party’s public key and the digital certificate for validation. WISeKey checks that the corresponding public key holds a valid WISeCoin and if so, the identity is verified. In order to get the verification, the object making the request needs to hold at least 1 WISeCoin in its wallet, which is valid for 12 months or 100 requests. WISeCoin AG can, over time, adjust the number of tokens required to get verified, the longevity of the token and entitled verifications per token. The WISeCoin Validation Service is used for the verification of the validity of digital identity of the object in real time, thus ensuring secure use of digital identities for authentication of an object connected to the Internet and the activation of attributes such as digital signing, transactions, or sending WISeCoin Machine to Machine Cryptocurrency technology allows connected cars to pay with WISeCoin at the Electric Charging Stations, completing the transaction without using credit cards or any other traditional payment. Connected car owners can charge their cars and pay by transferring WISeCoins via NFC technology, from their car wallet to the electric charging station.
WISeKey is already providing the integration of WISeKey IoT and PKI in the manufacturer’s connected car solutions allowing them to authenticate legitimate car components and enabling owners to securely interact with the car’s smart features. The fact that the electric car includes a WISeKey digital certificate stored on a WISeKey microchip acting as a secure hardware module it allows to send securely the WISeCoins required to execute the payment transaction between the electric car and the electric charger without any intermediaries or paying any transactional fees.
WISeCoin also includes an unforgeable digital identification for the ecar and echarger, securing both. Virtually all new cars on the market today include electronic technologies that could pose vulnerabilities to hacking or privacy intrusions if data security is not addressed. For example, smart cars without cybersecurity protection technology could allow hackers to gain remote access by exploiting vulnerabilities in their ecosystem of connected components and online services. As the number of cars connected to the Internet is growing quickly smart car manufactures are working to identify and reduce potential hacking vulnerabilities in their vehicles.
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