WISeKey has once again promoted NFTs as a fraud prevention solution for the makers of luxury goods. The company first introduced the concept of Watch Birth Certificates in May, and went on to showcase the solution at the 2022 Embedded World Exhibition in Nuremberg, Germany.
Embedded World 2022 ran from June 21-23, and served as a showcase for a wide range of embedded technologies. There was a particular emphasis on IoT devices and electronic security solutions, many of which could potentially make use of WISeKey’s semiconductor components.
However, WISeKey was primarily interested in demoing its WISe.ART NFT platform, and in particular the utility it can have in luxury electronics. In that regard, the company noted that counterfeiting is a major problem for most luxury brands, insofar as it can be difficult to verify the authenticity of a device in a market flooded with high-quality fakes. WISeKey believes that its semiconductors offer a potential solution to that problem, insofar as one of its laser-cut secure elements can be integrated in such a way as to make it integral to the functioning of the device itself. The element can also be used to store a full product history and unique security keys that can be independently verified in a manner akin to an electronic passport.
NFTs provide brands and customers with additional assurances. The manufacturer can mint a Watch Birth Certificate when a device is made, and convert that certificate into an immutable NFT that contains details like company and time and date of manufacture. The NFT turns the device into a “Trusted Object” with a permanent record on the internet that can be matched to a counterpart stored on the device.
While WISeKey has been focused on luxury watches, the NFT certificates could ultimately be used to protect a wide range of electronic products. WISeKey has also introduced WISeCoins to give two IoT devices a secure way to complete a transaction.