WISeKey has launched a new WISeCoin service to support secure interactions between IoT devices. WISeCoin is a utility token that uses blockchain to verify the authenticity of connected objects that are engaged in some kind of digital transaction.
The token itself is stored in a digital wallet, and is developer-agnostic insofar as it is compatible with any ERC-20 wallet. With that in mind, WISeKey is hoping to make the WISeCoin a standard (and ubiquitous) security feature in the next generation of IoT devices.
So how does the solution work? In plain terms, the WISeCoin Validation Service uses HIRO AI and WISeKey’s Public Key Infrastructure (PKI) to analyze the digital certificates of other parties during a transaction. The service will specifically check to see whether or not the other device has a valid WISeCoin, and will then clear the interaction if it does. Each WISeCoin is valid for 12 months or 100 requests, and each transaction requires at least one valid Coin. However, those numbers can all be adjusted over time.
The WISeCoins have a number of potential applications, including digital signatures, cryptocurrency exchanges, and digital payments. In that regard, WISeKey placed a particularly strong emphasis on the smart vehicle utility, arguing that the drivers of electric cars could use WISeCoin to make payments at charging stations without using a credit card. Instead, they would be able to link their car to the charging station and transfer money with NFC technology.
WISeKey recently signed a term sheet to acquire the German AI specialist Arago GmbH. Arago provides Knowledge Automation services for enterprise customers, and its acquisition reflects WISeKey’s efforts to bolster its AI capabilities.
In other news, WISeKey has also agreed to provide the microprocessors for the ThinC-AUTH biometric security key from Ensurity. The key is designed to enable secure FIDO2 logins for Microsoft Windows and Microsoft Azure AD users.