WISeKey, a global cybersecurity and IoT company, has announced the successful completion of its pioneering Proof of Concept (PoC) for Transactional-IoT (t-IoT) technology, known as Project SEALCOIN.
This achievement represents a major advancement in eliminating intermediaries for interconnected devices, highlighting the transformative potential of SEALCOIN’s innovative platform. WISeKey is also in the process of creating SEALCOIN AG, a Special Purpose Vehicle (SPV), to manage its decentralised technology project, SEALCOIN.
Transactional-IoT involves automated communication and transactions between devices within the IoT ecosystem. SEALCOIN’s PoC demonstrates the application of advanced technology embedded within a semiconductor device to autonomously validate and verify transactions. Central to this innovation is the Secure Element, an embedded security hardware that safeguards the private key and certificate representing the device’s unique identity. Using elliptic curve cryptography (ECC) compatible with Hedera’s Decentralised Ledger Technology (DLT), the device can authenticate and sign transactions on-chain in real-time.
Key highlights of the PoC:
- Disintermediation of service providers: SEALCOIN enables direct transactions between devices, removing the need for intermediaries and thereby enhancing efficiency and reducing costs within the IoT ecosystem
- Advanced security: The Secure Element ensures the protection of the device’s keys, maintaining the highest standards of security and trust
- Seamless integration with Hedera: Utilising ECC, devices can authenticate and sign transactions in real-time, ensuring secure and transparent on-chain interactions
“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,” said Carlos Creus Moreira, CEO of WISeKey.
Additionally, SEALCOIN leverages Hedera’s Decentralised Ledger Technology as its foundational infrastructure. Hedera’s DLT offers high performance, security, and stability, making it an ideal choice to support the seamless and efficient operation of the SEALCOIN platform.
The successful completion of this PoC reaffirms SEALCOIN’s commitment to innovation and setting new benchmarks in the IoT landscape. As the company continues to advance its technology, the team is eager to explore new possibilities and applications that contribute to creating a safer, more interconnected world.
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