WISeKey International Holding Ltd, a leading cybersecurity and IoT company, today announced that is has developed a first-of-its-kind IoT Cryptocurrency Smart Payment solution allowing connected objects to pay with WISeCoin.
The IoT CryptoCurrency Smart Payment allows the ability for connected objects secured by WISeKey Semiconductors to pay other connected objects using WISeCoin. WISeKey has tested the technology on connected cars allowing a connected car secured by WISeKey to pay for electricity, gas and parking through the integration of WISeCoin crypto wallets at the Secure Element Chip level.
Each connected object is equipped with WISeKey’s Secure Element, called VaultIC184, consisting of a tamper resistant silicon chip, based on a state-of-the-art secure microcontroller, a Sigfox specific Application Programming interface, based on the latest specifications, allowing device manufacturers an easy integration of the chip, as well as a provisioning service, transferring the burden of device personalization to WISeKey’s secure Personalization Center.
WISeKey has teamed up with Sigfox to design and launch the Secure Element for Sigfox-enabled connected devices. With this Sigfox specific secure add-on, WISeKey has expanded its offerings for securing the IoT to the very promising Low Power Wide Area Networks, of which Sigfox is a forerunner.
WISeKey is using its own cryptocurrency WISeCoin as a method of payment between connected objects. WISeCoin uses the latest blockchain technology and works as part of payment system using WISeKey Blockchain-as-a-Service (“BaaS”) technology offerings. To empower a seamless cryptocurrency enabled for IoT connections, WISeCoin is supplemented with highly secured solutions such as biometrics-driven hardware wallets, integrated exchange platforms, MicroChips Blockchain enabled semiconductors, and NFC-based contactless payment solutions. WISeKey’s objective with WISeCoin is to become an emerging powerhouse in the global cryptocurrency market by supporting the development of economies built on Blockchain technology.
Moreover, a versatile flavor of the security module, VaultIC405S, implementing next to the specific Sigfox requirements general purpose Elliptic Curve Public Key cryptography PKI primitives, complements the product offer and is a perfect solution for companies providing multi-network Internet of Things solutions requiring a state-of-the-art security coverage on all network types to execute cryptocurrency payments between the connected objects. Designed for low cost, power and surface constrained devices, it proposes industry standard I2C connectivity, very low power consumption and a very small footprint.
VaultIC184 and VaultIC405S are part of WISeKey’s global end-to-end scalable security framework WISeKeyIoT, a Public Key Infrastructure based overall response designed to mitigate ever increasing risks of cyberattacks in IoT. Securing vulnerable internet-connected devices, from security cameras to smartphones, is essential to allow these connected devices to perform secure cryptocurrency payments. Unsecure connected devices can be hijacked by hackers and turned into tools to mine cryptocurrencies, and the computing power of all these gadgets can be used to mine the digital coins.