WiMi Developed a Blockchain-Based Data Security Model for Large Private Network Transactions

Rhea-AI Summary

WiMi Hologram Cloud Inc. announces its role as a leading global Hologram Augmented Reality Technology provider amidst expanding IoT applications. The company addresses the need for advanced security models in the face of digitalization challenges.

BEIJING, Feb. 26, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider. As IoT applications continue to expand, traditional security models may not be able to meet the challenges of future digitalization needs. Enterprises are particularly concerned about user data privacy, recognizing that privacy breaches can have a huge impact on user trust and business reputation. Therefore, WiMi's model focuses on protecting the data privacy of transactions through Bitcoin and Ether blockchain technology to ensure that user data is adequately protected during network transmission. WiMi developed a blockchain-based transaction data security model for large-scale private networks. First, it is necessary to ensure that the communication between nodes is secure against threats such as attacks. Secondly, it is necessary to address the risk of privacy leakage that a large amount of user data may suffer when it is transmitted in the network. Most importantly, to realize all of this in an IoT architecture, one needs to take into account the possibility that nodes may not always be able to rely on each other for critical communications.

WiMi utilized a combination of digital certificates, RSA-based public key infrastructure and blockchain technology. Digital certificates and public key infrastructure ensure the security of the communication channel, while blockchain technology is introduced to enhance data integrity and network node protection. This technology solution is designed to provide comprehensive privacy protection and security for large-scale private networks.

The model is based on Bitcoin and Ether, utilizing mechanisms such as Proof of Work (PoW) and Proof of Stake (PoS) to validate transactions and generate new blocks. This guarantees the legitimacy of transactions and the overall robustness of the network. The model ensures the integrity of the transaction data by referencing the immutability of Bitcoin. Each block contains a certain amount of transaction information, forming a coherent chain that prevents data tampering and forgery. The model introduces Ethernet's smart contract concept, which enables a more flexible and automated transaction process through smart contracts.

The large-scale private network transaction data security model based on blockchain technology uses blockchain's peer-to-peer encrypted links to ensure the security of data transmission. Each node ensures the security of the encryption and decryption process of the communication channel through the use of Bitcoin and Ethereum cryptography. Through the distributed ledger mechanism of Bitcoin and Ether, the model ensures that each node has an identical, up-to-date copy of the ledger. This helps to ensure data consistency and traceability throughout the large private network. Through the combined use of Bitcoin's PoW mechanism and Ether's PoS mechanism, the model enables efficient verification of transactions and the generation of new blocks. This improves the resistance of the entire network to attacks and makes large private networks more secure and reliable.

WiMi will continue to optimize and upgrade its large-scale private network transaction data privacy and security model as technology continues to evolve. The integration of emerging technologies, such as quantum security and more advanced encryption algorithms, will further enhance the security of the network. The model is not only applicable to specific industries, but is also expected to be a solution for building secure large-scale private networks across industries. From finance and healthcare to manufacturing and retail, secure large-scale private networks will play a key role in various fields.

WiMi's blockchain technology will play a central role in the data privacy and security model for LPN transactions. By deeply integrating key technologies such as Bitcoin and Ether, the model fully utilizes the immutability of blockchain, the flexibility of smart contracts, and the trustworthiness of distributed ledgers. This integrated use provides an efficient, secure, and scalable technical framework for large-scale private networks, further advancing the development of blockchain technologies such as Bitcoin and Ether in practical applications.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

 

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SOURCE WiMi Hologram Cloud Inc.

FAQ

What is WiMi Hologram Cloud Inc.'s ticker symbol?

WiMi Hologram Cloud Inc.'s ticker symbol is WIMI.

What does WiMi Hologram Cloud Inc. specialize in?

WiMi Hologram Cloud Inc. specializes in Hologram Augmented Reality (AR) Technology.

What is the focus of WiMi Hologram Cloud Inc.'s recent announcement?

WiMi Hologram Cloud Inc. highlights the importance of advanced security models in the face of expanding IoT applications.