SEALCOIN Technology Successfully Tested in a Proof of Concept for Transactional-IoT M2M

Rhea-AI Summary

WISeKey International Holding (SIX: WIHN, NASDAQ: WKEY) has successfully executed a Proof of Concept (PoC) for its Transactional-IoT (t-IoT) technology, codenamed Project SEALCOIN. This breakthrough demonstrates the potential for disintermediation of service providers in interconnected devices. The PoC showcases advanced technology embedded in semiconductor devices, enabling autonomous transaction validation and verification.

Key features include:

• Use of Secure Element for protecting private keys and device identity
• Elliptic curve cryptography compatible with Hedera's Decentralized Ledger Technology
• Direct device-to-device transactions, eliminating intermediaries
• Real-time authentication and signing of on-chain transactions

WISeKey aims to deliver a Minimum Viable Product (MVP) for the SEALCOIN platform by Q4 2024, leveraging Hedera's DLT for high performance and security.

Positive

• Successful execution of Proof of Concept for Transactional-IoT technology
• Potential for disintermediation of service providers in IoT ecosystem
• Advanced security features with Secure Element and elliptic curve cryptography
• Seamless integration with Hedera's Decentralized Ledger Technology
• Plans to deliver Minimum Viable Product (MVP) by Q4 2024

Negative

• None.

Insights

Tech Expert

The successful PoC of SEALCOIN's Transactional-IoT (t-IoT) technology represents a significant leap forward in IoT device communication. By enabling direct device-to-device transactions without intermediaries, SEALCOIN could disrupt the current IoT ecosystem. The integration of Secure Elements and elliptic curve cryptography (ECC) with Hedera's Decentralized Ledger Technology (DLT) creates a robust security framework for autonomous device interactions.

However, the real-world scalability of this technology remains to be seen. The planned Minimum Viable Product (MVP) by Q4 2024 will be important in demonstrating SEALCOIN's practical applications. While the potential for cost reduction and efficiency gains is significant, the adoption rate among IoT manufacturers and the compatibility with existing IoT infrastructure will be key factors in determining SEALCOIN's success.

Financial Analyst

WISeKey's SEALCOIN project shows promise, but investors should approach with caution. The creation of SEALCOIN AG as an SPV suggests a strategic move to isolate risk and potentially attract targeted investment. However, the financial implications remain unclear without specific revenue projections or market size estimates for t-IoT technology.

The planned MVP by Q4 2024 provides a tangible milestone for investors to monitor. If successful, it could position WISeKey as a leader in the evolving IoT market. Yet, the long development timeline and lack of immediate revenue impact mean that any positive effects on WISeKey's financials are likely to be medium to long-term. Investors should watch for partnerships, adoption rates and future revenue guidance as indicators of SEALCOIN's potential financial impact.

Market Research Analyst

SEALCOIN's t-IoT technology addresses a growing need for secure, autonomous device interactions in the expanding IoT market. The global IoT market is projected to reach $1.6 trillion by 2025, with security and efficiency as key concerns. SEALCOIN's approach could capture a significant portion of this market if it delivers on its promises.

However, the competition in the IoT security space is intense, with established players and startups vying for market share. SEALCOIN's success will depend on its ability to differentiate itself and demonstrate clear cost and efficiency advantages over existing solutions. The choice of Hedera's DLT as the underlying infrastructure is strategic, potentially offering scalability and stability advantages. Market adoption will be critical and WISeKey should focus on building partnerships and use cases across various IoT sectors to gain traction.

Geneva, Switzerland, Aug. 05, 2024 (GLOBE NEWSWIRE) -- For more information see this video presentation: https://youtu.be/daOvoOxqGvQ

WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company operating as a holding company, today announced the successful execution of its groundbreaking Proof of Concept (PoC) for Transactional-IoT (t-IoT) technology codenamed Project SEALCOIN. This milestone marks a significant step forward in the disintermediation of service providers for interconnected devices, showcasing the transformative potential of SEALCOIN's innovative platform. Of note, WISeKey is in the process of establishing SEALCOIN AG, a Special Purpose Vehicle (“SPV”) to house its decentralized technology project, SEALCOIN.

Transactional-IoT refers to the automated communication and transactions between devices within the Internet of Things (IoT) ecosystem. SEALCOIN’s PoC demonstrates the use of advanced technology embedded within a semiconductor device to validate and verify transactions autonomously. At the heart of this innovation is the Secure Element, an embedded security hardware that protects the private key and certificate representing the device's unique identity. Leveraging elliptic curve cryptography (ECC) compatible with Hedera’s Decentralized Ledger Technology (DLT), the device can simultaneously authenticate and sign transactions on-chain.

Key Highlights of the PoC:

• Disintermediation of Service Providers: By enabling devices to transact directly with one another, SEALCOIN eliminates the need for intermediaries, enhancing efficiency and reducing costs in the IoT ecosystem.
• Advanced Security: The Secure Element ensures that the device’s set of keys are protected, maintaining the highest standards of security and trust.
• Seamless Integration with Hedera: Utilizing ECC, the same cryptographic algorithm employed by DLT, devices can authenticate and sign transactions in real-time, ensuring secure and transparent on-chain interactions.
  
  

Mr. Moreira, WISeKey’s CEO noted, “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.”

Furthermore, SEALCOIN is leveraging Hedera's Decentralized Ledger Technology as the underlying decentralized infrastructure. Hedera's DLT offers high performance, security, and stability, making it an ideal choice for supporting the seamless and efficient operation of the SEALCOIN platform.

The successful execution of this PoC reaffirms SEALCOIN's commitment to driving innovation and setting new standards in the IoT landscape. As the company continues to advance its technology, the team is excited to explore new possibilities and applications that further the mission of creating a safer, more interconnected world.

About SEALCOIN
SEALCOIN is dedicated to revolutionizing the Internet of Things (IoT) through innovative technology that empowers devices to autonomously transact and coordinate service-for-payment exchanges. By leveraging advanced blockchain technology and secure semiconductor solutions, SEALCOIN aims to create a decentralized infrastructure that enhances security, efficiency, and trust in the IoT ecosystem.

About WISeKey:
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) it is in process of establishing SEALCOIN AG to focus on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people.

For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Press and Investor Contacts:

WISeKey International Holding Ltd  Company Contact:  Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com

WISeKey Investor Relations (US)  The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com

Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FInSa's predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

FAQ

What is Project SEALCOIN and how does it relate to WISeKey (WKEY)?

Project SEALCOIN is WISeKey's (NASDAQ: WKEY) groundbreaking Transactional-IoT technology. It enables direct device-to-device transactions in the IoT ecosystem, eliminating the need for intermediaries and enhancing security through advanced cryptography and Secure Element technology.

When does WISeKey (WKEY) plan to deliver the SEALCOIN platform MVP?

WISeKey (NASDAQ: WKEY) aims to deliver a Minimum Viable Product (MVP) for the SEALCOIN platform by Q4 2024, as announced in their recent Proof of Concept success.

What blockchain technology does SEALCOIN use for its IoT transactions?

SEALCOIN leverages Hedera's Decentralized Ledger Technology (DLT) as its underlying decentralized infrastructure. This choice was made due to Hedera's high performance, security, and stability, which support the efficient operation of the SEALCOIN platform.

How does SEALCOIN's technology enhance security in IoT devices?

SEALCOIN enhances IoT device security through a Secure Element, which is embedded security hardware that protects the private key and certificate representing the device's unique identity. It also uses elliptic curve cryptography compatible with Hedera's DLT for secure, on-chain transactions.