WISeKey’s SEALCOIN Project Leverages Hedera DLT: Invites IoT Companies to Perform Proof of Concept (PoC) for Transactional-IoT (t-IoT) Technology

Rhea-AI Summary

WISeKey (NASDAQ: WKEY) is inviting companies to participate in a Proof of Concept (PoC) for its Transactional-IoT (t-IoT) technology, codenamed Project SEALCOIN. The PoC aims to demonstrate how SEALCOIN can enable autonomous communication and transactions between interconnected devices, eliminating intermediaries and enhancing efficiency in the IoT ecosystem.

Key features of SEALCOIN include:

• Secure Element hardware for protecting device identities
• Elliptic curve cryptography compatible with Hedera's DLT
• On-chain authentication and transaction signing

WISeKey plans to launch a Minimum Viable Product (MVP) by Q4 2024. The project leverages Hedera's DLT infrastructure, known for its performance, security, and stability.

Positive

• Development of innovative t-IoT technology (SEALCOIN) for autonomous device transactions
• Planned launch of Minimum Viable Product (MVP) by Q4 2024
• Utilization of Hedera's robust DLT infrastructure for enhanced performance and security
• Potential for cost reduction and increased efficiency in IoT ecosystems

Negative

• None.

Insights

Tech Expert

WISeKey's SEALCOIN project represents a significant leap in IoT technology. By leveraging Hedera's Distributed Ledger Technology (DLT), SEALCOIN enables direct device-to-device transactions, potentially revolutionizing the IoT ecosystem. The key innovation lies in the Secure Element, an embedded hardware that protects device identities and facilitates autonomous, on-chain transactions using elliptic curve cryptography.

This technology could dramatically reduce transaction costs and improve efficiency in IoT networks by eliminating intermediaries. However, the success of this project hinges on widespread adoption and integration with existing IoT infrastructure. The planned Minimum Viable Product (MVP) launch in Q4 2024 will be important in demonstrating real-world applicability and attracting potential partners.

Cybersecurity Analyst

SEALCOIN's approach to IoT security is innovative and promising. The use of a Secure Element to protect device identities and private keys significantly enhances the security posture of IoT devices. This hardware-based security measure, combined with elliptic curve cryptography, provides a robust defense against many common IoT vulnerabilities.

However, as with any new technology, thorough security audits and real-world testing will be crucial. The project's success will depend on its ability to withstand sophisticated attacks and maintain security at scale. Additionally, the integration of blockchain technology introduces new complexities that must be carefully managed to prevent potential vulnerabilities in the overall system.

Market Research Analyst

The SEALCOIN project addresses a critical need in the IoT market for secure, efficient device-to-device transactions. By eliminating intermediaries, this technology could potentially reduce operational costs for IoT deployments, making it attractive to a wide range of industries. The collaboration with Hedera, known for its high-performance DLT, adds credibility to the project.

However, market adoption may face challenges. The IoT industry is fragmented, with many established players and competing standards. WISeKey will need to demonstrate clear value proposition and interoperability to gain traction. The success of the upcoming MVP and the company's ability to form strategic partnerships will be key indicators of SEALCOIN's market potential. Investors should closely monitor the project's progress and industry reception in the coming months.

WISeKey’s SEALCOIN Project Leverages Hedera DLT: Invites IoT Companies to Perform Proof of Concept (PoC) for Transactional-IoT (t-IoT) Technology

For more information see PoC video: https://youtu.be/daOvoOxqGvQ

Geneva – September 11, 2024 - WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leader in cybersecurity, AI, Blockchain, and IoT operating as a holding company, is inviting companies to participate in a groundbreaking machine-to-machine PoC for its innovative t-IoT technology, codenamed Project SEALCOIN. This PoC aims to showcase the transformative potential of SEALCOIN by demonstrating the disintermediation of service providers in interconnected devices, allowing them to communicate and transact autonomously. The result is a streamlined process that enhances efficiency, reduces costs, and creates a more seamless IoT ecosystem.

At the core of this PoC is the use of cutting-edge technology embedded within semiconductor devices, which autonomously validates and verifies transactions. SEALCOIN features a Secure Element—an embedded security hardware that protects the private key and certificate representing each device’s unique identity. Leveraging elliptic curve cryptography (ECC), compatible with Hedera’s Decentralized Ledger Technology (DLT), these devices can simultaneously authenticate and sign transactions on-chain, ensuring security and transparency in real-time.

Earlier this year, WISeKey established SEALCOIN AG, a Special Purpose Vehicle (SPV), to house and advance the SEALCOIN decentralized technology project. Following the successful launch of PoC, the Company is now focused on the launch of a Minimum Viable Product (MVP) by Q4 2024. This platform will serve as a comprehensive solution for secure, autonomous device interactions within the IoT ecosystem. By enabling devices to transact directly with each other, SEALCOIN effectively removes intermediaries, paving the way for a more efficient and cost-effective future for IoT.

Carlos Moreira, WISeKey’s CEO, noted, “SEALCOIN PoC is a major milestone in our journey toward enhancing the capabilities of our t-IoT technology. We are excited about our plan of delivering the MVP later this year and continuing to explore new possibilities that will further advance our mission of creating a safer, more interconnected world. As SEALCOIN leverages Hedera’s robust DLT infrastructure, known for its high performance, security, and stability, this project is set to set new standards in the IoT landscape.”

The successful execution of this PoC reinforces SEALCOIN's commitment to innovation, particularly in the areas of device security, autonomous transactions, and seamless on-chain interactions. This breakthrough in IoT technology, combined with the advanced security measures embedded in the Secure Element, marks an important step toward reshaping the future of the IoT landscape. For more information, interested parties can view the video presentation https://youtu.be/daOvoOxqGvQ.
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) SEALCOIN AG which focuses 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.

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.

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

FAQ

What is WISeKey's SEALCOIN project and how does it relate to IoT?

SEALCOIN is WISeKey's Transactional-IoT (t-IoT) technology project that enables autonomous communication and transactions between interconnected devices in the IoT ecosystem, eliminating intermediaries and enhancing efficiency.

When is WISeKey (WKEY) planning to launch the SEALCOIN Minimum Viable Product?

WISeKey is planning to launch the SEALCOIN Minimum Viable Product (MVP) by Q4 2024.

What technology does SEALCOIN use for secure transactions?

SEALCOIN uses a Secure Element hardware to protect device identities, elliptic curve cryptography compatible with Hedera's DLT, and enables on-chain authentication and transaction signing.

How does WISeKey's SEALCOIN project aim to improve the IoT landscape?

SEALCOIN aims to improve the IoT landscape by enabling devices to transact directly with each other, removing intermediaries, and creating a more efficient and cost-effective ecosystem for interconnected devices.