WISeKey’s WISeID Solution Provides a Secure Platform for Users to Manage Their Digital Identities and Protect Themselves Against Unauthorized Access

Rhea-AI Summary

WISeKey International Holding Ltd. (WIHN, WKEY) announced the launch of its WISeID solution, providing a secure platform for users to manage their digital identities and protect themselves against unauthorized access. The recent launch of the WorldCoin project has highlighted the need for user control and consent over personal data, especially sensitive biometric information. WISeID offers a safer digital world to corporations and individuals by safeguarding their data and privacy.

WISeKey’s WISeID Solution Provides a Secure Platform for Users to Manage Their Digital Identities and Protect Themselves Against Unauthorized Access

The recent launch of WorldCoin project, where digital coins are exchanged for iris scans, has underscored the urgent need for clear user control and consent on how personal data, especially sensitive biometric information, is used.

Zug, Switzerland - July 31, 2023 - WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions operating as a holding company, today announced that its WISeID solution offers a safer digital world to corporation and individuals, by protecting their data and privacy.

As new digital technologies such AI and Quantum evolve and reshape the world, the concept of digital identity becomes increasingly important. The recent launch of WorldCoin project, where digital coins are exchanged for iris scans, has underscored the urgent need for clear user control and consent on how personal data, especially sensitive biometric information, is used. 

The unique and unchangeable nature of the iris raises severe potential concerns about privacy and the misuse of data. The lack of regulation in the crypto and blockchain sector adds to the risks of data misuse and security breaches. With a significant part of WorldCoin's user base expected to be disadvantaged individuals willing to trade their iris scans for funds, the potential for exploitation is high, setting a dangerous precedent.

Creating a digital identity based on iris recognition, combined with a cryptocurrency reward system for data control transfer to WorldID, presents various risks. These include potential privacy and security breaches, misuse of biometric data, data ownership issues, and potential exploitation due to incentive misalignment. The centralization of power could lead to misuse and threaten individual freedom. Additionally, this system may increase digital divide issues and may face regulatory challenges depending on jurisdiction. Strong privacy protections, transparency, and user consent must be prioritized in designing such a system.

In contrast, solutions like WISeID.com, developed by WISeKey, emphasize the control and ownership individuals should have over their digital identities, including biometric data. WISeID.com provides a secure platform that not only allows users to manage their digital identities but also protects them from any unauthorized access. 

Nevertheless, the implementation of such solutions requires robust cybersecurity practices, clear international regulation, and complete transparency in data handling. Moreover, public education about digital identity management is a critical factor in maintaining personal privacy and security in this new digital age.

WISeKey is urging all stakeholders, from regulators to technology providers and users, to come together to create a safer digital world. By doing so, we can ensure that the benefits of these advanced technologies can be enjoyed without compromising the individuals’ privacy and data security.

For more information on digital identity management, please visit WISeID.com.

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, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.

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) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 lcati@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 article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. 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 WISeKey International Holding Ltd.'s WISeID solution?

WISeID is a secure platform for users to manage their digital identities and protect themselves against unauthorized access.

What recent project has underscored the need for user control over personal data?

The recent launch of the WorldCoin project, where digital coins are exchanged for iris scans, has highlighted the need for clear user control and consent on how personal data, especially sensitive biometric information, is used.

How does WISeID contribute to a safer digital world?

WISeID offers a safer digital world to corporations and individuals by protecting their data and privacy in the face of evolving digital technologies such as AI and Quantum.

What are the concerns related to the iris scans mentioned in the PR?

The unique and unchangeable nature of the iris raises severe potential concerns regarding user control and consent over sensitive biometric information.