WISeKey Crypto Solution Lets Connected Objects Pay With WISeCoin

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Swiss cybersecurity group WISeKey (SIX Swiss Exchange: WIHN) has developed an internet of things (IoT) cryptocurrency smart payment solution, allowing connected objects secured by WISeKey chips to pay for items and services with its WISeCoin token, while offering protection from hackers attempting to access these devices.

In a press release Thursday, WISeKey said it has tested the technology on connected cars, allowing them to pay for electricity, gas and parking through the integration of WISeCoin crypto wallets at what the company calls “Secure Element Chip” level. This chip, named VaultIC184, is tamper resistant and allows easy integration for device manufacturers and personalized provisioning, WISeKey said in the statement.

Through its recent partnership with Sigfox, WISeKey is able to expand its offerings for securing the IoT to promising Low Power Wide Area Networks (LPWAN), of which it said Sigfox is a forerunner. LPWANs are attractive to realizing the vision of the IoT primarily because of their ability to offer affordable connectivity to low-power devices distributed over very large geographical areas.

The WISeCoin will be used as part of WISeKey Blockchain-as-a-Service offering, supplemented by secure technologies such as biometrics-driven hardware wallets, an integrated exchange platform, blockchain enabled semiconductors, and NFC-based contactless payment solutions, said the company.

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WiseKey, which has also been working with blockchain interface company RIDDLE&CODE to develop secure IoT solutions, stated that its WISeKeyIOT framework, which includes VaultIC184, is designed to mitigate the 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,” the company said in a statement. “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.”

For more information, visit www.wisekey.com

image by frankieleon. CC BY 2.0

About David Bentley

David Bentley is an experienced financial writer and communicator specializing in offshore financial services, hedge funds and technology.

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