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

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:

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.