WISeKey Introduces WISeCoin, a Cryptocurrency platform to enable countries to launch their own Cryptocurrencies
OREANDA-NEWS. WISeKey International Holding Ltd (WISeKey) (SIX:WIHN), a leading Swiss cybersecurity and IoT solutions company, announced the introduction of World Internet Secure Coin, or WISeCoin, a Blockchain platform that enables countries to launch their own cryptocurrencies in an environment that provides interoperability in a similar fashion as current analogue currencies.
Blockchain technology has triggered innovations and introduced a new era in finance. Today, cryptocurrencies have become a global phenomenon, so much so that even central banks are trying to create their own cryptocurrency systems. To this end, WISeKey is helping cities and nations around the world create their own cryptocurrency with WISeCoin, its Blockchain platform for cryptocurrencies. With its revolutionary design and state-of-the-art cryptographic security system, WISeCoin is poised to disrupt legacy systems for transacting value and revamp global economic infrastructures.
WISeCoin uses the latest blockchain technology and works as part of payment system using WISeKey Blockchain-as-a-Service ("BaaS") technology offerings. To empower a seamless cryptocurrency enabled economy, WISeCoin is supplemented with highly secured solutions such as biometrics-driven hardware wallets, integrated exchange platforms, MicroChips Blockchain enabled semiconductors, and NFC-based contactless payment solutions. WISeKey's objective with WISeCoin is to become an emerging powerhouse in the global cryptocurrency market by supporting the development of economies built on Blockchain technology.
"Rapid advancements in digital technologies have started to transform the global financial landscape. Government-regulated cryptocurrencies enabled with a proper level of security, governance and digital identity are required to realize the true potential of digital currencies," says Carlos Moreira, CEO- WISeKey.
"The WISeCoin offering will be tested during the next 6 months on selected countries using WISeKey Blockchain technology, and will be gradually offered to citizens," says Bikramaditya Singhal, Practice Head- WISeKey.
WISeKey is working with several governments to enhance their existing cooperation on identity management, vehicle and land registration, lifecycle management, and to develop their own cryptocurrencies using Blockchain technology. These cryptocurrencies can enable financial transactions that offer multiple advantages, including faster processing, improved security, and reduced transaction costs. Blockchain-enabled cryptocurrency has the potential to usher in a new era of individual and corporate commerce.
WISeKey is helping governments and corporations address some of the critical requirements using Blockchain, including: a vehicle lifecycle management system on Blockchain for the government of Andhra Pradesh in India with Public Key Infrastructure (PKI) to produce improved governance; enabling a digital economy for 140 million farmers in India through the WISeFarmers initiative; a registration solution for the government of Rwanda that could also provide an anti-counterfeit solution for the land titles and financial services industries; government-regulated fiat cryptocurrencies and gold-backed cryptocurrencies; HSM solution for private key protection and management for Blockchain applications; and secured IoT transactions on Blockchain using WISeKey semiconductors solution. WISeKey's cryptographic RoT empowers IoT manufacturers and chipmakers to add digital certificates to their chips at the hardware-level to encrypt communication and authenticate the devices on Blockchain.
With its partner ecosystem, WISeKey is well positioned to address different kinds of Blockchain requirements for clients globally. WISeKey has partnered with Microsoft and IBM for BaaS solutions, as well as with other companies Lykke, Stratumn, BigchainDB. WISeKey is committed to uncover the limitless possibilities in this Blockchain arena for the betterment of business and quality of life empowered with WISeKey security solutions.
WISekey will combine WISeCoin with its CertifyID integrating Digital Identity with Blockchain technology. CertifyID acts as a Digital Identity dual factor authentication based technology that sits on top of a Blockchain. The CertifyID Blockchain is constantly growing as new blocks are added to it with a new set of recordings. Each CertifyID node gets a copy of the CertifyID Blockchain and gets downloaded automatically upon joining the CertifyID network. The system is completely decentralized and can be operated at national or local level using a distributed identity ledger run by trusted parties spread across the blockchain.
This trend to have national cryptocurrencies has already started in some countries like Estonia with concrete plans to introduce a virtual legal tender called Estcoin planned to be launched through an ICO integrated into the Estonia's e-residency ecosystem, which offers non-Estonians a digital ID, through which they can gain access to facilities like payment processing, banking and taxation in the country.
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying via a Virtual Platform large scale digital identity ecosystems. WISeKey's Swiss based cryptographic RoT ("RoT") and IoT Microchips provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people.