WISeKey blockchain platform allows countries to launch their own cryptocurrencies

October 18, 2017 - 

WISeKey has introduced World Internet Secure Coin (WISeCoin), a blockchain platform that allows countries to launch their own cryptocurrencies in an environment that provides interoperability in a similar manner as analogue currencies.

Using WISeCoin, cities and countries around the world can develop their own cryptocurrency. The platform’s advanced design and cryptographic security system is projected 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 facilitate a seamless cryptocurrency enabled economy, WISeCoin is accompanied with several highly secured solutions including biometrics-driven hardware wallets, integrated exchange platforms, MicroChips blockchain enabled semiconductors, and NFC-based contactless payment solutions.

WISeCoin is projected to become an effective tool 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,” Carlos Moreira, CEO of WISeKey. “Government-regulated cryptocurrencies enabled with a proper level of security, governance and digital identity are required to realize the true potential of digital currencies.”

Bikramaditya Singhal, practice head of WISeKey, said that the company is testing the platform over the next six months in selected countries before it is eventually offered to citizens

WISeKey is partnering with several governments to improve 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 several benefits, including faster processing, improved security, and lower transaction costs.

Blockchain-enabled cryptocurrency has the potential to usher in a new era of individual and corporate commerce.

Current applications of the platform include a vehicle lifecycle management system on Blockchain for the government of Andhra Pradesh in India with Public Key Infrastructure (PKI) to generate 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 serve as 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 allows 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 expected to address the various Blockchain requirements for clients globally, with partnerships with Microsoft and IBM for BaaS solutions, as well as companies like Lykke, Stratumn, BigchainDB.

Additionally, WISekey will combine WISeCoin with its CertifyID integrating digital identity with blockchain technology, with CertifyID acting as a digital identity dual factor authentication based technology that sits on top of a blockchain.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.