WISeKey allows Connected Electric Cars to Pay with WISeCoin Cryptocurrencies at Autonomous Electric Charging Stations
It is projected that three out of five new cars sold by 2030 will be electric, to meet greenhouse gas targets
GENEVA-June 19, 2018 – WISeKey International Holding Ltd (((“, WISeKey”, SIX:WIHN,WIKYY, a leading Swiss cybersecurity and IoT company, announced today that its WISeCoin Machine to Machine Cryptocurrency technology allows connected cars to pay with WISeCoin at the Electric Charging Stations, completing the transaction without using credit cards or any other traditional payment. Connected car owners can charge their cars and pay by transferring WISeCoins via NFC technology, from their car wallet to the Electric Charging Station.
WISeKey is already providing the integration of WISeKey IoT and Public Key Infrastructure (PKI) in the manufacturer’s connected car solutions allowing them to authenticate legitimate car components and enabling owners to securely interact with the car’s smart features. The fact that the electric car includes a WISeKey Digital certificate stored on a WISeKey Microchip acting as a secure hardware module it allows to send securely the WISeCoins required to execute the payment transaction between the electric car and the electric charger without any intermediaries or paying any transactional fees.
WISeCoin also includes an unforgeable Digital Identification for the eCar and eCharger, securing both. Virtually all new cars on the market today include electronic technologies that could pose vulnerabilities to hacking or privacy intrusions if data security is not addressed. For example, smart cars without cybersecurity protection technology could allow hackers to gain remote access by exploiting vulnerabilities in their ecosystem of connected components and online services. As the number of cars connected to the Internet is growing quickly (to over a quarter of a billion by year 2020, as estimated by Gartner), smart car manufactures are working to identify and reduce potential hacking vulnerabilities in their vehicles.
The WISeCoin IoT CryptoCurrency benefits from WISeKey’s standardization and neutrality assets, key factors needed to achieve interoperability, and its vast experience in working with leading European automobile manufacturers to provide cybersecurity services for connected cars.
Currently, WISeKey via its affiliate WISeKey QuoVadis provides PKI Services to a growing number of smart car manufacturers and its ISTANA PKI platform is already active in several large-scale projects. As the number of cars connected to the Internet is growing quickly (to over a quarter of a billion by year 2020, as estimated by Gartner), smart car manufactures are working to identify and reduce potential hacking vulnerabilities in their vehicles. BI Intelligence expects 94 million connected cars to be sold in 2021, and for 82% of all cars sold during that year to be connected. This represents a compound annual growth rate of 35%, from 21 million connected cars in 2016. In recent years, the security protections of smart cars have expanded using proven IoT technologies. There is increased use of “secure element” chips provided by WISeKey Semiconductor to authenticate individual car components within the vehicle itself and to the online services it interacts with, and to ensure that only legitimate software is installed in the car.
The WISeCoin IoT CryptoCurrency Smart Payment allows the ability for connected objects secured by WISeKey Semiconductors to pay other connected objects using WISeCoin. Each connected object is equipped with WISeKey’s Secure Element, called VaultIC184, consisting of a tamper resistant silicon chip, based on a state-of-the-art secure microcontroller allowing device manufacturers an easy integration of the chip, as well as a provisioning service, transferring the burden of device personalization to WISeKey’s secure Personalization Center. WISeKey is using its own cryptocurrency WISeCoin as a method of payment between connected objects. 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 for IoT connections, 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.
Payment Solutions for Connected Objects
The operation of the charging station is relatively simple, according to the Berlin start-up. No back office and no communication protocol are required. The kiosk operates completely autonomously and supports communication and payment with the user. No need for a credit card or a subscription either. Just recharge your car and leave.
IOTA has specialized in the area of connected objects to enable them to communicate with each other and to carry out transactions in an intelligent manner. The advantage of the technology developed by the German start-up is to solve a major challenge faced by bitcoin and other crypto-currencies: scalability.
For cryptocurrencies, it’s the ability to function properly even when huge amounts of transactions are made. Observed during the flight of bitcoin at the end of 2017, this problem has become a major concern for cryptocurrency developers and users.
Multinationals seduced by technology
IOTA is based on Tangle technology which is different from the blockchain. Without block or chain, the verification of transactions does not rely on the intervention of minors as for bitcoin but only on the user himself. The advantage of this “entanglement” system is that the more users there are, the more the scalability of the network increases. Which reduces transaction costs to zero.
Large multinationals such as Volkswagen and Bosch have already relied on this technology and are partners in the IOTA project.
WISeKey ((WIHN OTCQX:WIKYY) is a leading global cybersecurity company for Managed Public Key Infrastructure, Internet of Things, Blockchain and Artificial Intelligence. The group’s WISeKey Semiconductors is a leader in embedded security solutions for mobile and connected devices. WISeKey and QuoVadis are global leaders in providing electronic identity and electronic signature solutions, including options for custom IoT certification authorities as well as the OISTE Swiss based Root of Trust (RoT). For more information, visit www.wisekey.com.
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