Swiss digital security company Wisekey has carried out a proof of concept (PoC) of its transactional-IoT (t-IoT) technology for automating communications between devices.

Transactional-IoT refers to the automated communication and transactions between devices within the IoT ecosystem.

Codenamed Project Sealcoin, the t-IoT PoC is said to mark a significant step forward in the transformative potential of the platform.

Wisekey is in the process of establishing Sealcoin AG to house the decentralised technology project.

The PoC demonstrated the use of technology embedded within a semiconductor device to validate and verify transactions autonomously. At the heart of this innovation is the secure element, 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 decentralised ledger technology (DLT), the device can simultaneously authenticate and sign transactions on-chain.

By enabling devices to transact directly with one another, Sealcoin eliminates the need for intermediaries, enhancing efficiency and reducing costs in the IoT ecosystem. The secure element ensures the device’s set of keys are protected, maintaining high standards of security and trust. Using ECC, the same cryptographic algorithm employed by DLT, devices can authenticate and sign transactions in real time, ensuring secure and transparent on-chain interactions.

“This significant milestone triggers the launch of the development of the Sealcoin platform,” said Carlos Moreira, Wisekey’s CEO. “We are excited to announce that we are starting these developments and are aiming to deliver a minimum viable product by Q4 2024. The Sealcoin platform will further enhance the capabilities of our transactional-IoT technology for secure, autonomous device interactions.”

Hedera’s DLT is the underlying decentralised infrastructure, offering performance, security and stability, making it suitable for supporting the seamless and efficient operation of the Sealcoin platform.

Wisekey (www.wisekey.com) specialises in cyber security, digital identity and IoT platforms. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio.

A video demonstrating the Sealcoin PoC can be found at www.youtube.com/watch?v=daOvoOxqGvQ.