WISeKey – A Swiss company that specialises is IoT solutions and cybersecurity has recently announced a new “World Internet Secure Coin – WISeCoin”. WISeCoin is basically a Blockchain platform which allows countries to have their own cryptocurrencies with interoperability features just like the existing fiat currencies.
Blockchain Technology is perceived to be at the base of the next economic revolution to make global payments and transaction secured, fast and involving low transactional costs. With cryptocurrencies coming more into limelight, central banks from different countries are planning to have their own state-cryptocurrency systems. The motive behind creating WISeCoin is to help countries create their own cryptocurrencies backed with solid and secured infrastructure and cryptographic security system which would serve to slowly replace and take over the existing traditional legacy systems.
Using blockchain technology, WISeCoin works just similar to the payments system and also uses the WISeKey Blockchain-as-a-Service (“BaaS”) technology to fulfil its tasks. In order to shift towards a cryptocurrency based economy, WISeCoin makes use of high-security-standard solutions like integrated exchange platforms, biometrics driven hardware wallets, NFC-based contactless payment solutions and MicroChips Blockchain enabled semiconductors.
WISeKey CEO, Carlos Moreira said:
“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.”
While commenting on the future development and progress-plans of WISeCoin, WISeKey practice head Bikramaditya Singhal said:
“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.”
The intention with WISeCoin of creating Blockchain-Enabled cryptocurrency will empower the very purpose and cause of having a robust global transactions system that caters to three major requirements of reduced processing fees, faster cross-country transactions and much-improved security.
WISeKey will merge CertifyID with WISeCoin thereby integrating the Blockchain technology and Digital Identity. CertifyID is a Digital Identity which provides two-layer authentication and sits atop the Blockchain technology. With new blocks being added to the blockchain and new set of recording being generated the requirement of CeritfyID blockchain is constantly growing. Once you join the CertifyID network, each CertifyID node will get a copy of the CertifyID Blockchain and gets downloaded automatically. This is a completely decentralized system and can be operated at global or local level via a distributed identity ledger which is run by different trusted parties across the Blockchain.
Recently, the trend of national cryptocurrencies is evolving quite a lot with many countries proposing to have their own state-owned cryptocurrency owing to regulatory measures and concerns. The idea of WISeCoin to integrate all the national cryptocurrencies will offer a boost to all blockchain based transaction by taking several central banks into confidence without facing any friction from the government and regulatory bodies.
Also Read: Australia Might Soon Launch It’s own Cryptocurrency – Digital Australian Dollar
In addition to helping nations have their own cryptocurrencies, WISeKey is also working with several international government bodies to implement blockchain-based projects like identity management, lifecycle management, vehicle and land registration, etc.
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