WISeKey Empowers Luxury Brands with Advanced NFT Technology to Digitally Authenticate and Represent Unique Products
Secure NFT tags embedded as ePassports can be affixed to any product and create a unique digital footprint.
Geneva, Switzerland – September 5, 2023 – WISeKey International Holding Ltd (SIX: WIHN, NASDAQ: WKEY), a leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions operating as a holding company, today announced that it is supporting luxury brands’ efforts to NFT (non-fungible tokens) their products as unique, digital assets, unalterably registered on a blockchain, which can be bought and sold like any other product or commodity. As the world of luxury goods intersects with the digital realm, WISeKey's trusted NFT technology is ushering in a new era of authentication and representation. By leveraging the groundbreaking concept of NFTs luxury brands can now create a unique digital footprint for their products on the blockchain.
NFTs are distinctive digital assets that symbolize ownership or proof of authenticity of a unique item, using the revolutionary blockchain technology are now gaining monumental traction in the art and collectibles domain. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs are non-fungible, signifying each token's distinctness and non-interchangeable nature. Beyond digital art and collectibles, NFTs have vast potential, and can be used to tokenize assets ranging from digital artwork, music, videos, virtual real estate, in-game virtual goods, domain names, in addition to tangible assets such as real estate and luxury goods.
Ensuring the distinctiveness, origin, and permanence of NFTs, blockchain technology embeds each token with a unique identifier and ownership details, ensuring easy verification and nullifying unauthorized duplications or alterations.
Capitalizing on this, WISeKey provides a seamless bridge between luxury items and the digital metaverse. Luxury brands, without the need for a physical product, can now create unalterably registered NFTs on a blockchain, a move aligned with the digital preferences of the younger generation.
Notably, WISeKey's VaultIC154 NFC secure element can be integrated into luxury items, enabling secure authentication when accessed by an NFC device. Furthermore, the technology grants brands the prowess to issue, validate, and adjust digital certificates of authenticity, fortifying against counterfeiting.
WISeKey's innovation heralds a paradigm shift in luxury product authentication, positioning luxury brands at the digital forefront, readying for a future where tangible and digital realms intertwine seamlessly.
WISeKey, a global pioneer in combining dual-factor authentication with blockchain technology, ensures the security of luxury mechanical watches. As of now, it safeguards over 2.5 million luxury timepieces.
Since 2010, WISeKey has partnered with luxury watch manufacturers to deploy its distinctive technology. Using its VaultIC155 NFC secure element, WISeKey integrates semiconductor tags into luxury items including bags, watches, jewelry, accessories, perfumes, etc.
These capabilities empower brands to:
1. Issue storage devices with a digital certificate of authenticity.
2. Verify the authenticity of the digital certificate as needed.
3. Update the status of the digital certificate's validity when necessary.
4. Initiate the dematerialization of a product and its Digital Twin transformation into a corresponding NFT.
These tags, akin to an embedded ePassport, can be affixed to any product. When tapped by an NFC-enabled phone, they securely authenticate and trace the item, registering its identity on the blockchain ledger. This innovative approach has earned WISeKey a US patent, which can be explored here.
In addition, WISeKey offers a groundbreaking concept: the Product Watch Birth Certificate. This digital identifier is comparable to a product's birth certificate, replete with details such as its manufacturing date and company. By transitioning into a "Trusted Object" on the Internet, it equips the luxury product with a robust digital identity, furnishing verifiable data throughout its lifecycle.
The essence of this Product Birth Certificate lies in its unique cryptographic key pair. While its public key is shared openly as part of the certificate, the private key operates in the background to validate the IoT device's identity and guarantee data's cryptographic integrity. This private key is the very crux of the IoT device's identity.
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.
Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.
Press and investor contacts:
WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com
WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
lcati@equityny.com
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FInSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
