ZUG, GENEVA, Switzerland – February 21, 2018 – WISeKey International Holding Ltd (WISeKey) (SIX:WIHN), a leading Swiss cybersecurity and IoT solutions company, today announced that it has integrated the QuoVadis SuisseID Digital Identity into the WISeCoin Wallet to enable cloud based qualified signing capabilities, by providing a ‘Know Your Customer’ (KYC) based Identity Crypto Token.
The SuisseID Signing Service from WISeKey QuoVadis is now available on the WISeCoin Wallet and can be used to create legally binding qualified electronic signatures in Switzerland without using a smart card or a USB token. This user-friendly service enables flexible signature and workflow processes on mobile and local devices, as well as, central application platforms. SuisseID is available on the WISeCoin App as a KYC feature and it is used to obtain relevant identifying information about the WISeCoin Wallet user. KYC is an important part of an overall effort by WISeKey to help regulate the cryptocurrency space.
WISeCoin Wallet provides users with contactless access to their private key and allows them to make contactless transactions and payments. WISeCoin Wallet uses a combination of Near Field Communication (NFC) technology with highly secured solutions provided by the WISeKey Semiconductors and is now available through the WISeWallet App. Every time a contactless Blockchain transaction is made, such as a Bitcoin transaction, the private key is fetched from the NFC hardware storage to enable the transaction.
While the exchanges and software wallets continue to get hacked, the hardware wallets have gained popularity as they are providing the most secure solution for transaction and payments. Through the WISeCoin Wallet, hardware wallets have now become contactless and users can establish multiple private keys into the secure store using the same WISeWallet App and access these private keys while making transactions in contactless mode.
The WISeWallet App is compatible with most of the existing blockchain technologies and works as part of payment system using WISeKey Blockchain-as-a-Service (“BaaS”) technology offerings. To empower a seamless cryptocurrency enabled economy, WISeCoin is supplemented with additional highly secured WISeWallet solutions (biometrics enabled variants also available), integrated exchange platforms, NFC-based contactless payment solutions, etc. WISeKey’s objective is for WISeCoin to become an emerging powerhouse in the global cryptocurrency market by supporting the development of economies built on Blockchain technology.
Recently, digital identity has been a hot topic in the news in Switzerland as part of the country’s plans for digital transformation. The market has announced a new program called SwissID, a private Initiative to enable a more widespread adoption of authentication capabilities. In addition, plans are afoot for a new eID law to be debated in the Federal Parliament in 2018. Individual cantons are also discussing launching their own digital identity programs, such as Zug’s plan to create a blockchain-based identity for its citizens. SuisseID (French spelling), launched in 2010 remains the only state-recognized digital identity in Switzerland whereas SwissID (English spelling) is a private initiative to promote widespread authentication for eCommerce applications. QuoVadis Trustlink Schweiz AG has long established itself as a pioneer in the digital identity sector in Switzerland as a Qualified Trust Service Provider and issuer of the SuisseID since 2010.
The Qualified Electronic Signature is at the heart of the value provided by SuisseID, providing legal equivalence to a traditional handwritten signature and allowing even important consents and transactions to be conducted entirely online.