WISeKey’s Cutting-edge WISeAuthentic Identity Blockchain Technology Already Protects over 2 Million Luxury Watches
Geneva, Switzerland – October 1, 2019 – WISeKey International Holding Ltd (WIHN.SIX), a Swiss based cyber security company, today announced that as one of the first cybersecurity companies in the world to use dual factor authentication to secure luxury watches (since 2010 when it first announced its cooperation with Hublot), currently protects over 2 million luxury watches.
In 2010, the first implementation of this innovative technology for watches, was based on a cryptographic key on a credit-card sized card and it was announced during the Baselworld 2010 event. Hublot partnered with WISeKey to present an electronic guarantee of its watches. Each watch leaving the factory was accompanied by a chip card, with the chip being activated once the watch left the factory. Once the watch was sold by a retailer, a second interaction with the chip automatically activated the guarantee.
This technology was then expanded to incorporate microprocessors installed on the watch or cards connecting the watch to the phone via NFC technology, the watch can be used as a unique personal key identifier and trusted device to access users’ smartphone, applications, and personal data and secured cloud storage. With this integration WISeKey technology offers a unique experience of interconnected objects and strengthens security while simplifying the user experience.
WISeKey then started to integrate additional authentication and verification layers of security using decentralized blockchain identity which allowed buyers of the watches to control when, where and with whom they shared their credentials stored on their watches and authenticate these watches using a forgery-proof digital certificate of authenticity which follows the watch during its entire life recording the history of the watch on its identity and ledger.
This cutting-edge technology was implemented with Favre-Leuba AG, the second oldest Swiss watch brand that is renowned for its tool watches such as the Bivouac and Bathy, to authenticate and protect Favre-Leuba’s watches and their owners.
Purchasing an exclusive Swiss watch is always a matter of great joy and pride, but this purchase comes with the concern that the timepiece maybe stolen or that the watch itself may not be an original. While most high-end watch brands find it extremely difficult to stop such acts, Favre-Leuba has taken steps to protect its watches. Reliable methods include the use of cutting-edge software or blockchain technology, which together with on-the-ground measures can ensure the authenticity of the watch. Moreover, if the watch is stolen, it can be traced thus making it difficult to be traded on the secondary market. This control is possible to practice because the identity of each watch is stored on an immutable ledger in the implemented system.
While most people consider BlockChain technologies as a vital component in securing cryptocurrencies such as Bitcoin, the cryptography and security inherent in the BlockChain system can be utilized for storing information, making transactions and performing functions for web-based services that demand high security requirements for an impenetrable global reach.
WISeAuthentic BlockChain, provides brands with the ability of:
issuing a storage device comprising of a digital certificate of authenticitychecking, when required, the validity of the digital certificate of authenticitymodifying, when required, the status of validity of the digital certificate of authenticity.
The WISeAuthentic Blockchain platform integrates the WISeKey Semiconductors tags based on the company’s VaultIC154 NFC secure element. These tags, when placed on any product and tapped by an NFC phone, securely authenticate and track the product much like an embedded ePassport and confirm the identity of the product on the BlockChain ledger.
“WISeKey has long been recognized as a leader in providing luxury and other product manufacturers with reliable means to protect their brands against counterfeiting,” said Carlos Moreira, Founder and CEO of WISeKey. “With the addition of the WISeAuthentic BlockChain platform, we can now provide our clients with a powerful and unified way to shield their brands from the harmful effects of counterfeiting, while providing enhanced visibility into their end-consumers.”
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers,…