Digital Transactions Authoritative, insightful and timely information for payments professionals
In a mashup of the Internet of things and cryptocurrency, authentication and data-security firm WiseKey International Holding Ltd. announced Thursday that it has developed a payment service for IoT-connected devices and its own WiseCoin.
Geneva, Switzerland-based WiseKey said it has tested the system, dubbed IoT CryptoCurrency Smart Payment, on a connected car secured by its semiconductors to pay for gas, electricity, and parking using WiseCoin, a cryptocurrency it introduced earlier this year.
While it uses blockchain technology as do Bitcoin and other digital currencies, WiseCoin differs from them in that it employs a centralized system, complies with know-your-customer and other governmental regulations, and uses near-field communication technology that enables contactless payments, according to WiseKey. The currency can be further protected by hardware-based biometric technology.
“WiseKey’s objective with WiseCoin is to become an emerging powerhouse in the global cryptocurrency market by supporting the development of economies built on blockchain technology,” the company said in a news release.
Exactly what’s next for WiseCoin and the new payment service wasn’t disclosed. In 2016, Mastercard Inc. and WiseKey announced they were working to bring WiseKey’s security technology and payment functionality to traditional watches.
