WISeKey, a digital information security, authentication and identity management company based in Switzerland has announced that its Internet of Things blockchain technology is set to be deployed in a number of selected 'smart cities' in China.
The Swiss firm's technology is already operational in Nanjing, and following that successful deployment, the decision was made to introduce WISeKey's technology across a series of carefully selected 'smart cities' in China.
It has been disclosed that the primary objective of the cybersecurity experts is to deploy a trusted blockchain as a service (BaaS) platform in a country that is switching its focus towards IoT, smart cars and smart cities projects through China's Blockchain Centre of Excellence.
WISeKey introduced its innovative IoT blockchain technology to China after a trade delegation which represented the Beijing INTO Global Business Communications, visited the company's HQ in Switzerland in December last year. The primary function of the group is to connect Chinese tech investors with globally innovative companies and merge partnerships and collaboration.
The Swiss firm has worked closely with experts in industry, government and academia in China in a bid to collectively address the most relevant blockchain developments in a pragmatic way by using standards-based solutions and available technologies. WISeKey, in conjunction with its Chinese partners, are conducting research, rapid pilot prototyping and the co-creation of use cases and IP creation on blockchain technology and platforms.
A spokesman for the Swiss cybersecurity colossus said the China's ban on initial coin offerings (ICO) was a necessary step to prevent illegal fundraising and pyramid schemes. However, there is a common understanding that this should not stop government and private organizations from studying and implementing blockchain technology solutions.
China aims to become the first country in the world to offer its own digital cryptocurrency which is based on blockchain technology, following a series of successful trials. WISeKey has partnered with Microsoft and IBM for BaaS solutions, as well as with other companies such as Lykke, Stratumn, BigchainDB.
In addition to this, WISeKey said it was working closely with government entities and organizations around the world to enhance their existing cooperation on identity management, vehicle and land registration, lifecycle management, and to develop their own cryptocurrencies using blockchain technology.
China has selected a number of 'smart cities' in which WISeKey's IoT blockchain technology will be used, but has thus far declined to name which cities will benefit from the technology.