Shares of cyber security company WiseKey (WKEY) surged when it announced that it has issued non-fungible tokens (NFT) for digital verification of valuable objects and proof of ownership of digital and tangible assets.
WiseKey is a leader in cyber security, artificial intelligence and IoT, the company announced that it is developing their NFTs built on highly-scalable blockchain infrastructure backed by proprietary Digital Identification technology that secures, authenticates and proves ownership of digital and tangible assets.
The NFT capability will be added to its WISeAuthentic Platform which uses a patented method for digital certification of authenticity of a physical object, and corresponding computer program and storage device, as well as using the method for digital certification of authenticity of a physical object of value.
The method includes the steps of issuing a storage device, including a digital certificate of authenticity including encrypted information reflecting at least one characteristic unique to the physical object, checking, whenever required, the validity of the digital certificate of authenticity by use of a network computer, the network computer cooperating with the storage device and a validating or a certifying authority so as to output sensibly in real time the status of validity of the digital certificate of authenticity, and modifying , whenever required.
With a rich portfolio of more than 46 patent families, covering over 100 fundamental individual patents, and another 22 patents under review, WISeKey continues to expand its digital tangible asset protection technology footprint in various domains, including the design of secure chips, near field communication (NFC), development of security firmware and backend software, secure management of data, improvement of security protocols between connected objects and advanced cryptography.
WISeKey’s patented technology that already secures millions of objects (luxury products, expensive wine, jewelry, collector’s items, high end watches, art, etc.), now includes NFT applications backed by Digital Identification technology that secures, authenticates and proves ownership of digital and tangible assets.
The combination of Digital Identification with NFT will be a game changer in proving ownership of digital tangible assets. Major brands are already creating and trading NFTs: Nike has used them to create digital shoes linked to real-world shoes while Louis Vuitton uses NFTs to track the provenance of luxury goods. This trend is likely to continue in 2021 as fashion embraces the trend towards representing physical assets in a digital form.
Imagine an asset, such as a luxury watch or famous artwork that need to be authenticated, the NFT digital asset can be used to prove the ownership of the virtual and tangible object containing digitally signed information that is easily verifiable, making it impossible to replicate. With this technology creators can turn their products into NFTs for copyright ideas. The use of NFTs to verify identity involves turning physical objects into non-fungible tokens to avoid counterfeits.
The NFT market is now growing exponentially with NFT trading expanding in all sectors fueled by the need to curb fraud and forgery in artwork but is now quickly being adopted by other industries that can benefit from a non-cloneable digital certificate of authenticity.