WISeKey will use the Hyperledger Fabric blockchain in their brand protection solution. Their WiSeAuthentic solution integrates their ‘Public Key Infrastructure’ (PKI) with the Hyperledger Fabric. The cybersecurity company believes that blockchain’s enhanced security will help in fighting counterfeit.
A BusinessWire report quotes market research and places the toll of global counterfeiting at $1.2 trillion. The market research company Research and Markets has prepared this report titled “Global Brand Counterfeiting Report, 2018“. The counterfeiters target clothing, footwear, and watches, besides the luxury brands are key targets. Businesses spend enormous effort to protect their brand, however, counterfeiters circumvent them easily. Even medicines are their targets hence the situation is truly alarming. Counterfeiters replicate the security measures of existing brand protection solutions, besides they bypass them. This makes the existing solutions ineffective while losses keep mounting. Businesses must protect their legitimate products and brands, otherwise, the long-term impact on global trade will be negative.
Businesses need a brand protection solution with robust security features. Data encryption should be strong enough to thwart the counterfeiters. Authentication processes need to be simple, however, authentication protocols need to be robust.
WISeKey believes that blockchain is the solution. Their confidence comes from its’ security features. Modern cryptography protects data in a blockchain network, besides consensus algorithms secure it. WISeKey’s choice of Hyperledger Fabric is significant since it’s an enterprise blockchain. Businesses are the main users of the solution. This makes enterprise blockchains suitable here. Hyperledger Fabric has recently enhanced their security features hence it has a strong case.
The Linux Foundation backs Hyperledger. Among technology giants, IBM backs it. IBM is working on important supply chain blockchain use cases hence, their expertise will make the Hyperledger Fabric ecosystem robust.
Brand Protection with Blockchain
Switzerland-based WISeKey is a reputed cybersecurity IoT platform provider. The publicly-listed company also has a US presence. They are partners with the OISTE Foundation, which works on digital identity. WISeKey will use the Hyperledger Fabric along with their PKI. The combination of a closed enterprise blockchain, cybersecurity, and IoT will deliver high security. The platform can effectively govern personal data usage.
WISeKey already uses industry-standard technologies. Even banks and the US Department of Defence trust these. Their solution is set to get more secure with blockchain integration. The WISeAuthentic platform uses the WISeKey semiconductor tags. They equip these tags with their VaultIC ‘Near Field Communication’ (NFC) technology. These tags will accompany the products. Users will tap these tags using their smartphones, triggering a secure authentication. The brand protection solution will track the product. It will confirm its’ identity in the blockchain ledger.
WISeKey provides brand protection solutions to luxury brands since 2007. Premium watch manufacturers like Bulgari use their original WISeAuthenticate solution. They are experts in designing NFC secure chips that work with their platform. They also have iOS and Android apps for it. WISeKey holds patents for digital identity solutions where they use their cryptographic “Root of Trust” (RoT) solution.
Blockchains’ use in proving intellectual property ownership is growing. SOUNDAC is using it to protect musicians’ royalty. Identity management is potentially a key blockchain use case, hence WISeKey’s investment in the technology is promising.