WISeKey International Holding Ltd (WIHN.SW) (“WISeKey”), a leading provider in Root of Trust and certificate authority, and Stratumn SAS (“Stratumn”), inventor of Proof of Process Technology, partner to provide enterprise grade process security software based on blockchain technologies.
Stratumn is a pioneering software security company that is enabling a shift in how organizations secure their critical processes and think about data security. Enabling traceability, data integrity and on-demand transparency, Stratumn's Proof of Process Technology reduces the complexity of interactions between partners, customers, auditors and regulators, thus reducing operational frictions and costs.
Proof of Process Technology offers a common audit trail, secured by blockchains and cryptography, where stakeholders can collaborate without revealing their private and confidential data. This protocol relies on an advanced consensus mechanism based on the authority of a pre-configured set of identified stakeholders to secure the blockchain. This approach makes private blockchains easier to maintain and administer, while keeping participants accountable.
As a global leader in identity, a recognized root key provider and certificate authority, WISeKey provides the Identity layer crucial to implementing Proof of Process. By combining their offerings, Stratumn and WISeKey will enable better accountability and traceability in complex industrial processes. These technologies are directed towards applications in insurance, finance, energy, industry, luxury goods and healthcare, amongst others.
Carlos Moreira, CEO of WISeKey noted, “We are pleased to partner with Stratumn, a pioneer in blockchain technology. Through our partnership with Stratumn we will offer corporations around the world a secure and trusted way to communicate and build relationships with clients and partners, minimize risks and maximize growth potential by integrating our Virtual Trust Platform with blockchain.”
“Public blockchain networks rely on algorithms such as Proof of Work to align the economic incentives of participants. This is a property of a blockchain in which participants do not know each other,” explains Richard Caetano, CEO of Stratumn. “Enterprises today have much different security requirements as contractual agreements and regulations require companies to know and trust the identity of their clients, suppliers and partners. Identity management and strong authentication are key components to ensure accountability and traceability in processes where multiple participants are involved. As a Root of Trust certificate authority, WISeKey provides Stratumn with a fundamental component to Proof of Process.”
On January 18th, Mr. Moreira and Mr. Caetano participated at the 5th annual WISeKey Cyber Security Roundtable in Davos Switzerland. This panel discussion, for which the topic was “Blockchain & The Internet of Value”, included notable figures in the blockchain industry, such as author Don Tapscott, blockchain researcher Primavera De Filippi and Lykke Founder Richard Olsen.
During this panel, participants brought up a number of topics central to the adoption and deployment of blockchain technologies, specifically by global enterprises and government institutions. Mr. Caetano pointed out that as enterprise clients need to work together on common workflows, such as supply chains, a standardized, interoperable platform is needed to avoid the problems of siloed, incompatible networks. Implemented in enterprise systems, Proof of Process Technology with blockchain infrastructure could be used as the underlying framework on which business and operational decisions can be made with confidence. This would enable the implementation of “built-in” regulation, effectively reducing the cost of regulatory compliance and auditing.
Contributed | what does this mean?