Swiss IoT and cybersecurity firm WISeKey has announced that its cryptocurrency WISeCoin (WISE) will be used as payment by connected electric vehicles at automated electric charging stations.
WISeKey will be at the center of it all because its WISeCoin Machine to Machine Cryptocurrency technology will be used to facilitate connected vehicle charging. The technology will be installed at electric vehicle charging stations and will be used to facilitate the completion of transactions without the need for credit cards or other traditional forms of payments. It means the owners of connected cars can charge their vehicles and pay using WISeCoins which can be transferred from their wallets using NFC technology.
The cars will have their own crypto wallet from which the cryptocurrency will be transferred to the electric charging station. WISeKey has already started integrating its Public Key Infrastructure (PKI) and IoT technology with connected car solutions from different manufacturers. This integration will allow the authentication of vehicle components and as a result, allow secure interaction.
Ensuring a high level of security for connected cars
The vehicles will feature a secure hardware module that will be a WISeKey Microchip that will carry a WISeKey Digital certificate. The microchip will allow WISeCoins to be sent in a secure manner. WISeCoin also has Digital Identification for the electric car as well as for the electric charger and this identification cannot be forged.
It is important for the technology used in the autonomous electric cars to be highly secure. Most of the vehicles that are currently in the market have technology that may have vulnerabilities that place them at a high risk of being hacked. Data security, therefore, has to be addressed and this is why WISeKey has taken noteworthy steps towards making sure that the identification system is hack-proof.
The number of smart car manufacturers that use WISeKey’s PKI Services has been growing steadily. The company plays a key role in the industry and things are only expected to get more exciting with the number of electric cars steadily increasing. The number is expected to be around 250 million by 2020 compared to 21 million in 2016. It is therefore important to make sure that their security systems cannot be compromised.