WISeKey International Holding Ltd (WIHN.SW), a provider in Root of Trust and certificate authority, and Stratumn SAS, inventor of Proof of Process Technology, partner to provide enterprise grade process security software based on blockchain technologies. A software security company that enables a shift in how organizations secure their critical processes and think about data security, Stratumn’s Proof of Process Technology aims to reduce the complexity of interactions between partners, customers, auditors and regulators, thus reducing operational frictions and costs.
“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,” WISeKey CEO Carlos Moreira stated.
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. WISeKey, a root key provider and certificate authority, provides the identity layer to implementing Proof of Process. By combining their offerings, Stratumn and WISeKey seek to enable better accountability and traceability in complex industrial processes. These technologies are directed towards applications in insurance, finance, energy, industry, luxury goods and healthcare.
“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,” explainsed Stratumn CEO Richard Caetano. “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 18 January, Moreira and Caetano participated at the 5th annual WISeKey Cyber Security Roundtable at Davos Switzerland. This panel discussion, for which the topic was “Blockchain & The Internet of Value.” 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. Last March, Stratumn raised €600,000 funding to build and promote its blockchain development platform in a round led by the French VC firm Otium Venture.