Geneva, Switzerland, May 29, 2024 (GLOBE NEWSWIRE) — SEALCoin, a digital machine to machine token developed by SEALSQ, enables seamless and secure payments for electricity between EVs and charging stations
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SEALSQ Corp (“SEALSQ” or “Company”) (NASDAQ: LAES), a company that focuses on developing and selling Semiconductors, PKI and Post-Quantum technology hardware and software products, today announced that is has developed a comprehensive cybersecurity solution to enhance the security of Electric Vehicle (EV) charging stations.
SEALSQ’s innovative technology addresses the complex cybersecurity landscape associated with the growing infrastructure of EV charging stations and tackles known vulnerabilities that could compromise the integrity of the EV charging process. SEALSQ was recently selected by a major global electric appliances manufacturer, to secure their latest EV “Plug & Charge” stations.
For more information about SEALSQ Automotive Applications offering visit: https://www.sealsq.com/applications/automotive.
SEALSQ’s innovative technology addresses the complex cybersecurity landscape associated with the growing infrastructure of EV charging stations and tackles known vulnerabilities that could compromise the integrity of the EV charging process.
Plug and Charge is a technological concept initially introduced by ISO 15118, the international standard for charging EVs, to enable a more user-convenient and secure way of charging. All charging stations will need to support this standard in the near future, which is applicable to both wired (AC and DC charging) and wireless charging use cases.
From a security standpoint, the Plug & Charge process requires the EV and charging station to establish and share a secure communication link. Several required actions from both sides ensure confidentiality, data integrity, and authenticity. ISO 15118 specifies a set of symmetric and asymmetric cryptographic algorithms that secure the necessary level of confidentiality and verify both the integrity and authenticity of the data exchanged.
Decentralized Physical Infrastructure Networks (DePINs) can further assist SEALSQ in securing EV charging stations and facilitating secure communication between cars and charging stations. By leveraging blockchain technology and decentralized networks, SEALSQ can create an additional layer of security and efficiency through:
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Enhanced Security Through Decentralization: Decentralizing the infrastructure reduces the risk of single points of failure and makes it more difficult for attackers to compromise the entire network. Each charging station can act as a node in a decentralized network, enhancing overall security and resilience.
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Secure Communication and Transactions: Utilizing blockchain technology, SEALSQ can facilitate secure and transparent transactions between EVs and charging stations. This includes the secure exchange of SEALCoins, a digital currency, to pay for charging services. Blockchain ensures that all transactions are immutable and verifiable, reducing the risk of fraud and data tampering.
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Distributed Trust: By using a decentralized network, trust is distributed across multiple nodes rather than being centralized in a single entity. This distribution of trust helps in verifying the authenticity of the transactions and the integrity of the data exchanged between the EV and the charging station.
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Efficient and Transparent Payment System: SEALSQ is implementing a decentralized payment system using SEALCoins, enabling seamless and secure payments for charging services. Users can pay for their charging sessions directly through the blockchain, ensuring fast, efficient, and secure transactions without the need for intermediaries.
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Improved Data Integrity: The decentralized nature of blockchain technology ensures that data integrity is maintained across the network. Any attempt to alter data would require consensus from multiple nodes, making unauthorized data modification extremely difficult.
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Scalability and Flexibility: DePINs offer scalability and flexibility, allowing SEALSQ to easily expand the network as the demand for EV charging stations grows. The decentralized approach can accommodate a growing number of users and transactions without compromising on security or performance.
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Real-time Monitoring and Management: Decentralized networks enable real-time monitoring and management of charging stations. Operators can quickly identify and respond to any security incidents or operational issues, ensuring continuous and reliable service.
The implemented solution to achieve compliance with ISO 15118 perfectly illustrates SEALSQ’s capability to seamlessly integrate PKI, Certified Semiconductors, and Provisioning Services in a single vertical security offering. The combination involves a VAULTIC secure element, provisioned with a trusted identity that is managed through the INeS Managed PKI as-a-Service portal.
The EV Charging market is experiencing significant growth. Globally, the market was valued at $19.67 billion in 2022 and is projected to expand at a CAGR of 25.5% from 2023 to 2030. In the United States, the market size was valued at $3.15 billion in 2022 and is expected to grow at a CAGR of 29.1% from 2023 to 2030. In Asia-Pacific, the market is heavily influenced by the growing number of electric cars and buses, especially in China, the largest market for EVs. Various government initiatives and investments in this region are expected to continue driving the demand for EV charging stations.
The growing demand and adoption of EVs on a global basis necessitates the quick expansion of the EV charging infrastructure. As this infrastructure grows, so does the potential for companies like SEALSQ, which provide security solutions to protect these critical assets from cybersecurity threats.
SEALSQ’s security solution for EV charging stations is a forward-thinking approach that leverages the robustness of PKI and the trustworthiness of secure hardware elements. By creating a secure chain of trust, facilitating encrypted communications, and integrating decentralized networks for enhanced security and efficiency, SEALSQ is setting a standard for the industry that not only protects against present cybersecurity threats but also anticipates the future needs of an increasingly digital and connected automotive ecosystem.
Facilitating Payments with SEALCoins
SEALCoin, a digital machine to machine token developed by SEALSQ, enables seamless and secure payments for electricity between EVs and charging stations. Both the EV and the charging station are equipped with digital wallets that store SEALCoins, secured by cryptographic keys managed through SEALSQ’s PKI infrastructure.
When an EV plugs into a charging station, the system automatically authenticates and authorizes the transaction using the secure communication link established by the Plug & Charge process. This ensures that only authorized users and vehicles can access the charging services.
The amount of electricity consumed by the EV is tracked in real time, with the corresponding payment in SEALCoins automatically calculated based on the current rate and transferred from the user’s wallet to the charging station’s wallet. Each payment transaction is recorded on the blockchain, creating an immutable and transparent ledger. This ensures that both parties can verify the transaction details and prevents any disputes or fraudulent activities.
The decentralized nature of the blockchain allows for quick and efficient settlement of transactions without intermediaries, reducing transaction fees and speeding up the payment process. Additionally, the use of SEALCoins and blockchain technology ensures that payment details and user information are encrypted and protected against eavesdropping or tampering, enhancing privacy and security for users.
About SEALSQ
SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks.
For more information please visit www.sealsq.com.
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ’s ability to implement its growth strategies; SEALSQ’s ability to generate revenue from emerging new semiconductors; SEALSQ’s ability to generate revenue from Matter certification and the new cyber trust mark standards; the successful introduction of the WISeSat picosatellite constellation; SEALSQ’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ’s filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
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