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WiMi develops blockchain data security for private networks

Published 02/26/2024, 11:46 PM
Updated 02/26/2024, 11:46 PM
© Reuters.

BEIJING - WiMi Hologram Cloud Inc. (NASDAQ:WIMI), a global provider of hologram augmented reality (AR) technology, has announced the development of a blockchain-based data security model for large-scale private network transactions. This model aims to enhance the privacy and integrity of user data during network transmission, a growing concern for enterprises in the era of expanding Internet of Things (IoT) applications.

The company's model employs a combination of digital certificates, RSA-based public key infrastructure, and blockchain technology to secure communication channels and protect network nodes. It leverages Bitcoin and Ether blockchain mechanisms, including Proof of Work (PoW) and Proof of Stake (PoS), to validate transactions and generate new blocks, ensuring the legitimacy of transactions and the robustness of the network.

WiMi's approach references Bitcoin's immutability to guarantee transaction data integrity, forming a chain that prevents data tampering and forgery. The model also incorporates Ethereum's smart contract concept, allowing for a more flexible and automated transaction process.

By using blockchain's peer-to-peer encrypted links, the model ensures secure data transmission across nodes. Each node maintains an identical, up-to-date copy of the ledger, which aids in data consistency and traceability. The combination of Bitcoin's PoW and Ether's PoS mechanisms enables efficient transaction verification and new block generation, enhancing network security and reliability.

The company has indicated its commitment to continuous optimization and upgrading of this model, with plans to integrate emerging technologies such as quantum security and advanced encryption algorithms. While not industry-specific, the model is expected to be a solution for building secure large-scale private networks across various sectors, including finance, healthcare, manufacturing, and retail.

WiMi's blockchain technology is central to the data privacy and security model for large-scale private network (LPN) transactions, providing a technical framework that is secure, efficient, and scalable. This development is part of the company's broader focus on professional areas such as holographic AR automotive HUD software, 3D holographic pulse LiDAR, and holographic semiconductor technologies, among others.

The information in this article is based on a press release statement from WiMi Hologram Cloud Inc.

InvestingPro Insights

WiMi Hologram Cloud Inc. (NASDAQ:WIMI) is not just innovating in the field of hologram augmented reality (AR) and blockchain technology but also presents a mixed financial landscape that investors might want to consider. According to recent InvestingPro data, WiMi holds a market capitalization of $103.62 million USD, which may reflect investor confidence in their technological advancements and market position.

One of the key InvestingPro Tips for WiMi is that analysts anticipate sales growth in the current year, which could be a positive signal for potential investors looking at the company's future performance. Moreover, WiMi's significant returns over the last week, month, and three months suggest a strong short-term performance, which might appeal to momentum investors. However, it's crucial to note that WiMi is trading at a low revenue valuation multiple, indicating that the stock might be undervalued relative to its sales.

On the financial side, WiMi's recent metrics show a P/E Ratio (Adjusted) for the last twelve months as of Q2 2023 at -3.13 and a PEG Ratio for the same period at 0.18. While the negative P/E ratio indicates that the company was not profitable over the last twelve months, the PEG ratio suggests potential for future earnings growth relative to the company's share price. Additionally, WiMi's Price / Book ratio as of Q2 2023 stands at 0.7, which could imply that the stock is undervalued compared to the company's book value.

For readers interested in a deeper dive into WiMi's financials and future outlook, InvestingPro offers additional insights and metrics. Utilize the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and uncover more InvestingPro Tips, including the company's cash position, sales growth expectations, and profitability predictions for the current year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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