Arqit Limited (Arqit), a leader in quantum encryption technology, announces that it has signed a contract with leading law firm Dentons (London) to co-develop a quantum safe, self-sovereign identity system (SSI), which allows users to control their own identities and selectively grant access permissions to firms.
The new product is called QuantumKeep. It transforms on boarding and compliance checking from a repetitive, burdensome, and time-consuming process that involves transmitting identity documents over insecure channels, into a hassle-free and secure exchange under the client’s control. It allows an initial data capture by one firm that has been granted permission by the user, to be securely stored and represented anonymously to other parties in future – building a chain of growing trust in the quality of the identity. Data is stored in the form of blockchain and combined with Arqit’s patented quantum digital signature technology.
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Based on work conducted during the last year to capture detailed user requirements, QuantumKeep will provide a fully-functioning identity system capable of entirely replacing traditional methods used by suppliers to process Know Your Client (“KYC”) data for regulatory compliance. The SSI market is set to outstrip all other digital KYC sectors, growing at 84% CAGR to $2bn by 2025. Today, SSI represents 2.4% of the global identity and document verification market in 2020 rising to 25% by 2025. Arqit expects the market to accelerate further due to the advent of COVID-19 and the further adoption of quantum secure technology.
Dentons (London) will be the pilot user and also intends to assist Arqit in distributing QuantumKeep to the legal services market where Dentons has relationships with independent firms. QuantumKeep will also be sold to corporate entities within other sectors, such as professional services, finance, and the Government.
Professional services firms hold significant volumes of personal and sensitive information about clients within their matter management systems. With hackers becoming increasingly organised, and sometimes state-sponsored, personal data is being stolen from some of the largest and most secure businesses at alarming rates. One in five global law firms experienced a cyberattack in 2020.
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This product is in development and expected to launch in Q4 2021. It brings together Arqit’s QuantumCloud encryption and the global compliance expertise of one of the world’s largest law firms, to create the world’s first quantum secure identity management and compliance product suite. The first product is a KYC solution to assist with client onboarding, verification, and ongoing monitoring. The patent-pending technology uses a highly secure (“quantum safe”) channel between businesses and their clients, and supports automatic exchange of relevant personal data, to meet ongoing regulatory obligations.
Dr Justin Hill, Partner at Dentons, said: “We are pleased to be partners in the development of QuantumKeep and intend to contribute to Arqit’s outstanding technology and development capabilities as a long-term partner. For Dentons, this partnership represents a ground-breaking approach to legal innovation that has given us an opportunity to shape the next generation of KYC and compliance software. This allows us to meet the needs of our clients and collaborating firms, particularly across the financial and professional services landscape. The most sensitive client data will be kept safer from future data breaches”.
David Williams, Founder Chairman and CEO for Arqit, added: “The technology being developed has the potential to be of significance on a global basis. The threats to client data and identity are all too clear. Blockchain is an interesting way to store this data, but only if the underlying cryptographic problems of quantum attack can be solved – Arqit has done that. The expected development of central bank digital currencies and new payment systems based on blockchain cannot flourish unless they are secure for the long term and that is what Arqit delivers. But secure identity is at the heart of these and other developments and so I am delighted to announce such a strong partnership with Dentons, given its deep understanding of client onboarding and regulatory compliance across numerous sectors on a global basis.”
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