Arqit Limited a global leader in quantum encryption technology, has published a paper titled ‘Digital Assets in a Post-Quantum World’.
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The entire IT industry is being urged to upgrade its encryption by NIST with high priority. But algorithmic upgrades generally proposed are fundamentally unsuitable for blockchains. Arqit has the solution.
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Arqit’s Platform-as-a-Service QuantumCloudTM encryption product has already found significant customers in defence, telecoms, automation, and financial services with a contract backlog of $130 million. It now announces its intention to provide a new layer of security to the blockchain community.
A Surrey University paper published in July1 highlighted that quantum computers will definitively destroy the cryptography used in blockchains.
The Arqit digital assets paper explains how to secure digital assets and supporting infrastructure like wallets and exchanges from quantum attacks.
With the rapid expansion of blockchain in many use cases, especially in the central bank digital currency and financial services arena, it is imperative for digital assets to be quantum safe if they are to survive increased scrutiny as quantum computing evolves. Furthermore, in order to flourish in the mainstream, blockchains must bridge the twin requirements for user privacy and regulatory compliance – a challenge not yet overcome.
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The Arqit digital assets research paper describes a new layer of technology to deliver security against quantum attacks. It ensures the confidentiality of transactions while ensuring compliance. It is approximately 1,400 times less computationally intensive than typical post-quantum algorithms – a key advantage in making security work with speed. Finally, it incorporates a patented technology that measures the energy efficiency of every participating piece of equipment making the algorithms more carbon-efficient than the public key infrastructure (PKI).
David Williams, Founder and CEO of Arqit, commented: “Our digital assets product enables governments, enterprises and distributed networks to embrace blockchain for large scale use cases, whilst protecting user privacy and delivering environmental benefits. The world needs stronger, simpler encryption to counter the cyber-attacks we see today, and the quantum attacks we will see tomorrow. Blockchain cannot flourish without the enhancements that Arqit is uniquely positioned to deliver”.
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