HSBC pilots quantum-safe technology for tokenised gold
19 September 2024 UK
Image: Mona -33 Desing/stock.adobe.com
HSBC has announced it has successfully trialled the first application of quantum-secure technology for buying and selling tokenised physical gold.
This achievement marks the latest step by HSBC in pioneering the protection of critical applications from potential future quantum computing attacks, says the firm.
As part of the quantum pilot, Quantinuum, the world’s largest integrated quantum computing company, used PQC algorithms and its Quantum Origin quantum randomness technology to demonstrate holistic protection of digital assets such as HSBC gold tokens from a quantum computing attack, and prevent ‘store now, decrypt-later (SNDL) cyber incidents.
Philip Intallura, global head of Quantum Technologies, HSBC, comments: “HSBC was the first international bank to offer tokenised physical gold and is now building on that innovation with cutting-edge cybersecurity protection for the future. This pilot successfully demonstrated the viability of deploying these advanced technologies for a real-world business environment.”
Ilyas Khan, Quantinuum founder and chief product officer, adds: “As long-time partners in exploring commercial quantum applications, HSBC and Quantinuum are together building the next generation of financial services featuring quantum-hardened defences harnessing the power of today’s quantum computers to safeguard sensitive data now and into the future.”
This achievement marks the latest step by HSBC in pioneering the protection of critical applications from potential future quantum computing attacks, says the firm.
As part of the quantum pilot, Quantinuum, the world’s largest integrated quantum computing company, used PQC algorithms and its Quantum Origin quantum randomness technology to demonstrate holistic protection of digital assets such as HSBC gold tokens from a quantum computing attack, and prevent ‘store now, decrypt-later (SNDL) cyber incidents.
Philip Intallura, global head of Quantum Technologies, HSBC, comments: “HSBC was the first international bank to offer tokenised physical gold and is now building on that innovation with cutting-edge cybersecurity protection for the future. This pilot successfully demonstrated the viability of deploying these advanced technologies for a real-world business environment.”
Ilyas Khan, Quantinuum founder and chief product officer, adds: “As long-time partners in exploring commercial quantum applications, HSBC and Quantinuum are together building the next generation of financial services featuring quantum-hardened defences harnessing the power of today’s quantum computers to safeguard sensitive data now and into the future.”
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