Quantum cybersecurity company evolutionQ has been contracted to contribute to a Bank of Canada research project. The project aims to explore quantum-safe cybersecurity technologies for digital currencies. The research will investigate the impact of integrating quantum-safe encryption methods and crypto-agility into digital currencies. The code developed will be released as open source, allowing for further exploration and improvement. The Bank of Canada is considering these technologies for a potential Canadian digital dollar. EvolutionQ’s CEO, Michele Mosca, emphasised the importance of protecting future financial systems from quantum computers and other algorithmic advances.
Quantum-Cybersecurity Company Contributes to Bank of Canada Research Project
Waterloo-based quantum cybersecurity company, evolutionQ has announced its involvement in a research project with the Bank of Canada. The project will focus on quantum-safe cybersecurity technologies for emerging digital currencies. The company’s participation underscores its commitment to understanding the risks quantum computers pose to new financial technologies, including digital currencies.
The research aims to understand the significant impact of integrating quantum-safe encryption methods and crypto-agility into the design of digital currencies. By adopting advanced cryptographic techniques and a forward-thinking approach, evolutionQ aims to enhance quantum-risk mitigation. This approach is expected to strengthen the integrity and resilience of the increasingly digital economy.
The code developed during the research will be made available as open source. This will provide developers and researchers the opportunity to explore the new cryptographic methods, propose improvements or modifications, and accelerate the development of quantum-safe technologies.
Bank of Canada Explores Potential Canadian Digital Dollar
The Bank of Canada is investigating technologies and technical ecosystems that could inform decisions regarding the development of a potential Canadian digital dollar. Through its engagement with the Bank, evolutionQ will examine proactive approaches to meet advances in cryptography, including quantum computing. This is to improve the security posture of central bank digital currencies.
Quantum Computing: A Double-Edged Sword for Financial Systems
Michele Mosca, CEO and Co-Founder of evolutionQ, highlighted the dual nature of quantum computing. While it offers significant potential for the advancement of future financial products, quantum computers also introduce new security risks. Therefore, it is crucial to research and build systems that can adapt to a rapidly changing threat landscape.
evolutionQ was co-founded by cryptography experts, Dr. Michele Mosca, Dr. Norbert Lütkenhaus, and Dr. David Jao. The company, with offices in Waterloo, Canada, and Aachen, Germany, provides robust software that is transforming the field of quantum-safe cryptography. They have pioneered Quantum Delivery Network (QDN) technology to ensure quantum-safe key management deployments are secure, seamless, and resilient.
“This is an opportunity to help protect the strength and security of future Canadian financial systems from quantum computers or other algorithmic advances.”
Michele Mosca, CEO and Co-Founder of evolutionQ.
Summary
Quantum-cybersecurity company, evolutionQ, is set to contribute to a Bank of Canada research project, exploring quantum-safe cybersecurity technologies for digital currencies, with the aim of understanding the risks posed by quantum computers to financial technologies. The research will also investigate the impact of integrating quantum-safe encryption methods and crypto-agility into the design of digital currencies, with the code developed to be released as open source to accelerate the development of quantum-safe technologies.
- Quantum-cybersecurity company, evolutionQ, has been contracted to contribute to a Bank of Canada research project. The project focuses on quantum-safe cybersecurity technologies for digital currencies.
- The research aims to understand the risks posed by quantum computers to emerging financial technologies, such as digital currencies.
- The project will explore the impact of integrating quantum-safe encryption methods and crypto-agility as design goals for digital currencies.
- The code developed during the research will be released as open source, allowing developers and researchers to propose improvements or modifications.
- The Bank of Canada is considering the development of a potential Canadian digital dollar. EvolutionQ will analyse proactive approaches to meet advances in cryptography, including quantum computing, to improve the security of central bank digital currencies.
- Michele Mosca, CEO and Co-Founder of evolutionQ, emphasised the importance of researching and building systems that can adapt to the new security risks posed by quantum computers.
- EvolutionQ was co-founded by cryptography experts, Dr. Michele Mosca, Dr. Norbert Lütkenhaus, and Dr. David Jao. The company is based in Waterloo, Canada, and Aachen, Germany.
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