HSBC has recently conducted successful trials of quantum-secure technology to facilitate secure trading of tokenised physical gold. This development marks a significant leap in enhancing security against potential threats posed by quantum computing in the future. Building on its previous innovations, HSBC has introduced tokenised gold for both institutional and retail investors through its digital assets platform, HSBC Orion. Additionally, this technology has streamlined the conversion of HSBC gold tokens into ERC-20 fungible tokens, thereby enhancing compatibility with digital wallets and distributed ledger platforms.
The pilot project incorporated post-quantum cryptography (PQC) along with Quantinuum’s Quantum Origin technology to mitigate potential cyber risks related to “store now, decrypt later” scenarios. The usage of Quantinuum’s Quantum Origin in this process is illustrated in the accompanying block diagram.
The Global Head of Quantum Technologies at HSBC, Philip Intallura, emphasized the bank’s dedication to innovation in safeguarding digital assets. He underscored that the pilot program showcased the practical application of quantum-safe technologies in real-world business settings. This initiative further solidifies HSBC’s commitment to spearheading advanced cybersecurity measures for tokenized assets in anticipation of future challenges posed by quantum computing.
For more details, you can refer to the official press release from HSBC here. Additionally, a comprehensive white paper titled Asset tokenisation in the Quantum Age that delves deeper into the technical aspects of this process can be downloaded from here.
Published on September 19, 2024
Mohamed Abdel-Kareem
2024-09-19T15:38:28-07:00
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