Bank of Canada Engages evolutionQ in Research on Quantum-safe Digital Currencies

Insider Brief

• evolutionQ announced a contract to contribute to a Bank of Canada research project involving quantum-safe cybersecurity technologies.
• The research will explore 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.

PRESS RELEASE — evolutionQ, a leading quantum-cybersecurity company, announced a contract to contribute to a Bank of Canada research project involving quantum-safe cybersecurity technologies for greenfield digital currencies. This work highlights the commitment of evolutionQ to understanding the risk posed by quantum computers to emerging financial technologies, such as digital currencies.

The research will explore the profound impact of integrating quantum-safe encryption methods and crypto-agility as design goals for digital currencies. By embracing cutting-edge cryptographic techniques and fostering a forward-thinking approach, evolutionQ promotes robust quantum-risk mitigation, thereby enhancing the integrity and resilience of our increasingly digitized economy.

The code developed during the research will be released as open source to give developers and researchers the opportunity to explore the new cryptographic methods and propose improvements or modifications, accelerating the development of quantum-safe technologies.

The Bank of Canada is exploring technologies and technical ecosystems that may inform decisions with respect to the development of a potential Canadian digital dollar. Through the engagement with the Bank, evolutionQ will analyze proactive approaches to meet the advances in cryptography, including quantum computing, to improve the security posture of central bank digital currencies.

“This is an opportunity to help protect the strength and security of future Canadian financial systems from quantum computers or other algorithmic advances.” said Michele Mosca, CEO and Co-Founder of evolutionQ, emphasizing “Quantum computing offers great potential to the advancement of many future financial products, but quantum computers also pose new security risks, and it is important to research and build systems that are able to adapt to a quickly shifting threat landscape.”

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