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Home News

HSBC Tests Quantum-Safe Tech for Gold Tokens

September 20, 2024
Reading Time: 2 mins read
in News
HSBC Tests Quantum-Safe Tech for Gold Tokens

HSBC has successfully trialled cutting-edge quantum-safe technology designed to enhance the security of tokenized physical gold transactions. This pilot marks a pivotal moment for HSBC, which has been at the forefront of integrating innovative financial solutions. Last year, the bank became the first global institution to offer tokenized gold to institutional investors, followed by a retail launch in Hong Kong, allowing individuals to acquire fractional ownership of physical gold. The trial demonstrates HSBC’s ongoing commitment to protecting digital assets in an increasingly complex cyber landscape.

The pilot project utilized post-quantum cryptography (PQC) to facilitate the secure transfer of gold tokens across distributed ledgers. This technology not only protects transactions but also enables the conversion of HSBC’s gold tokens into ERC-20 fungible tokens. Such interoperability enhances distribution and aligns with the growing trend of digital assets integrating seamlessly with various digital wallets and decentralized platforms. By addressing the evolving needs of clients and adhering to regulatory standards, HSBC positions itself as a leader in the financial sector’s digital transformation.

Central to the success of this pilot is HSBC’s collaboration with Quantinuum, a prominent integrated quantum computing company. Through the use of PQC algorithms and Quantum Origin quantum randomness technology, the partnership aims to safeguard digital assets against potential quantum computing threats. This includes protection from techniques like “store now, decrypt-later” (SNDL) cyber incidents, where attackers may steal sensitive data today to decrypt it later using future quantum capabilities. By preemptively addressing these risks, HSBC reinforces its commitment to cybersecurity and the integrity of its digital offerings.

Philip Intallura, Global Head of Quantum Technologies at HSBC, remarked on the significance of this pilot, emphasizing that the bank is building upon its pioneering efforts in tokenization with advanced cybersecurity measures. Ilyas Khan, founder of Quantinuum, highlighted their ongoing partnership, which aims to redefine financial services through quantum-hardened defenses. This pilot not only showcases HSBC’s innovative approach to digital asset security but also reflects the broader industry trend toward adopting next-generation technologies to mitigate emerging cyber threats, ensuring the bank remains at the forefront of the financial services sector.

Reference:
  • HSBC Pilots Quantum-Safe Technology for Tokenized Gold Transactions
Tags: BankCyber NewsCyber News 2024Cyber threatsHong KongHSBCPost-Quantum CryptographyQuantumSeptember 2024
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