The Bank of Canada has engaged local specialist evolutionQ for a research initiative focused on quantum-safe cybersecurity technologies for prospective digital currencies.
The Bank is investigating the technologies and ecosystems that could influence the development of a potential digital loonie. The research conducted by evolutionQ will delve into the implications of integrating quantum-safe encryption methods and crypto-agility as key design principles for these digital currencies.
To foster innovation, the code generated from this research will be made available as open source, allowing developers and researchers to explore new cryptographic techniques and suggest enhancements or modifications, thus accelerating the progression of quantum-safe technologies.
Michele Mosca, CEO of evolutionQ, stated: “Quantum computing offers significant potential for the advancement of many future financial products, but it also introduces new security challenges. It is crucial to investigate and create systems that can adapt to an ever-evolving threat landscape.”