Mt Pelerin and ID Quantique test their quantum security digital safe in Geneva

A quantum key distribution network (QKD) was deployed and installed in Geneva as a test environment for the Quantum Vault, the ultra-secure digital asset storage project designed by Mt Pelerin in cooperation with ID Quantique for financial institutions .

In October 2019, Mt Pelerin, ID Quantique and two other Geneva organizations announced that they had received funding from the European Union as part of the OPENQKD quantum communication infrastructure project. Their goal: to develop the Quantum Vault.

Presented a few months earlier, the Quantum Vault is a partnership between Mt Pelerin and ID Quantique to combine their expertise and build a digital “safe” solution in Geneva. It aims to provide ultra-secure storage of digital assets for financial institutions such as central banks, global depositories, cryptocurrency exchanges and asset managers by adding an additional layer of quantum technologies in addition to the classic preservation solution.

The first Quantum Vault test setup was presented yesterday in Geneva at a joint webinar hosted by Mt Pelerin, ID Quantique and Equinix. It relies on a QKD infrastructure provided by IDQ and transported over the fiber optic network of Geneva Industrial Services, which hosts the central QKD node of this network.

“For the first time in Geneva, quantum keys are available between two data centers to secure data in transit and inactive data.” said Grégoire Ribordy, co-founder and CEO of ID Quantique. “By adding this layer of quantum security to a bank-level storage solution, the Quantum Vault makes storing private keys Information-theoretically secure” (ITS). This means that a digital asset cannot be hacked, even with unlimited computing power. We also plan to explore the application of this technology to ultra secure information storage between multiple data centers. “

For Stéphane Deramaux, Quantum Vault Project Manager at Mt Pelerin, this first test infrastructure will allow financial institutions to see concretely the performance and benefits of Quantum Vault. “It is also a great demonstration of the network of partners in the Geneva region.” he adds.

Link to the white paper by ID Quantique (in English)

About Mt Pelerin

Mt Pelerin is a Swiss fintech based in Geneva specializing in the application of blockchain to banking and finance. It uses this technology to create a new financial institution where individuals and companies can issue, deposit and exchange digital securities directly from their account. With this new institution, Mt Pelerin’s vision is a new era of financial freedom thanks to easier access for all to finance and investment. Mt Pelerin aims to become a Swiss bank by early 2020.

About Quantum ID

Founded in 2001 as a spin-off of the applied physics group at the University of Geneva, ID Quantique is the world leader in quantum cryptographic security solutions designed for long-term data protection. The company provides solutions for quantum network encryption, secure quantum key generation and quantum key distribution. It also provides services to the financial industry, businesses and government organizations around the world. The IDQ quantum random number generator has been validated according to global standards and independent agencies; it has become the benchmark in highly regulated and mission critical industries such as security, encryption, sensitive infrastructure and IoT – industries in which trust is paramount.

In addition, IDQ is a leader in the supply of optical instruments, including photon counters and accompanying electronics. The company’s innovative photonic solutions are used in both commercial and research applications.

IDQ products are used by governments, businesses and universities on every continent in more than 60 countries. IDQ is proud of its independence and neutrality, and it believes in creating long-term relationships of trust with its customers and partners.

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