HSBC successfully claims to have tested the first application of Quantum-Secure Technology for buying and selling Tokenized physical gold.
A year after the bank started token Golden Bullions with the help of distributed ledger technology (DLT), HSBC announced on 19 September that it successfully tested quantum protection methods to protect these assets against potential future quantum computation attacks.
For this test, HSBC collaborated with Quantinuum, a UK-US Joint Venture Quantum technology provider, who offered his quantum random technology, quantum on the way.
During the trial, the bank also tested the interoperability of its golden tokens using Quantinuum’s Post -Quantum Cryptography (PQC) algorithms to safely move digital assets over distributed led by secure networks.
This included the possibility of converting HSBC-Gouden tokens into ERC-20 fungi tokens, which improves distribution and interoperability with other DLTs and digital portfolios.
The series of algorithms used in this test is standardized by the US National Institute of Standards and Technology (NIST) and is designed to be safe against future quantum computing attacks.
Earlier in 2024, HSBC launched its gold token for retail investors in Hong Kong, allowing them to acquire fractional ownership of physical gold.
Read more: Why banks have to take quantum protection very seriously
Philip Intallura, worldwide head of quantum technologies at HSBC, said: “This pilot has successfully demonstrated viability to use these advanced technologies for a real-world business environment.”
He did not reveal when the quantum -proof methods used to protect tokenized gold assets during the test will be used effectively to protect real gold token activa.
Read our interview with Philip Intallura: ‘Q -Day’ Countdown – HSBC reveals strategies to secure bank systems
Photocredit: Rokas Tenys/Shutterstock