Published on : Dec 12, 2022
Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (“Arqit”), a leader in quantum-safe encryption, has signed a contract with Traxpay GmbH (“Traxpay”), a leader in supply chain financing solutions, to deliver quantum-safe digital finance instruments, enabling supply chain actors to conduct business more efficiently and securely in the new digital trade era.
Deployed directly into Traxpay’s supply chain financing platform which has processed over €65bn of supply chain finance assets to date, Arqit’s TradeSecure service uses distributed ledger technology to provide customers with referenceable digital finance instruments (in the form of a Digital Promissory Note or Digital Bill of Exchange) which are easier to manage than paper-based alternatives, unique, transferable and invariable. Arqit’s symmetric key agreement software, QuantumCloud™ provides provable quantum-safe security for Traxpay’s customers, protecting them from current and future cyber threats.
The UK government’s upcoming Electronic Trade Documents Bill will legalise electronic transferable documents. The digitisation of global trade, until recently reliant on paper-based processes, opens up a potential $17 trillion global market for supply chain finance enabling faster, cheaper and simpler movement of goods across borders. However, it also leaves global trade more vulnerable to cybersecurity threats. The emergence of quantum computers and ‘Harvest Now, Decrypt Later’ attacks further compound these risks, highlighting the need for quantum-safe digital finance instruments.
The provision of both a provable digital original and a unique identifying stamp means Arqit’s TradeSecure digital finance instruments cannot be tampered with, creating a highly safe legal promise to pay for goods or services which all supply chain parties can use to conduct trade. This greatly enhances both access to trade finance and supply chain efficiencies, with faster transaction times, eliminated costs and provably secure transferability of digital finance assets.
Currently in live testing phase, the full-scale commercial product is expected to launch globally in 2023 once enabling legislation has come into effect.
Arqit SVP Working Capital Technology, Dominic Broom, said: “We are delighted to be working with Traxpay to enable their corporate customers and banking partners to access finance more efficiently and securely. Malicious actors will undoubtedly target global trade as it undergoes transformative digitisation. Provably quantum-safe digital finance instruments are needed to maintain confidence in digital trade platforms and to defend against threats from both classical and quantum computers. We believe that, in the quantum era, Arqit is the first company in the world whose technology meets MLETR provisions on the identity, integrity and control of electronic transferable records. Being first to market to comply with the new laws is an exciting opportunity.”
Traxpay MD Markets & Sales, Markus Wohlgeschaffen, said: “Arqit’s technology is highly compatible with our supply chain finance ecosystem and uniquely capable of delivering clearly identifiable, quantum-safe digital finance instruments which are urgently needed in the digital trade era. We are now able to create new products for our customers that allow an unrivalled level of flexibility in liquidity management, efficiency, transaction speed, cost reduction and, most importantly, the highest levels of security.”
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