Backgrounder follows
Ottawa, ON — (Newsfile Corp. — March 2, 2023) — With quantum computing expected to threaten the security of current blockchain cryptography in the near future, Canadian technology firms Brane Inc. (“Brane”) and Crypto4A Technologies Inc. (“Crypto4A”) have partnered to provide institutional clients with an innovative, quantum-safe custody solution for digital assets.
This jointly developed solution incorporates expertise, equipment, and intellectual property from both partners, combining to create an all-in-one (hardware and software), scalable, and highly secure custody platform that enables financial institutions to securely manage digital assets at scale across multiple blockchains.
“Our collaboration with Crypto4A, an industry leader in quantum-safe cybersecurity solutions, has been driven by a sense of urgency and responsibility to equip institutional clients to keep digital assets safe and secure,” said Christian Desjardins, Brane’s Head of Product. “For institutions managing crypto without a plan in place to counter quantum computing threats, the question is: what are you waiting for?”
While blockchains are highly secure by current standards, experts around the world recognize that quantum computing will soon change the game for every stakeholder in the digital asset ecosystem.
According to the Government of Canada’s recently released National Quantum Strategy: “Quantum computing presents a significant cyber-security risk, as it has the potential to break current security algorithms, including those commonly used over the Internet. Quantum computing-enabled malicious cyber activity could put personal information, financial systems, utility grids, infrastructure, and national security in peril.”
“In the last 12 months, we have seen a rapid acceleration from governments and industry as a whole to begin migrating to post-quantum cryptography. Our company had the foresight to see this reality a long time ago, resulting in quantum-safe security that is built in, not bolted on. Our products have been built on quantum-safe foundations from the very beginning to enable the cryptographic agility, mobility, and scalability needed to keep up with rapid advances in technology, ensure true ownership of cryptographic material without vendor lock in, and support flexible cloud-scale deployment architectures,“ said John O’Connor, Vice President, Product Management at Crypto4A. “We’re excited to partner with Brane, a recognized leader in blockchain security solutions, to set a new quantum-safe standard for digital asset custody.”
Beyond the immediate use case for custody of crypto tokens like Bitcoin and Ether, the strategic partnership between Brane and Crypto4A will empower banks and other financial institutions to mitigate quantum computing risks, alongside the full range of existing security threats, as they explore other applications of blockchain to their operations.
In addition to its technology business, Brane is the sole owner of Brane Trust Company Ltd., a trust company regulated by the Government of Alberta for the purpose of digital asset custody. Incorporated in September 2021, Brane Trust is progressing toward registration by Alberta’s Ministry of Treasury Board and Finance and status as a qualified custodian under Canadian securities law, which will enable the company to provide industry-leading, regulated custody for crypto asset trading platforms and exchange-traded funds (ETFs).
For more information:
Emile Scheffel
media@brane.ca
About Brane
Founded in 2017, Brane Inc. is a carbon neutral Canadian fintech company dedicated to setting the standard in digital asset custody. Brane Vault, its core digital asset custody technology, is third-party certified to stringent global standards including SOC 2 Type 1, ISO 27001, ISO 27017, and NIST CSF Tier 4, and the company is insured against theft and crime. Brane has been recognized as one of Canada’s Best Workplaces in Financial Services and Start-Ups categories by Great Place to Work®, and one of Canada’s 10 Best and Brightest Companies by Canadian Business magazine.
About Crypto4A
Crypto4A Technologies Inc. is a Canadian cybersecurity technology company providing industry leading, next-generation Quantum-Safe Hardware Security Modules (HSM) and Security Platforms. Its products and solutions provide processing capabilities for classic and quantum-safe cryptography that is built in, not bolted on. Crypto4A enables the cryptographic agility, mobility, and scalability needed by enterprises and government agencies to secure their digital assets and infrastructure while adapting to changing markets, standards, and requirements.
Backgrounder: Quantum Risks Facing Blockchains & Digital Assets
“Quantum computing presents a significant cyber-security risk, as it has the potential to break current security algorithms, including those commonly used over the Internet. Quantum computing-enabled malicious cyber activity could put personal information, financial systems, utility grids, infrastructure, and national security in peril.”
“Quantum technology advancements could put the security of digital data and systems at risk due to their potential to break many of the cryptographic mechanisms currently used to protect personal, research, commercial and government information. Encrypted information transmitted today can be stored to be compromised in the future by a powerful quantum computer. Quantum-safe solutions using quantum technologies or post-quantum cryptography can protect data against this threat.”
Canada’s National Quantum Strategy (January 13, 2023)
“Despite quantum computing being in a relatively early stage of development, specialists are already forecasting the potential of quantum-equipped actors to steal vast quantities of cryptocurrencies by abusing the advantage that quantum computing can provide.”
World Economic Forum (April 29, 2022)
“To accelerate the transition into the post-quantum era it is critical that financial institutions begin testing practical PQC solutions that minimize disruption to existing systems. These practices and new approaches will play a pivotal role in securing the future of our financial institutions.”
Security Today (March 2, 2022)
“The future threat posed by quantum computers and quantum technology…will render public-encryption systems helpless and enable competitors and adversaries to steal a company’s most precious information without leaving a trace behind.”
Hudson Institute (April 3, 2019)
“Researchers have shown how quantum computing could kill, or at least significantly weaken, current cryptography systems…
“The potential for disruption is driving large organizations like IBM, Google, Intel and Microsoft to heavily invest in quantum hardware and software.”
“The private sector, especially our biggest companies and our highly vulnerable financial sector, need to make plans to take on the quantum threat at least as systematically as the federal government now does, and to be ready well before 2030.”
Forbes Magazine (January 21, 2022)