HSBC successfully completed a trial of quantum-secure technology for buying and selling tokenized physical gold, the bank revealed in a press release on Thursday.
HSBC’s Trial of Quantum-Secure Technology for Tokenised Physical Gold Successful
The breakthrough, according to the bank, marks a significant step in safeguarding digital assets from potential future quantum computing attacks.
HSBC, which pioneered tokenised physical gold offerings for institutional and retail investors, explained that it utilised post-quantum cryptography (PQC) and Quantum Origin technology to secure its gold tokens.
The technology is said to protect against “store now, decrypt-later” (SNDL) cyberattacks, where hackers steal data and store it for decryption using future quantum computers.
HSBC added that its partnership with Quantinuum, a leading quantum computing firm, confirmed the feasibility of deploying quantum-secure technology in a real-world business environment.
Explaining the details involved in the trial, the bank said it involved safely moving digital assets across distributed ledgers and converting HSBC gold tokens into ERC-20 fungible tokens, enhancing interoperability with other DLTs and digital wallets.
Philip Intallura, Global Head of Quantum Technologies at HSBC, stated: “HSBC was the first international bank to offer tokenised physical gold and is now building on that innovation with cutting-edge cybersecurity protection for the future.”
Ilyas Khan, Quantinuum’s founder and Chief Product Officer, highlighted the collaboration between the two companies in developing quantum-hardened defenses.
“As long-time partners in exploring commercial quantum applications, HSBC and Quantinuum are together building the next generation of financial services featuring quantum-hardened defences harnessing the power of today’s quantum computers to safeguard sensitive data now and into the future,” he commented.
