Testing Post-Quantum Cryptography for Digital Assets

Testing Post-Quantum Cryptography for Digital Assets

A recent collaboration between the Responsible Fintech Institute (RFI) and Safeheron has brought forth a significant initiative to test post-quantum cryptography in financial transactions involving digital assets. This event marked a substantial advancement towards ensuring the future security of digital assets.

Technological Partner and Coordination

Safeheron serves as the technological partner in the project, providing key solutions for testing the infrastructure. Meanwhile, RFI assumes the role of project coordinator, managing cross-jurisdictional interactions and ensuring smooth cooperation among various project participants.

Protocol and Standards

The project’s goal is to evaluate the performance of quantum-resistant infrastructure. The backbone is a 2-of-2 MPC protocol supported by ML-DSA-65, compliant with the NIST FIPS 204 digital signature standard. Researchers plan to use the quantum-resistant NEAR testnet for generating wallets and conducting on-chain transactions.

Participation of Regulators and Banks

Currently, regulators such as the Abu Dhabi Global Market, financial authorities of Bhutan and Malta, and banks like Bison Bank and DK Bank, are participating in the project. Initially, government bodies will act as observers but will later become involved in project management issues.

Conclusions and Plans

Following the completion of the testing, the initiators intend to publish a white paper outlining research results and protocol design features. Future plans include opening the source code for audit and industry application.

Conclusion:

The RFI and Safeheron project underscores the growing need for the financial industry to transition to post-quantum cryptographic solutions. It also highlights the importance of preparing for potential threats posed by the development of quantum computing.

• Strengths: Preparing for future quantum threats, engaging regulators.
• Risks: Potential shortcomings of testing in experimental conditions.
• Opportunities: Implementing results across the industry.
• Threats: Impact of delays in quantum infrastructure development.

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