Mt Pelerin tests a quantum security digital asset vault

A distribution network of quantum keys (QKD) was deployed and installed in Geneva as a test environment for the Quantum Vault, the ultra-secure digital asset storage project designed by Mt Pelerin in cooperation with Quantum ID for financial institutions.

In October 2019, Mt Pelerin, Quantum ID and two other Geneva organizations announced that they have received funding from the European Union as part of the quantum communication infrastructure project OPENQKD.

Their objective: to develop the Quantum Vault. Presented a few months earlier, the Quantum Vault is a partnership between Mt Pelerin and ID Quantique to combine their expertise and build a digital “safe” solution at Geneva.

It aims to provide a ultra-secure storage of digital assets for financial institutions such as central banks, global depositories, cryptocurrency exchanges and asset managers by adding an additional layer of quantum technologies in addition to the traditional preservation solution.

The first test installation of the Quantum Vault was presented today in Geneva at a joint webinar hosted by Mt Pelerin, ID Quantique and Equinix.

It relies on a QKD infrastructure provided by IDQ and transported over the fiber optic network of Geneva Industrial Services, which hosts the central QKD node of this network

For the first time in Geneva, quantum keys are available between two data centers to secure data in transit and inactive data. By adding this quantum security layer to a bank-level storage solution, the Quantum Vault makes the storage of private keys "information-theoretically secure" (ITS). This means that a digital asset cannot be hacked, even with unlimited computing power. We also plan to explore the application of this technology to ultra secure information storage between multiple data centers, "said Grégoire Ribordy, co-founder and CEO of ID Quantique.

For Stéphane Deramaux, Quantum Vault Project Manager at Mt Pelerin, this first test infrastructure will allow financial institutions to see concretely the performance and advantages of the Quantum Vault.

It’s also a great demonstration of the network of partners in the Geneva region, ”he added.

This article is a press release shared with Cryptonaute and published for informational purposes, it was not written by our team.