EvolutionQ Participates In A Quantum Research Study For Bank Of Canada

EvolutionQ, a Quantum security startup, has participated in a research project for the Bank of Canada. The research involves quantum-safe cybersecurity technologies for digital currencies.

EvolutionQ’s CEO, Michele Mosca, said that the recent advancement in the digital asset industry meant that organizations needed to “future-proof” their systems. Organizations needed to ensure that their systems could withstand the threat of quantum computers by switching to quantum-safe cryptography.

“We can’t tolerate much risk here,” Mosca said. “We need to be ready.”

He also noted that stakes were high as nearly everything in the modern world depended on technology. Technology was used in many operations, cyber-physical systems, driverless cars, and medical devices.

Mosca noted that while the development of quantum computers had been slow-moving, organizations could not afford to wait for an update to their cybersecurity systems.

EvolutionQ is working with the Bank of Canada

One of the areas where quantum computers would cause an impact is the Canadian digital dollar. The Bank of Canada is exploring the technologies and technical ecosystems that will determine how a Canadian CBDC will be developed.

CBDCs are digital currencies issued by central banks. Unlike cryptocurrencies prone to price fluctuations, a Canadian CBDC will have the same value as the Canadian dollar.

EvolutionQ is working with the Canadian central bank to analyze the approaches to meet the advancement in cryptography, including the launch of quantum computing. The research relates to improving the security of CBDCs.

EvolutionQ is a startup co-founded by cryptography experts David Jao, Michele Mosca, and Norbert Lutkenhaus. The company has offices in Ontario and Germany. It claims to provide organizations with the support they need to prepare for quantum computing.

EvolutionQ has continued to enjoy significant funding from investors. In June last year, the startup secured more than $7 million CAD in a Series A funding round. A Paris-based VC fund, Quantonation, led the funding round. The VC fund focuses on quantum technologies.

The other investors participating in the funding round include Toronto’s The Group Ventures, which plans to use the funding to scale its quantum-safe cybersecurity technology.

Growing Interest In Quantum Computing

The research comes amid growth in investment and interest in quantum computing. At the start of the year, the Canadian federal government launched the National Quantum Strategy (NQS) to support the growth of Canada’s quantum science and technology ecosystem.

The government said that NQS will focus on boosting Canada’s quantum research. NQS is also attracting much interest as two Canadian global innovation clusters have partnered for the initiative and launched $30 million in new projects to promote the commercialization of quantum technologies.

Some firms are already moving to Canada to leverage their interest in quantum technology. In March, Swedish telecom company Ericsson announced it was setting up a quantum research center in Montréal.

With Quantum technology still being a novel idea, it is still new and evolving. D-Wave, a company dedicated to quantum research, has posted consistent losses since going public last year. The losses have created a “significant cash crunch.”