Business
Arqit and Traxpay sign contract to deliver more efficient, secure trade finance
Supported by new legislation, Arqit’s TradeSecure service is a world first in moving trade finance to quantum safe digital assets LONDON, Dec. 12, 2022 (GLOBE
About this update from Arqit Quantum Inc.
[{"type":"text","content":"Supported by new legislation, Arqit’s TradeSecure service is a world first in moving trade finance to quantum safe digital assets LONDON, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (“Arqit”), a leader in quantum-safe encryption, has signed a contract with Traxpay GmbH (“Traxpay”), a leader in supply chain financing solutions, to deliver quantum-safe digital finance instruments, enabling supply chain actors to conduct business more efficiently and securely in the new digital trade era. Deployed directly into Traxpay’s supply chain financing platform which has processed over €65bn of supply chain finance assets to date, Arqit’s TradeSecure service uses distributed ledger technology to provide customers with referenceable digital finance instruments (in the form of a Digital Promissory Note or Digital Bill of Exchange) which are easier to manage than paper-based alternatives, unique, transferable and invariable. Arqit’s symmetric key agreement software, QuantumCloud™ provides provable quantum-safe security for Traxpay’s customers, protecting them from current and future cyber threats. The UK government’s upcoming Electronic Trade Documents Bill will legalise electronic transferable documents. The digitisation of global trade, until recently reliant on paper-based processes, opens up a potential $17 trillion global market for supply chain finance enabling faster, cheaper and simpler movement of goods across borders. However, it also leaves global trade more vulnerable to cybersecurity threats. The emergence of quantum computers and ‘Harvest Now, Decrypt Later’ attacks further compound these risks, highlighting the need for quantum-safe digital finance instruments. The provision of both a provable digital original and a unique identifying stamp means Arqit’s TradeSecure digital finance instruments cannot be tampered with, creating a highly safe legal promise to pay for goods or services which all supply chain parties can use to conduct trade. This greatly enhances both access to trade finance and supply chain efficiencies, with faster transaction times, eliminated costs and provably secure transferability of digital finance assets. Currently in live testing phase, the full-scale commercial product is expected to launch globally in 2023 once enabling legislation has come into effect. Arqit SVP Working C...