Arqit and Dentons launch secure identity product
Launch of the world’s first quantum secure identity management product; capable of replacing traditional methods of data management in the Government, financial, and professional services sectors
London, UK – 27 July 2021 – Arqit Limited (“Arqit”), a leader in quantum encryption technology, today announces that it has signed a contract with leading law firm Dentons (London) to co-develop a quantum safe, self-sovereign identity system (“SSI”), which allows users to control their own identities and selectively grant access permissions to firms.
The new product is called QuantumKeep™. It transforms on boarding and compliance checking from a repetitive, burdensome, and time-consuming process that involves transmitting identity documents over insecure channels, into a hassle-free and secure exchange under the client's control. It allows an initial data capture by one firm that has been granted permission by the user, to be securely stored and represented anonymously to other parties in future – building a chain of growing trust in the quality of the identity. Data is stored in the form of blockchain and combined with Arqit’s patented quantum digital signature technology.
Based on work conducted during the last year to capture detailed user requirements, QuantumKeep™ will provide a fully-functioning identity system capable of entirely replacing traditional methods used by suppliers to process Know Your Client (“KYC”) data for regulatory compliance. The SSI market is set to outstrip all other digital KYC sectors, growing at 84% CAGR to $2bn by 2025. Today, SSI represents 2.4% of the global identity and document verification market in 2020 rising to 25% by 2025. Arqit expects the market to accelerate further due to the advent of COVID-19 and the further adoption of quantum secure technology.
Dentons (London) will be the pilot user and also intends to assist Arqit in distributing QuantumKeep™ to the legal services market where Dentons has relationships with independent firms. QuantumKeep™ will also be sold to corporate entities within other sectors, such as professional services, finance, and the Government.
Professional services firms hold significant volumes of personal and sensitive information about clients within their matter management systems. With hackers becoming increasingly organised, and sometimes state-sponsored, personal data is being stolen from some of the largest and most secure businesses at alarming rates. One in five global law firms experienced a cyberattack in 2020.
This product is in development and expected to launch in Q4 2021. It brings together Arqit's QuantumCloud™ encryption and the global compliance expertise of one of the world's largest law firms, to create the world’s first quantum secure identity management and compliance product suite. The first product is a KYC solution to assist with client onboarding, verification, and ongoing monitoring. The patent-pending technology uses a highly secure ("quantum safe") channel between businesses and their clients, and supports automatic exchange of relevant personal data, to meet ongoing regulatory obligations.
Dr Justin Hill, Partner at Dentons, said: “We are pleased to be partners in the development of QuantumKeep™ and intend to contribute to Arqit's outstanding technology and development capabilities as a long-term partner. For Dentons, this partnership represents a ground breaking approach to legal innovation that has given us an opportunity to shape the next generation of KYC and compliance software. This allows us to meet the needs of our clients and collaborating firms, particularly across the financial and professional services landscape. The most sensitive client data will be kept safer from future data breaches”.
David Williams, Founder Chairman and CEO for Arqit, added: “The technology being developed has the potential to be of significance on a global basis. The threats to client data and identity are all too clear. Blockchain is an interesting way to store this data, but only if the underlying cryptographic problems of quantum attack can be solved – Arqit has done that. The expected development of central bank digital currencies and new payment systems based on blockchain cannot flourish unless they are secure for the long term and that is what Arqit delivers. But secure identity is at the heart of these and other developments and so I am delighted to announce such a strong partnership with Dentons, given its deep understanding of client onboarding and regulatory compliance across numerous sectors on a global basis”.
About Arqit Limited:
Arqit supplies a unique quantum encryption Platform-as-a-Service which secures the communications links of any networked device against current and future forms of attack – even from a quantum computer. Arqit’s product, QuantumCloud™, enables any device to download a lightweight software agent of less than 200 lines of code, which can create keys in partnership with any other device. The keys are, computationally secure, don’t exist until the moment they are needed and can never be known to a third party. QuantumCloud™ can create limitless volumes of keys in limitless group sizes and can regulate the secure entrance and exit of a device in a group. The addressable market for QuantumCloud™ is every connected device. The release of QuantumCloud™ 1.0 will launch to the first cohort of customers in the second half of 2021, with $130M in contracts already committed*.
On May 12, 2021, Arqit entered into a definitive agreement to combine with Centricus Acquisition Corp (NASDAQ: CENHU, CENH, CENHUW), a special purpose acquisition company, which would result in Arqit becoming a publicly listed company on the NASDAQ Stock Market under the name Arqit Quantum Inc.
*As of release date
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This communication is being made in respect of the proposed transaction involving Arqit Limited (“Arqit”), Centricus Acquisition Corp. (“Centricus”) and Arqit Quantum Inc. (“Pubco”), a newly formed Cayman holding company. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the proposed transaction, Pubco has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form F-4 that includes a proxy statement of Centricus in connection with Centricus’ solicitation of proxies for the vote by Centricus’ shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. Pubco and Centricus also plan to file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus will be mailed to all holders of Centricus’ Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about Arqit and Centricus will be available without charge at the SEC’s Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, when available, without charge, from Arqit’s website at www.arqit.uk, or by directing a request to: Centricus Acquisition Corp., PO Box 309, Ugland House, Grand Cayman, KY1- 1104, Cayman Islands.
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