Digital transformation is making daily tasks faster, cheaper and better for us all. The great work by companies like BT and Verizon delivering gigabit broadband to our homes has empowered a new generation of ultra-efficient services. From e-health consultations to securing a car loan in minutes, what used to be done face-to-face with a bundle of physical documents, now simply requires digital identity to be uploaded.
Yet with innovation comes risk; the two require careful balance. The networks being used must be highly secure. But also we must ensure that identities - of people or machines acting on our behalf - are safe and secure at all times.
This is increasingly problematic for global organisations, especially when GDPR considerations around data usage are thrown into the mix. Governments, financial and professional services organisations in particular hold significant volumes of personal and sensitive information about their customers. With cyber criminals becoming increasingly sophisticated, personal data is being stolen from some of the largest, most secure businesses at alarming rates.
What’s more, the global pandemic, along with the advances in digital transformation, has created the perfect storm for threat actors. The World Economic Forum, in their paper, ‘Wild Wide Web, Consequences of Digital Fragmentation’ stated:
“Cyberattacks have become a common hazard for individuals and businesses: our surveys rank them as the seventh most likely and eighth most impactful risk, and the second most concerning risk for doing business globally over the next 10 years. Fifth generation (5G) networks, quantum computing and AI are creating not only opportunities but also new threats of their own. The lack of a global governance framework for technology risks fragmenting cyberspace, which could deter economic growth, aggravate geopolitical rivalries and widen divisions within societies.”
A new era of secure identity management
A solution to this problem is here. Protecting and verifying identity to deliver the benefits of perfect provable security and privacy will be achievable through Arqit’s solution, QuantumKeep™. Built in partnership with the world’s largest law firm, Dentons, QuantumKeep™ is a quantum safe, self-sovereign identity system (SSI). It allows customers to control their own identities and selectively grant access permissions to the organisations they interact with. Not only are identities secure, but we’re revolutionising the way in which they are managed.
By embedding our transformational quantum encryption keys technology, QuantumCloud™ into a secure blockchain, QuantumKeep™ enables an authorised data collector, such as a law firm, to gather evidence of a prospective customer's identity. And crucially, this only needs to happen once.
Blockchain has an important role to play in digital transformation, but only when the cryptography at the heart of it, is made resistant against quantum attack. Arqit has achieved this, which enables us to use this novel form of blockchain to underpin the future of identity. The days of repetitively uploading documents to prove your identity with multiple organisations are almost gone.
QuantumKeep™ is not only immutable, but unbreakable. And to ensure identities are refreshed when critical documents change over time, we link with utility providers and driving licence database administrators. This means QuantumKeep™ remains up-to-date and identities remain valid.
Giving back control
Once the identity is established in QuantumKeep™, customers can give a time-bound permission to any new service provider, for example the provider of bank accounts, to use QuantumKeep™ to validate the information one time only. Crucially, the identity is kept perfectly and provably secure in a manner that means it’s impossible for any third party to access the identity data. The validity of the identity can be proved as many times as needed.
Self-sovereign identity is about putting control of the identity back into the hands of the customer. The customer, at all times, owns and controls their identity and is able to maintain perfect privacy. No third party can access private information, impinge on privacy, use or rely upon the customer’s identity without permission.
Identity however extends beyond the individual. In our hyper-connected world, machine-to-machine communications are an ever-present part of business operations. Thus, it is increasingly the case that machines need to deliver identity in order to access services and pay for services, register and receive information. QuantumKeep™ will also be used as an identity system for machines.
Our partnership with Dentons will see QuantumKeep™ launch in Q4 2021. It brings together our QuantumCloud™ encryption technology, along with the global compliance expertise of one of the world's largest law firms. Together we’re creating the world’s first quantum secure identity management and compliance product suite.
To find out more visit www.arqit.uk/investors