June 20, 2024 -- With quantum computers soon to enter all areas of business and finance, it is vital that companies prepare for all the new threats that will accompany these revolutionary technologies. Most experts estimate that a powerful quantum computer capable of breaking widely used cryptographic defenses could be developed within the next 10 years. IDEMIA Secure Transactions (IST) has already demonstrated its ability to adapt to the new threats posed by quantum computers through its crypto agility solution and now takes the lead in the CBDC market with the world’s most secure approach.

IST has been committed to this goal for many years, and today demonstrates its feasibility for central banks and financial institutions, offering their citizens ultra-secure, quantum-computer-resistant methods for their offline CBDC payments. The advent of quantum computers must be taken into account as central banks design today their CBDC solutions to ensure long-term security.

Offline CBDC allows digital currency transactions without internet, ensuring cash-like secure and seamless payments in areas with limited connectivity. This offline CBDC payment transaction uses quantum-resistant public key cryptography endorsed by the National Institute of Standards and Technology (NIST), a world first leveraging IST’s pioneering leadership in advanced cryptography.

The offline transactions demonstrated as part of this quantum-safe solution are performed using two smartphones thanks to NFC. Money is stored inside a secure element fortified with quantum-safe cryptography to guarantee security and prevent the risks of double spending or unauthorized money creation.

For end-users, this means reassurance that their CBDC transactions are secure and seamless independently of the advent of powerful quantum computers. In other words, IST gives citizens access to the most secure methods of payment without having to worry about possible risks.

The transition to post-quantum cryptography will require strong and long-term partnerships between technology providers, central banks and financial institutions to ensure continued trust in the financial system. This pioneering technology offers them the opportunity to work with IDEMIA Secure Transactions to develop their tailor-made CBDC solutions, adapted to the challenges of the post-quantum era.