If you’re a big listener in the cryptocurrency, SPAC, or quantum tech spaces, you’ll know that Arqit (now listed on the Nasdaq as ARQQ) is pretty much the talk of the town right now. Particularly following their merger with special purpose acquisition company (SPAC) Centricus, they’re understandably quite big news. BUT it feels a bit like we’re all talking a little too much about how Arqit’s product could apply to the crypto world, and not so much about how they are already applying said product to other industries.
Now I have been following these guys for a while, so I am pretty familiar with what they’re capable of, and what their seemingly famous quantum encryption product, QuantumCloud™ is doing. So, after getting a bit fed up with hearing people talk about what Arqit could do, I thought I would open up the conversation on a few of the things they already are doing.
Wait, What The Heck Is Arqit?
Let’s start with a bit of a background check for those of you less familiar with Arqit.
Arqit Ltd. is a UK-based company quickly rising in fame for their creation of a unique quantum encryption Platform-as-a-Service (PaaS) called QuantumCloud™. The reason this product is getting them so much fame is because it is capable of securing communications from literally any connected device, protecting any data sent to and from the device from both existing and future forms of cyber attack. The most important part here is the term ‘future’. This is because, so far, Arqit are the only ones in the industry with a solution that is completely safe against the kinds of super-complex cyber attacks that will soon be launched by quantum computers. If you want to know more about these attacks, and how quantum computers will make them possible, give this blog a read (I don’t have time to go through it right now, I haven’t got all day…)
Why Is The Crypto World Obsessed With Arqit?
Now that you understand why Arqit has made it so big, you might be wondering why this is so prevalent in the crypto world (unless you are one of the crypto-maniacs that are obsessed with them, of course).
Put simply, Arqit’s QuantumCloud™ product could save the cryptocurrency market from imploding.
I know it sounds dramatic, but it’s actually true.
Right now, the data storage system that cryptocurrencies rely on, known as ‘blockchain’ feels pretty untouchable. That’s because it is one of the most secure methods of data storage available today. However, the introduction of quantum computing will bring with it a whole plethora of problems for blockchain users. Quantum computers will have the power and capacity to destroy some of the cryptographic principles behind blockchain, allowing cyber criminals to hack into crypto blockchains and potentially steal huge amounts of digital currency. It’s already happening without quantum computers (it happened to the Japanese cryptomarket very recently), but with quantum technology at the helm, this kind of hack will be scarily easy.
QuantumCloud™ could prevent all this. By securing a cryptocurrency’s blockchain through quantum encryption, this ‘unbreakable’ solution would make it impossible for even the most advanced quantum-enabled cyber criminals to do any damage.
Get why we’re all so excited for the future of Arqit? Great. Now here’s why you should be excited about them now…
How Arqit Are Working With BT
There are two really pertinent examples of Arqit’s technology securing our digital infrastructure right now. The first is here in the UK, and it is part of a partnership with British Telecoms (BT).
According to Arqit’s press release, dated back in May, BT entered into a contract to become Arqit’s exclusive reseller in the UK. The telecoms provider has now fully incorporated Arqit’s quantum encryption product (QuantumCloud™) into its wider portfolio of security solutions, supplying the solution to a range of UK-based businesses. Through this very partnership, Arqit is already helping businesses across the nation to prepare for the dangers of quantum technology. The press release also states that Arqit alone intends to create over 2,000 high-tech jobs based here in the UK, so they’re supporting our economy, too!
How Arqit Are Working With Sumitomo
The second example of Arqit’s technology at work today is in Japan.
In partnership with Sumitomo, a leading global trading and business investment company based in Japan, Arqit launched a long-term distribution contract to supply QuantumCloud™ to the Japanese government, organizations and citizens. As a part of this partnership, Arqit’s solution is already well-integrated into the Japanese cyber security network, providing a quantum-ready safety net for the whole country.
So basically, the legends at Arqit aren’t just the potential heroes of the future. They’re heroes of the “right now”, too.