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Always dedicated to the development of cryptography, BANKEX teamed up with researchers at University of Waterloo, InfoSec Global, and the Institute for Quantum Computing to create a state of the art quantum-resistant cryptographic protocol, a critical component of cybersecurity in the upcoming age of universal quantum computing. This first quantum-resistant password-authenticated key exchange based on supersingular elliptic curve isogenies can’t be hacked within any reasonable timeframe even by a quantum computer.
Current computing is based on a binary system, meaning that modern-day cryptography is also binary-based. However, once quantum computing finally reaches its full realization, established asymmetric cryptography-based security systems will be made obsolete since contemporary cryptographic schemes are based on mathematical problems that are difficult for current computers but easy for quantum computers. Keeping data safe is never obsolete, however, and, well aware of the upcoming sea change promised by quantum computing, BANKEX’s Oleg Taraskin, InfoSec Global’s Vladimir Soukharev, University of Waterloo’s Jason LeGrow, and evolution Q’s David Jao, along with the Institute for Quantum Computing, developed a protocol that can ensure security even in a quantum environment.
The protocol is known as Password-Authenticated Key Exchange, or PAKE. First developed by Bellovin and Merritt in 1992, PAKE was initially based on either multiplicative groups or a group of points on elliptic curves. However, these versions were not quantum-safe. In fact, the only PAKEs that were quantum-safe were lattice-based. To solve this, BANKEX joined forces with other heavy hitters in the world of cryptography to develop a PAKE with a Diffie-Hellman supersingular isogeny structure in which a password is used to generate functions that obscure auxiliary points used in the computation. What this means in simpler words is that the PAKEs of the past have been updated to be prepared for the upcoming quantum revolution. In fact, the PAKE developed by the team of researchers is resistant to quantum attacks to such an impressive degree that expressing the resistance in terms of qubits, the standard by which quantum computing power is measured, is illogical. Essentially, because of the structure of the new PAKE, the time required to break the encryption is so extensive as to make attempting to hack the system completely unfeasible.
Naturally, the scientists behind this protocol are dedicated to the dissemination of this information. It is not enough for them to hold onto this information for themselves – this development must be shared so that the field of cryptography can progress further. BANKEX, University of Waterloo, InfoSec Global, evolutionQ, and the Institute for Quantum Computing want to see this protocol serve as the basis for further larger strides in cryptography, especially in a quantum environment, and so the discoveries have been recorded in an academic article posted on the International Association for Cryptologic Research, an important hub for cryptographers across the world.
BANKEX is a global top-20 fintech company developing the Proof-of-Asset Protocol to bring Banking-as-a-Service (BaaS) product modules and blockchain together to enable digitization, tokenization, and exchange of assets for the full development of a tokenized global ecosystem. Leading BANKEX technologies include the Proof-of-Asset Protocol for tokenization, Plasma Protocol, BANKEX Scan, Smart Justice, Trust Service, Pay, Bounty Service, and the Solidity Floating Point Library. For more information, please visit bankex.com.
ABOUT UNIVERSITY OF WATERLOO
University of Waterloo is Canada’s top innovation university. With more than 36,000 students it is home to the world’s largest co-operative education system of its kind. Its unmatched entrepreneurial culture, combined with an intensive focus on research, powers one of the top innovation hubs in the world. Find out more at uwaterloo.ca.
ABOUT INFOSEC GLOBAL
InfoSec Global (ISG) is a next-generation cryptography company that secures data and communications for critical systems and IoT devices. ISG’s Cryptographic Lifecycle Management solution provides threat management, enables crypto-agility and creates a path to quantum safe computing – all managed as a service. ISG helps governments and enterprises achieve trust through compliance with cryptographic regulations, worldwide. The ISG leadership team has deep professional and academic expertise in the security and cryptography market. The founders and board members are the original inventors of key cryptographic technologies, protocols, and standards such as SSL and AES. To learn more, visit http://www.infosecglobal.com
evolutionQ was founded to help organizations evolve their quantum-vulnerable systems and practices to quantum-safe ones. Our team is led by globally renowned experts who have for over two decades working in cryptography and quantum science & technology. We are positioned at the forefront of this rapidly evolving field, with the unique expertise to evaluate the threat and to mitigate it. evolutionQ delivers quantum-risk management strategies and robust cybersecurity tools designed to be safe in an era with quantum computing technologies. To learn more, visit http://www.evolutionq.com or contact us today at [email protected]
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BANKEX Head of PR Maria Zvyagintseva, e-mail: [email protected]
e-mail: [email protected]