IDEMIA Secure Transactions (IST) has unveiled its crypto agility solution that offers ultra-secure, quantum computer-resistant methods for offline central bank digital currency (CBDC) payments.

Quantum computers

According to the company, 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 ten years.

The company says that offline CBDC allows digital currency transactions without internet, ensuring cash-like secure and seamless payments in areas with limited connectivity.

Secure payments

IST’s offline CBDC payment transaction uses quantum-resistant public key cryptography endorsed by the National Institute of Standards and Technology (NIST).

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.

Payment technologies

“This world first confirms IST’s role as a pioneer and frontrunner in today and tomorrow’s payment technologies,” said Jerome AJDENBAUM, VP Digital Currencies at IDEMIA Secure Transactions.

“The quantum threat is real, but the good news is we demonstrated today it is possible to create a reliable quantum-safe offline CBDC.

“Starting now, we will integrate it from the design phase with our partner central banks.”