The Banque de France is today publishing its report on the successful “post-quantum” trial conducted in partnership with CryptoNext Security and covering the introduction of a complete solution to protect communications and withstand a potential quantum attack.
The report describes the choices used to frame the experiment. Specifically, the trial sought to replicate operational conditions as closely as possible and apply the recommendations issued by security authorities, namely to follow a hybrid approach capable of resisting current attacks as well as future ones using quantum computers, while also supporting the crypto-agility needed to switch quickly between algorithms if a weakness is detected.
The report specifies the hardware and software architecture used in the trial and presents its findings. While demonstrating the effectiveness of new encryption technologies, the exercise also raised flags concerning the availability of post-quantum certificates and algorithm performances, which may require attention in some use cases.
The experience garnered through the trial will inform the Banque de France's thinking about the future development of its communication and security systems. The experiment is going to continue through a project run in partnership with the Deutsche Bundesbank within the Bank for International Settlements’ Innovation Hub (BIS IH).
The Banque de France wins an award at the 2019 Central Banking Regtech and Fintech Global Awards in Singapore
At the award ceremony held in Singapore on 4 September, Chief Digital Officer Thierry Bedoin accepted the Pioneer Award on behalf of the Banque de France, in recognition of its work on innovation, including its Lab.
The prize is awarded to innovative and outstanding initiatives or projects carried out within a central bank.
The Lab was singled out for its contribution to the Banque de France’s digital transformation. It brings together a dozen staff with diverse profiles to explore new technologies and incorporate them into the Bank’s everyday operations. The Lab earned praise for its numerous experiments, and especially its work in the field of Blockchain, artificial intelligence and advanced data analytics.
“The Lab is our tool for anticipating the future”, said François Villeroy de Galhau, Governor of the Banque de France. “It enables us to shape our institution’s future, to involve financial actors in an open process of innovation, and to help the French financial marketplace become one of the most attractive in the Eurosystem. We are open, we are proactive, and we show it.”
The Central Banking Fintech and RegTech Global Awards aim to bring together the public sector and FinTech and RegTech communities to celebrate the most promising work being done in the field of innovation.
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Updated on: 04/07/2023 09:30