- New system aims to protect all users, transactions, devices,
and data across cognitive cities worldwide.
- Software will be designed to defend cognitive cities against
cyber-attacks.
- Once tested at NEOM the system has global export
potential.
Arqit Quantum Inc. (“Arqit”) and NEOM Tech and Digital Company
(via its affiliate, NEOM Company) have entered a Memorandum of
Understanding (MOU) today to build and trial the ‘Cognitive City’
quantum security system.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211208005145/en/
This trial will see the two organisations develop new software
capable of defending cognitive cities against cyber-attacks from
the most advanced computers to emerge in coming years.
The transformational quantum system will be built and tested at
NEOM, the cognitive city – not just a ‘smart’ city that uses tech
ad hoc, but a city built from the ground up, with AI woven into its
fabric, that monitors the city’s use and seeks to constantly
improve citizens’ lives.
Pending a successful trial in NEOM during the first half of
2022, the system could be exported to other cognitive cities around
the world, offering billions of users a highly secure means to
authenticate, identify and secure all forms of devices while fully
guaranteeing their privacy.
Arqit Founder and Chairman, David Williams, said: “For
the world to progress, people and businesses across all parts of
the economy must be able to make costless, instant transfers, and
seamless transactions, as well as have instantaneous access to all
their information, and control who uses it and when.
“However, technology cannot be trusted until the cyber security
threats of today and tomorrow are fully addressed. That’s what
Arqit has achieved with our new distributed ledger technology
(DLT), Quantum Blockchain, designed to deliver financial payments
and smart contracts in a way that is sustainable, energy-efficient
and can manage instantaneous transactions at close to zero
cost.
“NEOM is without doubt leading the world in the development of
cognitive communities, and therefore the perfect launch partner for
this technology.”
Mansoor Hanif, Executive Director of Emerging Technologies
for NEOM’s Technology and Digital Company, said: “At NEOM, we
strive to accelerate human progress every single day and we are
excited to trial the world’s first quantum secure cognitive city
system.
“While blockchain-based technologies are making rapid progress
around the world, many solutions have a negative impact on the
climate and are not ready for a quantum future. It is essential
that NEOM’s infrastructure is both quantum safe and energy
efficient.”
As a result of Arqit’s technology, processing cycles are reduced
by an estimated 99% compared with alternative non-quantum safe
encryption. The blockchain-based system is also extremely
energy-efficient.
Arqit's clients include British Telecom, Sumitomo Corporation,
the UK Government, the US Government, Northrop Grumman and
Honeywell, among others.
About Arqit
Arqit supplies a unique quantum encryption Platform-as-a-Service
which makes the communications links of any networked device secure
against current and future forms of attack – even from a quantum
computer. Arqit’s product, QuantumCloud™, enables any device to
download a lightweight software agent of less than 200 lines of
code, which can create encryption keys in partnership with any
other device. The keys are computationally secure, one-time use and
zero trust. QuantumCloud™ can create limitless volumes of keys in
limitless group sizes and can regulate the secure entrance and exit
of a device in a group. The addressable market for QuantumCloud™ is
every connected device.
About NEOM Tech & Digital Company
NEOM Tech & Digital Company was founded in 2021 as the first
subsidiary to be established out of NEOM, a region in Saudi Arabia
charting the course for a new future fuelled by technology. It was
created to power the world’s first ecosystem of cognitive
technologies and, in partnership with global industry leaders, it
aims to co-invent the future of living.
For further information visit:
https://www.neom.com/en-us/sectors/technology-and-digital
Caution About Forward-Looking Statements
This communication includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
may be forward-looking statements. These forward-looking statements
are based on Arqit’s expectations and beliefs concerning future
events and involve risks and uncertainties that may cause actual
results to differ materially from current expectations. These
factors are difficult to predict accurately and may be beyond
Arqit’s control. Forward-looking statements in this communication
or elsewhere speak only as of the date made. New uncertainties and
risks arise from time to time, and it is impossible for Arqit to
predict these events or how they may affect it. Except as required
by law, Arqit does not have any duty to, and does not intend to,
update or revise the forward-looking statements in this
communication or elsewhere after the date this communication is
issued. In light of these risks and uncertainties, investors should
keep in mind that results, events or developments discussed in any
forward-looking statement made in this communication may not occur.
Uncertainties and risk factors that could affect Arqit’s future
performance and cause results to differ from the forward-looking
statements in this release include, but are not limited to: (i)
risks that the business combination disrupts Arqit’s current plans
and operations, (ii) the outcome of any legal proceedings that may
be instituted against the Arqit related to the business
combination, (iii) the ability to maintain the listing of Arqit’s
securities on a national securities exchange, (iv) changes in the
competitive and regulated industries in which Arqit operates,
variations in operating performance across competitors, changes in
laws and regulations affecting Arqit’s business and changes in the
combined capital structure, (v) the ability to implement business
plans, forecasts, and other expectations after the completion of
the business combination, and identify and realize additional
opportunities, (vi) the potential inability of Arqit to convert its
pipeline or orders in backlog into revenue, (vii) the potential
inability of Arqit to successfully deliver its operational
technology which is still in development, (viii) the risk of
interruption or failure of Arqit’s information technology and
communications system, (ix) the enforceability of Arqit’s
intellectual property, and (x) other risks and uncertainties set
forth in the sections entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in Arqit’s final prospectus
relating to the offer and sale of shares and warrants by certain
selling securityholders named therein, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on October 12, 2021
and in subsequent filings with the SEC. While the list of factors
discussed above and the list of factors presented in the final
prospectus are considered representative, no such list should be
considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211208005145/en/
Media relations enquiries: Arqit: Julie Moon +44
7825 503 950 Julie.moon@arqit.uk SEC Newgate:
arqit@secnewgate.co.uk
Investor relations enquiries: Gateway:
arqit@gatewayir.com
Arqit Quantum (NASDAQ:ARQQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arqit Quantum (NASDAQ:ARQQ)
Historical Stock Chart
From Apr 2023 to Apr 2024