In order to assist supply chain participants in conducting business effectively and safely, Arqit Quantum and Traxpay are working together.
The firms claimed in a news statement on Monday that they had signed a deal to integrate Arqit’s quantum-safe encryption into Traxpay’s supply chain finance platform.
According to the press release, the arrangement comes as the British government prepares to enact legislation that would make it lawful for digitally transferable papers, enabling the digitalization of international commerce and creating a $17 trillion global market for supply chain financing.
Dominic Broom, senior vice president of working capital technology at Arqit, stated in the press release, “We are happy to be partnering with Traxpay to enable their business clients and banking partners to access funding more effectively and securely. The transformational digitalization of global trade will definitely attract malicious players.
The Traxpay platform, which has handled over 65 billion euros (about $68.5 billion) in supply chain finance assets so far, will be expanded to include Arqit’s TradeSecure service, which leverages distributed ledger technology to deliver referenceable digital financial instruments.
The announcement stated that when the enabling legislation is put into action, the full-scale commercial product will begin testing and would be released internationally in 2023.
According to Markus Wohlgeschaffen, managing director of markets and sales at Traxpay, “Arqit’s technology is highly compatible with our supply chain finance ecosystem and uniquely capable of delivering clearly identifiable, quantum-safe digital finance instruments which are urgently needed in the digital trade era.”
“We can now develop new solutions for our customers that offer an unmatched degree of flexibility in managing liquidity, efficiency, transaction speed, cost reduction, and, most crucially, the greatest levels of security.”