Well, would you look at that, it’s another new partnership announcement from quantum encryption experts Arqit Limited (Arqit)!
In their latest press release, Arqit has shared that they will be partnering with NEOM Company to “build and trial the world’s first Cognitive City Digital Currency”. This project has some pretty big implications for the way we might live our lives in the not-too-distant future, but before we look any further into that, let me give you a bit of context on these guys…
Who Are Arqit?
For those who don’t know, Arqit is an organisation specialising in quantum encryption. They are best known for their unique product QuantumCloud™, a quantum encryption Platform as a Service (or PaaS) developed to protect our devices, data transfers, and general communications from the dangers of decryption (i.e. hacking). They are known as ‘quantum encryption’ experts because they seek to alleviate the concerns surrounding the rise of quantum technology, and specifically quantum computers.
Who Are NEOM Company?
Arqit’s new partner in crypto is a ‘Smart City’ known as NEOM. So what exactly does ‘Smart City’ mean?
Well, NEOM actually consists of an entire region in northwest Saudi Arabia which is being built from scratch as a kind of “living laboratory”. The aim is for NEOM to be the first to try all that is shiny and new in every industry, from home and business tech to sports technology. Kind of like a guinea pig city.
NEOM Company (the organisation behind NEOM) hopes that the area will be a living and working destination for forward-thinking, innovative, and entrepreneurial people. It will have the space to house (either permanently or temporarily) more than a million residents from around the world. According to NEOM Company, it will include towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. Just like any other area in this world.
What is a ‘Cognitive City Digital Currency’?
Now that you understand a bit about NEOM and the concept of a ‘Smart City’ (or ‘Cognitive City’), it might be a little easier to understand what a Cognitive City Digital Currency is.
Basically, a Cognitive City Digital Currency is a type of digital currency (or ‘cryptocurrency’) suitable for smart / cognitive cities. As it benefits from the advanced technology available in an area, the currency can work faster and smarter, reducing inefficiencies and minimising the risk to its users. This makes it much safer in a world with access to stable quantum computers (which doesn’t seem too far away).
How Will It Work?
The new system that will be tested at NEOM will allow users (i.e. NEOM residents) access to a highly secure way to authenticate, identify and secure all their devices. Any smart device they use to make smart payments will be connected to the system to ensure safety of said payments. The idea is that the platform will allow their devices to securely store all required data related to their payments instantly (i.e. As the transactions are made) but without extra cost or risk of cyber-attacks. It will work much the same as existing digital currencies (or ‘cryptocurrencies’) like Bitcoin and Ethereum, but with a much faster, more efficient, and safer process.
Why Should I Care?
Well, as I already mentioned, quantum computing is very much on its way. And, at the same time, so is the revolution of digital currency. As the use of cryptocurrencies over our local currencies increases, so does the risk that our pockets will all be in danger when quantum makes its way into our lives. But this system could stop all of that in its tracks.
Plus, Arqit has already suggested that, if successful in a NEOM trial, the technology could also be implemented across the globe. So you may not have to be a NEOM resident to access the system in the near future!
Watch this space…