The announcement comes following the recent signing of a Letter of Intent between the two companies, and a grant by the Singapore-Israel Industrial R&D (SIIRD) Foundation – a cooperation between Enterprise Singapore (ESG) and the Israel Innovation Authority to promote, facilitate and support joint industrial R&D collaboration between Singapore- and Israel-based companies across different industries.
A global network of this type is critical in order to solve a major upcoming problem: today’s networks rely on public key encryption (PKE) systems that are highly vulnerable to cracking. The vast majority of encryption keys in the commercial world are distributed via PKE, but new algorithms and advances in quantum computing will soon provide the capabilities to crack most PKE, including RSA. This issue is well-known, but Quantum Key Distribution is widely considered as the most secure solution for long-term data security as conventional security solutions approach their end-of-life.
QuantLR and SpeQtral will develop a space-to-terrestrial Secure Quantum Node, capable of transferring encryption keys created as part of the quantum key distribution process seamlessly between the space domain and the terrestrial fiber domain. A secure key transfer node is necessary in order to integrate the QuantLR terrestrial fiber QKD solution with the SpeQtral space-based QKD solution. A truly global quantum communications network will need a secure transfer node that is able to combine the key management for standard QKD as well as handle the scheduling complexities of a space-based system with windows of availability. This project addresses both these needs, including hardware and software aspects.
“We are delighted to collaborate with SpeQtral in advancing worldwide Quantum Cryptography and Encryption solutions that are proven to be the only absolutely secured resolution to any eavesdropping and hacking attempts of communication lines – both now and in the future,” notes Shlomi Cohen, CEO of QuantLR.
“The collaboration with a leading company in the satellite-based QKD domain like SpeQtral will accelerate our development process and enable us to offer the global market a comprehensive and cost-effective solution. The quantum cryptography market is predicted to reach sales volumes of over $24 billion in 2025, and we plan to be a significant player in this market.”
“Quantum Key Distribution is poised to play a central role in tomorrow’s cryptographic and communications infrastructure. We are appreciative of the support from SIIRD, which will allow us to further develop solutions for global satellite-based QKD that interfaces with the terrestrial systems of QuantLR. We hope this bilateral collaboration will continue to help foster closer industrial ties between Singapore and Israel in future,” said Chune Yang Lum, CEO of SpeQtral.