C-DAC, Bank of India to explore quantum-safe banking technologies
The partnership will test banking applications in secure sandboxes and assess their feasibility, while also exploring AI and blockchain for fraud analysis, digital identity and financial analytics.
The memorandum of understanding was signed on October 22.
NEW DELHI: The Centre for Development of Advanced Computing (C-DAC) and Bank of India have signed an agreement to explore quantum-safe and quantum-inspired technologies for banking security and financial decision-making.
The memorandum of understanding was signed on October 22. It covers joint research, technology demonstrations, pilot projects and training, according to a statement issued by the Ministry of Electronics and Information Technology (MeitY) on Friday.
The partners will identify banking use cases, test proofs of concept in secure sandbox environments and compare results with existing systems before drawing up adoption roadmaps.
The collaboration also covers artificial intelligence and blockchain. Potential applications include document processing, fraud analysis, credit analytics, digital identity, smart contracts and secure data sharing. These remain areas for exploration under the agreement.
MeitY Secretary S. Krishnan emphasised the need to prepare financial systems for emerging quantum-related security challenges. Bank of India Executive Director Rajiv Mishra said the partnership would help the bank evaluate the technologies and build relevant capabilities.
Training will cover quantum computing, quantum security, AI and blockchain.
