The Three Major Telecom Companies Mark This Year as the Inaugural Year for Commercializing Core 'Quantum Cryptography' in Metaverse and NFT

In Line with Government's Focused Technology Development
Competition Among Three Companies' Services

[Asia Economy Reporter Cha Min-young] As the government announced it will invest 81.4 billion KRW this year in fostering quantum technology, a 67% increase compared to last year, the three major telecom companies are set to compete in launching commercial quantum cryptography communication services within the year.

On the 27th, LG Uplus announced plans to launch a dedicated quantum-resistant cryptography line for private enterprises in the first half of this year. They intend to pursue the National Intelligence Service’s Cryptographic Module Validation Program (KCMVP) certification for the dedicated line service within the year and officially release the service, prioritizing the public and financial sectors.

KT plans to improve the performance of quantum cryptography communication equipment this year and pursue a 1-to-N quantum cryptography technology transfer contract. In 2020, KT transferred its self-developed quantum cryptography communication technology to two domestic SMEs, including Woorinet.

SK Telecom will continue to focus on building the ‘Quantum Cryptography Highway’ connecting major cities nationwide in collaboration with the government, following last year’s efforts. SK Telecom formed the ‘SKB Consortium’ with SK Broadband and IDQ to carry out the government’s national quantum cryptography projects and has established quantum cryptography communication networks across nine sections in eight institutions.

The reason companies are rushing to enter this field is due to the growing importance of cybersecurity. Market research firm MarketsandMarkets forecasts the global quantum cryptography market to grow from 100 million USD in 2018 to 500 million USD in 2023, with an average annual growth rate of 38%. In particular, the significance of quantum cryptography technology is gaining attention in the blockchain and non-fungible token (NFT) markets.

The Ministry of Science and ICT, the main government agency in charge, also plans to focus on fostering quantum technology, which it has identified as one of the ‘Top 10 Essential Strategic Technologies’ this year. It will invest 81.4 billion KRW, a 67% increase from the previous year, in developing core foundational technologies such as quantum communication, sensors, and computing, as well as in workforce training and technology commercialization. A support center for nurturing related companies and talent will be opened in Pangyo, and the ministry plans to take the lead in international standardization efforts alongside telecom operators.

This content was produced with the assistance of AI translation services.