Korea¡¯s Crypto Lab recognized by Gartner for its next-gen cryptographic technology

[Source: Crypto Lab]

Crypto Lab, South Korea¡¯s startup for next-generation cryptographic technology, has been selected as a leader in homomorphic encryption technology by Gartner, becoming the first Korean startup listed in the U.S. market researcher¡¯s innovative technology report.

According to Gartner on Wednesday, Seven IT companies including Crypto Lab, Microsoft, and IBM were named as sample vendors in homomorphic encryption technology in Gartner¡¯s recent report - Emerging Technologies and Trends Impact Radar: 2022. Crypto Lab was the only Korean name, and six others were American.

Crypto Lab founded by Seoul National University math professor Cheon Jung Hee in 2017 has about 30 employees.

Cheon Jung Hee. [Photo by MK DB]

Gartner's monthly innovative technologies report serves as an indicator of emerging technologies. In its latest report, Gartner selected three new technologies that will have the most impact in the next year in the security field: homomorphic encryption, passwordless authentication, and digital ethics.

The homomorphic encryption solution patented by Crypto Lab is considered the 4th generation encryption technology. For the existing 3rd generation encryption method of combining or analyzing data, it is necessary to decode the encrypted data to look into the data, which can raise the risk of information leakage during this process. To address this disadvantage, homomorphic encryption is designed to increase security by enabling data to be combined and analyzed in an encrypted condition.

[Source: Crypto Lab]

Crypto Lab developed an app that encrypts GPS-based travel patterns of individuals stored in smartphones with homomorphic encryption and combines the data with the travel data of existing Covid-19 patients to understand whether people have close contact with confirmed cases in real time.

The Gartner report predicts that it will take 3 to 6 years to commercialize homomorphic encryption, much faster than its previous estimate of 5 to 10 years.

Crypto Lab is currently collaborating with IBM and Intel at their request.

[¨Ï Maeil Business Newspaper & mk.co.kr, All rights reserved]