Quantum Computing (QC) will deliver massive computing power
- QC power – The invention of Quantum Computing has started a revolution in how computers do their processing. Quantum physics and behavior is the basis for the reason the processing power of these new computers are so much higher than current systems – by many orders of magnitude more.
- The power offered by QC allows the hackers to be able to break digital encryption very fast. What would take current computers to process in hundreds of years will be done in a few seconds using QC.
- This amount processing power makes all encrypted data vulnerable, meaning all our current systems that use encryption can easily be made useless and open to hackers with QC. Part of the problem is that all encryptions inherently carry the cipher key in them, which means with QC power they can be broken and obtained.
- For the past few years many major IT companies have been developing better and faster QC and are currently in a race to deliver powerful QC for their own use and their client’s use.
- Federal Reserve reports state that in their experts’ estimation large QC systems will become available in less than 5 years. They further indicate that it will take about 10 years to upgrade the fintech infrastructure to be able to handle QC and the speed of their transactions. This means that the issuing banks are already too late for the arrival of QC.