Nations and startups around the world are investing hundreds of billions of dollars in quantum computing, says James Nguyen, CEO of the quantum security startup. And while there are many positives in quantum computing technology – new medical treatments are just one – , the problem is that for a highly functioning quantum computer, all of the cryptographic security we currently have can be as weak as using “password123” on your bank account

“The World Economic Forum has already said that by 2025 The digital economy will be worth a hundred trillion dollars,” Ngyuyen recently told me on the TechFirst podcast, “And everything we do today that is important to us, such as our memories , our financial assets, our heritage or even our military weapons everything we deal with in information sets is controlled via the internet ”

Quantum pioneer IBM says quantum computers will create a new exposure risk as quantum computers can quickly solve the complex mathematical problems that underlie today’s security.These problems secure our bank accounts and nuclear weapons, and while classic supercomputers can take thousands of years To solve them, IBM says a large quantum computer could theoretically solve them in hours or days.Other computer giants like Microsoft are already working hard on post-quantum cryptography, and Google has said that quantum computers will have encryption within five years could quit

Ngyuyen says the threat is already there, especially given that Russia and China are the two most investing countries in quantum computing and that regardless of the exact timeline, every company needs to be “quantum ready” “

“We have developed the world’s first cloud-based platform for the distribution of digital quantum keys over the Internet,” says Ngyuyen. “By partnering with McGill, we were able to prove that we are a hundred thousand times faster than existing quantum key distribution systems”

According to Ngyuyen, Quantropi’s solution is something like a quantum security abstraction layer that banks, digital retailers, and military organizations can integrate into their systems without needing their own quantum computers on-site. Essentially, it’s software with the core a quantum algorithm that can be implemented in quantum computers as well as classical computers.Quantropi says that while many companies can generate very strong quantum entropy – very random numbers – nobody was able to do it effectively at high speed over the existing infrastructure to distribute

Quantropi’s solution uses a quantum random number generator from Quintessence Labs of Australia and then transfers the quantum cryptography to customers through a process the company calls QEEP: Quantum Entropy Expansion and Propagation The result is “perfect secrecy” in the key encoding This is evident from a presentation the company made recently during an IEEE quantum event

Of course, many companies claim they have the perfect security solution, and it seems everyone will get hacked sooner or later

According to Ngyuyen, Quantropi is working with Fortune 100 companies in closed beta, demonstrating and testing its technology at universities such as McGill The company has multiple patents with over ten patents pending and has been recognized by the National Research Council of Canada as a candidate for the Science Startup Breakthrough of the Year recommended

Whether or not Quantropi has the final solution remains to be seen. However, establishing security in the age of the quantum computer is almost inconceivably important

Because a working quantum computer that can break high standards encryption in the hands of bad actors makes the giant Solar Winds hack look like a script kiddie

“[Quantum Computing] really undermines and breaks today’s PKI encryption,” says Ngyuyen. “And if a criminal were to basically use a quantum computer for bad reasons, you can literally start wars. You can literally empty people’s bank accounts Stealing identity from people Everything we believe, or, you know, is important to us, it’s going to break ”

I forecast and analyze trends that are affecting the mobile ecosystem.I was a journalist, analyst, and business leader, and I’ve recorded the rise of cellular

I forecast and analyze trends that affect the mobile ecosystem.I have been a journalist, analyst, and corporate leader, and have recorded the rise of the mobile economy.I built the VB Insight research team at VentureBeat and led teams that created software for partners such as Intel and Disney have also created technical teams, created social websites and mobile apps, and consulted on mobile, social and IoT topics. In 2014, I was named one of Folio’s Top 100 “Most Innovative Entrepreneurs and Market Shakers in Media” “I Live.” with my family in Vancouver, Canada, where I train baseball and hockey, albeit not at the same time

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World news – CA – Startup: Only quantum cryptography can save the global digital economy from 100 trillion US dollars

Source: https://www.forbes.com/sites/johnkoetsier/2021/03/07/startup-only-quantum-cryptography-can-save-the-100-trillion-global-digital-economy/