Change happens slowly and then all at once. And the big changes are often the ones that are most easily overlooked. Especially because it’s happening all around you. This is called the eye of the storm phenomenon.
This is Microsoft, Quantinum say they did it reached A new milestone in quantum computing.
From enhancing security to optimizing transaction processing to improving fraud detection and more, applications of quantum computing in payments and financial services will only become truly viable once the technology is mature enough for commercial deployment. This is because it represents a gradual change in basic functionality.
And that stage of change is getting closer to reality, as it was with Microsoft and Quantinum on Wednesday (April 3). announced They said they had achieved an important step toward commercializing quantum computers by making their calculations more reliable.
Using Quantinuum’s ion trap hardware and Microsoft’s new qubit virtualization system, the companies were able to run more than 14,000 experiments without a single error, according to the announcement.
“This is a very exciting milestone on our path to unlocking the scientific and commercial advances made possible by reliable quantum computing.” Microsoft CEO Satya Nadella wrote: post After receiving this news, I commented on X (formerly Twitter).
“For the first time on record as an industry, we are progressing from Level 1 fundamentals to Level 2 resilient quantum computing…the next step in solving meaningful problems with reliable quantum computers. ” developers of the technology at Microsoft said in a blog post announcing the news.
Please also read: Quantum computing could change everything
Navigating the quantum transformation of future payments and financial services
quantum computer is an ultra-powerful computer that uses the principles of quantum mechanics to speed up calculations and takes advantage of parallel processing capabilities to perform operations that would normally take billions of years in just minutes.
Like PYMNTS is doing. reportQuantum computers achieve this by exploiting the unique properties of the subatomic world, driven by quantum bits (qubits) that resolve information across fundamentally different planes, and quantum processors ( enable you to tackle complex problems in a more sophisticated way. It creates a state in which quantum information is superimposed.
“The physical world is defined by quantum mechanics.” Chris HumeSenior Director of Business Operations at an AI Quantum Computing Company Sandbox AQhe told PYMNTS in February. “The better we can understand these interactions and model those interactions, the more efficiently and effectively we can work. Build a predictive model”
Recent advances by Microsoft and Quantinuum involve reducing the “noise” when performing quantum computations. Modern quantum exercises take place against the backdrop of what has been called the age of noisy intermediate-scale quantum (NISQ) computing. In NISQ computers, even the smallest changes can cause decoherence across the quantum system and break down the calculations.
“Longer term, scaling to nearly 1,000 reliable logical qubits will unlock commercial benefits that can ultimately transform the commercial world,” said Ilyas Khan, Chief Product Officer at Quantinuum. says.be statement.
read more: Seize the opportunity of quantum computing in payments and finance
As Q-Day approaches, cybersecurity experts are concerned
“Q-Day” (Quantum Day) is a term used by some experts to describe when large-scale quantum computers will be able to crack the cryptographic codes that secure much of today’s payments and financial data. .
Michael JabaraGlobal Head of Fraudulent Services visatold PYMNTS last March that in this rapidly approaching “post-encryption world, Authentication becomes king …Knowing that each person is who they claim to be will be absolutely key. ”
Highlighting the impact of being able to use quantum computing power to break today’s most powerful encryption protocols, Jabara explainedIt is with the impending quantum computing tools entering the market that bad actors can steal and retain already encrypted data in order to be able to use quantum processing power to decrypt illicitly obtained data. The fact is that it is starting to happen.
already, improve security iMessage app, apple announced in February that it would upgrade its encryption system to protect against potential quantum computing attacks.
But it is possible and necessary to meet fire with fire. To prevent quantum attacks, companies should turn to quantum cryptographic algorithms that increase the security of financial transactions. Quantum Key Distribution (QKD) provides unbreakable encryption, ensuring the confidentiality and integrity of payment data. This can significantly reduce the risk of cyber attacks and data breaches.
