United Nations Hosts Discussion on Quantum Computing Risks to Financial Systems
(2 hours ago) · 1 source · Summarized by CryptoBipto
A discussion at UN headquarters addressed how financial systems are preparing for potential threats posed by quantum computing. The event reportedly focused on the concept of 'Q-Day,' the hypothetical point at which quantum computers could break current encryption standards. Participants discussed readiness and mitigation strategies for the financial sector.
WHY IT MATTERS
Cryptocurrencies like Bitcoin use a type of digital lock-and-key system called cryptography to keep transactions secure. Think of it like a padlock that is practically impossible for today's computers to pick. Quantum computers are a new type of computer that works very differently from the ones we use today, and in theory, a sufficiently powerful one could pick those locks. This discussion at the UN shows that governments and financial institutions are starting to take this future risk seriously. For anyone learning about crypto, it is worth understanding that the security of blockchain networks depends on encryption, and that researchers are already working on new types of encryption designed to be safe even against quantum computers.
Read the full analysis with a CryptoBipto membership
Members can read the full analysis of every story, not just the headline.
Get startedSOURCES
- beincrypto.com
RELATED