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Introduction to RQubit, Random Quantum
Random Quantum develops and delivers scalable, fully unpredictable, zero statistically correlated random numbers through an API delivered to its clients via cloud. The company’s flagship product, RQubit can provide a competitive advantage in today’s age, making their encryption and security applications quantum safe. Random Quantum is based in Herzliya, Israel with offices in India and U.K.
RQubit, as a tool developed by research team of Random Quantum acts as primitive solution for the commercialisation of cryptographic applications with a profound long term impact in terms of customizability, scalability, Just-in-Time service and reliability through verified full entropy. Its measure of intrinsic randomness has made the product one of its own kind in delivering random numbers as a service (RNaaS) first time in the market with quantum computing and quantum information processing as underlying technology.
Applicability of RQubit in Banking and Finance Industry
Finance is defined as the science of money management, a discipline which is as old as civilization itself. In today’s global market scenario, financial services are of huge economic impact and its high reliance on IT for security and compliance services make it one of the most vulnerable sources of cyber-attacks. Asset management, portfolio optimization, statistical monte-carlo simulation- these are the key operational areas a finance sector is associated to.
These financial problems are hard problems in mathematics which incorporates a large volume of data to analyse. Classical supercomputers fail to suffice the processing power leading to a paradigm shift in computation, which has proven to provide gigantic speedup despite initial skepticism by harnessing laws of quantum physics like superposition, entanglement and quantum tunnelling. This computing potential brings threats to conventional security techniques and financial business models as highly efficient classical encryption methods are theoretically proven to be vulnerable by a simple quantum algorithm.
The well-known encryption algorithm currently used in marketplace, including banks and financial market is RSA. On a classical Thz computer, to factor a 2048-bit number used as a key for encryption, 1034 steps and 317 trillion years will be required, which on a contrary, can be solved in 107 steps within 10 seconds by a quantum Mhz computer with the help of Peter Shor’s factorization algorithm using QFT (Quantum Fourier Transform).
Quantum Computing Timeline for financial sectors and Critical Point Analysis [Current status and near-term status for financial units]
- Availability of quantum computers to several data centres.
- Establishment of practical National Networks for quantum communication.
- Potential issues of vulnearable attacks faced by financial institutions due to lack of quantum safe cryptography.
- Expected availability of satellite QKD solutions.
- Adoption of quantum encryption and QC by all sectors of financial market.
- Set up of national QKD Network by China.
- Establishment of Quantum Metro Network in UK.
- Announcement of D-wave’s system of being computationally able to breach RSA’s key on large scale.
- Expected availability of different geometry of quantum computers.
- Expected exponential growth in algorithm design for quantum safe cryptography.
- Beginning of quantum era in Finance and Security.
- First commercialization of QC by D-wave systems.
- Collaboration of Google AI lab and NASA for solutions in Quantum Machine Learning (QML).
- Announcement of warning message regarding computing power of QC by Dutch Intelligence Agency.
- Project Penetrating Hard Targets’ by NSA for breaking classical cryptographic algorithms.
- Collaboration among academic bodies.
- Investment of tech giants and governments on QC and Quantum Encryption.
- Invention of ‘Post-Quantum Crypto Security Policy’ by NSA.
- Invention of 7-Qubit Quantum Computer (QC).
- Commercialization of (Quantum Key Distribution)QKD solutions for Quantum Communication.
Factors influencing adoption of quantum infiltration in Finance and Banking Industry:
Data and information are one of the biggest concerns today. Optimization, statistical monte-carlo simulation have to handle with an enormous volume of data for financial decision making. Breaching of data of financial importance of an organization might not only keep the confidentiality and integrity issues at risk, but also cause devastating impact on CRM. Though, quantum computing exploring fundamental laws of universe, is able to potentially change the landscape of computing in finance industry in a big way, there are certain technical aspects concerning adoption of quantum in providing security of financial data.
Security Short life of data and certificates: Sensitivity of data to deal with (either stored data or transactional data) is a very crucial parameter to be taken into consideration as different data might have different measuring parameter of integrity, confidentiality and authentication. But, if a quantum computer is built to overpower classical encryption techniques in the next decade, confidential financial data must be made hackproof.
Migration time: Migration time deals with the time taken by a financial institution to adopt new tools and prevent the emerging vulnerability attacks. The only solution to make the algorithm quantum safe is to build quantum resistant algorithms. But, fully controlling the system to migrate might take 10-15 years leading to lack of competitive advantage along with regulatory issues with customers and vendors.
Collapse time: Collapse time denotes the amount of time taken by a large scale quantum computer to break the current infrastructure of an organization. Cryptanalysis of financial data based on classical security standards can be done in lightening speed with advent of quantum computing.