Quantum eMotion Corp (TSX-V:QNC, OTCQB:QNCCF) participated in the launch of the Hudson Institute's Quantum Alliance Initiative’s (QAI) new report on the quantum threat to the US financial system, the company announced.
The report discusses the “potentially devastating consequences of a future quantum computer attack” on the financial system and calls on the Federal Reserve to take the threat seriously.
Quantum computers have the potential to decrypt public-key encryption, which is widely used in banking and other critical systems. If an attack on major banks happened, it could have disastrous effects on the global economy, the company said.
"We are honored to have joined the Quantum Alliance and actively participating in its initiatives,” Quantum eMotion CEO Francis Bellido said in a statement. “In a few years QAI has developed itself in an international consortium of companies, government institutions, and universities with the mission to raise awareness and develop policies for the benefit of the Western world quantum ecosystem."
Specifically, the report warns that such a threat could persist for days, even weeks, and cause bank runs and other financial failures. It estimates the cost of a single quantum attack on a major US financial institution targeting the Fedwire Funds Service payment system could be between $730 billion and $1.95 trillion.
The report recommends adopting post-quantum cryptography standards, holding a quantum security summit with major banks, setting a deadline for all Federal Reserve banks to become quantum secure and establishing a quantum security task force at the Fed.
The report, "Prosperity at Risk: The Quantum Computer Threat to the U.S. Financial System" can be read here.
"We believe our quantum-secure Sentry-Q communication platform and our quantum-protected Blockchain wallet can play a significant role in controlling the threats facing traditional financial systems and new blockchain-based approaches used by decentralized finance (DeFi),” Bellido added.
Quantum eMotion’s technology addresses the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high-value assets and critical systems.
The Hudson Institute is a think tank that created the QAI to foster more urgency among the cybersecurity industry to establish necessary global standards for securing quantum communication.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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