Quantum Encryption Will Be Used Against Cyber Attacks in Japan
Blockchain and crypto will become even more important in the future than they are today. A consortium of Japanese firms announced the introduction of working on quantum cryptography; to improve the security of stock trading.
Technology is constantly improving with each passing year. In addition to the smartphones, watches and televisions we are familiar with until today; our cars, living spaces and cities continue to develop as well.
We can say that not all of the things these developments bring with them are good. One of the most important problems that arise is cyber security. Japanese firms have an idea to make stock trading safer.
The joint venture is consists of Toshiba, NEC Corp and Nomura Holding in Japan. The goal of this merger is to develop a theoretically impossible-to-break quantum encryption system to help protect financial institutions from cyber attacks and growing threats.
According to the statement made by the group, they hope for the companies to use the developed system in few years. Thus, stock trading will be much safer than it is now.
In quantum encryption, quantum mechanics are technically used instead of traditional codes. If a third party tries to use the data, it is theoretically impossible to reach the data. Because this contact necessarily leaves a mark, and how the data will yield results is differentiated for the third party. Quantum entanglement is one of the methods, used in this method.
In fact, since the first academic paper that Bitcoin was introduced, tools used in financial markets are also getting smarter. For example, cryptocurrencies and blockchains used in many areas lead the way in this area. Today, smart contracts are becoming more and more popular.
So it is not surprising that the Japanese venture also made such a decision for stocks. In the future, we will live in a society where paper money is almost completely eliminated and all the wealth in the world is used through smart systems.