Welcome back to Your Voice is Amplified, the pioneering podcast from latestsale.com. This week we launch our first ever podcast episode covering the eagerly anticipated technology subcategory, Fintech.

 

Skip to: 00:50 Cyber security and quantum

Cybercrime is on the up and a principal target for this activity is the financial sector. Cyber criminals who specifically aim to acquire financial gains illegitimately, may use quantum technologies to hit financial networks and online banking: consider, for instance, primitive online theft at an excessive scale, that would render online banking transactions practically useless and thus seriously damage or completely cripple the modern banking network.

There are always pros and cons when new technologies are launched. A quantum internet has the benefit of facilitating faster transactions, but this is where the problems can start.

 

Skip to: 03:21 How might quantum internet improve the speed and security of financial transactions?

Quantum computing, utilizing quantum bits (qubits), can drastically increase processing power due to the principle of superposition, allowing massive amounts of data to be processed simultaneously. This capability enhances the speed of financial transactions. In terms of security, according to Finance Magnates, “quantum encryption systems such as quantum key distribution (QKD) utilize quantum mechanics principles to create virtually unhackable cryptographic keys. This system strengthens the security of financial transactions by protecting sensitive data from potential attackers.”

Unlike conventional computation, through its inherent ability to perform massive parallel processing, simultaneous computation of a wide range of financial scenarios or complex transactions are more likely to become a reality. This parallelism, as reported in Science Direct, coupled with quantum phase properties, allows an n qubit system to act on 2^n complex numbers at once, significantly accelerating computational tasks in FinTech applications.

Figueroa’s goal is to teleport quantum-based messages across Long Island to Yale University and then connect to Long Island and Manhattan using existing fibre-optic cables according to reports in Discover Magazine.

• The development of the Eden Figueroa quantum network contributes to the advancement of quantum computing and the potential realization of a quantum internet.
• Figueroa’s work is leading the way in the United States, with extensive knowledge and the necessary equipment for building a quantum network in the near future.
• The U.S. Department of Energy’s commitment to funding quantum research centres further supports the advancement of quantum technologies in the country.