Quantum Computing – Quantum Leap For Digital Payments?

Do you know nanotech? At the beginning of this millennium, nanotechnology, i.e. the know-how and production of technology on the scale of atoms and molecules, seemed to be the key to the problems in the manufacturing and IT industries. As a result, the shares of nanotech companies doubled and quadrupled.

Quantum computing based on nanotechnology has taken on the favourite child of tech startups and IT giants these days. For digital and contactless payment systems providers, quantum computers could mean a quantum leap in billing invoices without cash.

If the speed advantage is correct, it can be imagined that delayed electronic payments made today but are not made until a day later or appear delayed on the bank statement may soon be a thing of the past.

No Alchemy

In short, conventional computers are based on the binary scheme that divides the world into “ones” and “zeros”. On the other hand, Quantum computers can mix the two quantities “1” and “0” as yes / no parameters. This kind of mixing became necessary because PC chips grew smaller while the bytes grew on mega-giga-tera. As a result, the little helpers in our laptops and smartphones have almost reached their physical limits – we can’t just build them smaller than atoms.

This makes quantum computers more agile and faster than their conventional colleagues because the basic principle has not changed with today’s PCs. The experts agree that quantum computing will impact all industries, not just technology and manufacturing, but from A for agriculture to Z for duty-free trade. This includes the financial sector and thus an area that affects us all: electronic payments.

Quantum Computing can take cryptography, i.e. the encryption technology of access data, to the next level and thus carry out contactless payments by debit or credit card or via smartphone. This form of digital money transfer has grown tremendously since the pandemic broke out. It will continue around the world amid a growing number of tech-savvy millennials entering the world of work.

Global And Encrypted

According to Oscar Covers, a cybersecurity analyst, current program protocols will most likely need to be redesigned to take full advantage of post-quantum cryptography.” Quantum computers are still a few years away from mass access and use and that “there is certainly a risk that hackers will try some form of technology to get a head start.” The article continues: “As early as the third quarter of 2020, the penetration of contactless payment systems accounted for 41% of global purchase transactions, according to sources 30% more than a year ago.”

But there is hope because the payment providers have taken the initiative. The credit card provider Mastercard has announced that it will develop the “next generation of contactless payments” so that consumers can continue to enjoy a high level of security and convenience in the decades to come “.

“As the IT ecosystem evolves, more connected devices and the Internet of Things will lead to higher user demand and a greater need for constant innovation. “He adds that an industry first and new enhanced contactless compensation system will help contactless technology evolve with new disruptive technologies like quantum computing.

One Step Ahead

These technologies leverage the new “quantum-resistant technology” by implementing next-generation algorithms and cryptographic key strengths while keeping contactless interaction “under half a second”. “The term “quantum-resistant” could be confusing at first.

However, hackers are trying to adapt to new technologies. As a result, care providers are eager to leverage quantum processors to nip phishing attempts and cyber attacks in the bud.

Therefore, the rise of quantum computers has motivated contactless card providers to accelerate their efforts to ensure a quick AND secure application of the invisible payment between the customer’s card or smartphone and the fixed or mobile payment terminal. For the customer, on the other hand, nothing seems to change, but the speed of electronic payments will overshadow how it works today.

“Consumers are influenced by all the benefits that corporate card companies offer, even if they don’t necessarily take advantage of them”. The competition for the next generation of data processors, which know more than just ones and zeros. This ban includes quantum cryptographic hardware and software. The race will continue because quantum computing effectively represents a quantum leap for digital payments.

TechSmashers
Tech Smashers is a global platform thatprovides the latest reviews & newsupdates on Technology, Business Ideas, Gadgets, Digital Marketing, Mobiles,Updates On Social Media and manymore up coming Trends.

RECENT POSTS

About Internet Of Things Know How To Use Them

What Are IoT Devices, And How To Use Them? "Simple" sensors represent the phase that can be defined as pre-Internet of Things.But what are IoT...

How To Get JavaScript Developer Jobs In 2021?

Programming is the soul of the digital era. Digital is not possible without the work of programmers, including JavaScript developers. Because of this huge...

How RPA Can Augment The Human Side Of Your Business

What’s your most valuable resource as a company? If you’ve done a good job of building your business, then the answer should be “the...

Email Marketing: Mobile First – What You Need To Know

Versatile first is a flat out must nowadays. The utilization conduct shows it plainly. En route to work, we as of now browse our...

The State Of Manufacturing Technology

Manufacturing is the process by which we add value to any item. Through manufacturing, we take raw materials and develop them into finished products...

Digital Education Tools For Teachers And Students

It is no secret that technology plays a vital part in our everyday lives. That is also the case in the educational field. In...

Social Media: These Are The Trends For 2022

Do you want to get started with social media next year? Would you like to know what your users expect in 2022? What goes...

The Impact Of E-Commerce On Small Businesses

Exactly one year has passed since the pandemic outbreak. Today, we can certainly say that what we have left - and that we will...