Nations Vie for Growing Quantum Cryptography Market.

• Author: Saha, Sudip
• Position: Viewpoint

Quantum cryptography is a technology that uses advanced physics to secure the distribution of symmetric encryption keys.

Information technology giants are working toward building quantum computers that could change the face of the modern world by giving experts across multiple sectors--including the military--access to unparalleled processing power.

Quantum cryptography is a cliff on which the balance of the world still hangs. Surging cyber attacks and threats across various industries--including IT, automotive, banking and others--have increased the need for quantum cryptography that will secure an organization's assets. It has become imperative to protect these systems and invest in secure solutions against malicious cyber intrusions.

Integration of quantum technologies currently represents one of the most anticipated and needed advances in the defense and banking sectors. Demand for quantum cryptography is expected to increase at an exceptional 30 percent compound annual growth rate over the next decade, according to the October 2021 "Quantum Cryptography Market" report by Fact.MR, a business intelligence firm.

Quantum technologies might prove revolutionary for national security by providing secure communications, detecting aircraft and submarines and carrying out faster code breaking. However, despite the advantages that quantum cryptography provides, IT experts have warned about unprecedented challenges and drawbacks of the novel technology.

Quantum cryptography uses photons and its intrinsic properties to develop an unbreakable and secure cryptosystem. It uses an optical link to ensure the system is highly secured against any hacking. However, quantum computing can be used today to break the encryption that secures emails, bank payments and even the WhatsApp messages that are transmitted on the internet.

Institutions such as banks and hospitals that rely on public-key encryption are considered vulnerable against cyber attacks. With the help of quantum computers, data that is floating over the internet will be rich targets for hackers.

However, physicists, IT experts and researchers are working on making quantum cryptography to thwart hackers a reality. As the stakes are very high, national leaders are keeping the processes and research under wraps, safe from the clutches of the darker parts of the internet.

Data breaches and network intrusions are becoming more frequent. The adoption of smart devices and extensive use of digital...