Blockchain and quantum cryptography: Future of secure telecommunications in banking
Year: 2022
Type: article
Abstract: The rapid evolution of telecommunications in the banking sector has necessitated advanced security measures to protect sensitive financial data and transactions. Blockchain technology, with its decentralized and immutable ledger system, has emerged as a promising solution for ensuring transparency, traceability, and security in banking communications. However, the potential threat posed by quantum computing to current cryptographic methods presents new challenges to the integrity of blockchain systems. Quantum cryptography, leveraging the principles of quantum mechanics, offers a robust alternative to traditional encryption techniques by enabling secure key distribution that is theoretically immune to quantum attacks. This abstract explores the convergence of blockchain and quantum cryptography as a dual framework for securing telecommunications in banking. The integration of blockchain's decentralized architecture with quantum cryptography's advanced encryption capabilities can significantly enhance the security of financial transactions, safeguarding against both current and future cyber threats. The paper also discusses the potential challenges in implementing these technologies, including the need for quantum-resistant algorithms, the high cost of quantum infrastructure, and the technical complexities associated with merging blockchain with quantum systems. In conclusion, while blockchain and quantum cryptography individually offer significant advancements in cybersecurity, their combined application represents the future of secure telecommunications in banking. As quantum computing continues to advance, the adoption of quantum cryptography alongside blockchain will be crucial in maintaining the security and integrity of banking communications. This paper argues for the importance of continued research and development in this area, highlighting the need for cross-disciplinary collaboration to overcome existing barriers and fully realize the potential of these technologies in securing the future of banking telecommunications. Keywords: Blockchain, Quantum Cryptography, Future, Secure Telecommunication, Banking.
Institutions: Atlantic Technological University, City of Calgary
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4402099885