(MarketsMedia) Patrick Nielsen of Clovyr & Dan Guido, co-founder and CEO of Trails of Bits, recently discussed the potential ability of future quantum computers to decrypt the encryption algorithms. The discussion took place at the Fintech Open Source Association in Lower Manhattan
Nielsen compared the potential situation to Wall Street’s Y2k mediation or more recently the migration from version 1.2 to 1.3 of the Transport Security Protocol. It will be a scramble for organizations, but they should see the need to switch over from a mile away, agreed Guido. “If they are, the time horizon is pretty long and the fact that we are standardizing the encryption algorithms today should give people a 20-year head start that makes these things possible to solve.”
There are several efforts underway to develop suites of post-quantum algorithms, including the National Institute of Standards and Technology’s current competition.

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