(Pyments.com) Dutch bank ABN AMRO is partnering with quantum technology group Qutech to get ahead of quantum technology and use it to improve security for banks. The two parties are working to develop a technology called Quantum Key Distribution (QKD) to tackle security issues head-on, including those posed by quantum computers.
Qutech is a research group that aims to create and use quantum technology in a way that benefits society. The two companies already have plans to implement QKD in the near future.
“[A quantum] computer will render currently-used cryptosystems insecure, thereby invalidating all applications of information and communication technology (ICT) that rely on secure communications,” said Wolfgang Tittel, professor and experimental physicist at TU Delft.
New technologies like 5G wireless networks and quantum computers mean that information previously considered safe is increasingly vulnerable to attack.
NOTE: QuTech is one of the producers of the upcoming IQT Europe 2019 event to be held October 29-30 in the Hague. Click here for more details on IQT Europe, produced by QuTech, 3DR Holdings and Inside Quantum Technology (Industry Analysis and Consulting) Professor Wolfgang Tittle, who is quoted in this article, will present 11:45 AM October 30.