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Change happens slowly, and then all at once. And often, the biggest changes are the easiest to miss \u2014 particularly as they are happening all around you. Call it the eye of the storm phenomenon. <\/span><\/p>\n This, as Microsoft<\/a> and <\/span>Quantinuum<\/span><\/a>\u00a0say that they\u2019ve\u00a0<\/span>reached<\/span><\/a>\u00a0a new quantum computing milestone.<\/span><\/p>\n That\u2019s because, from enhancing security to optimizing transaction processing, improving fraud detection and beyond, quantum computing\u2019s applications within payments and financial services \u2014 once the technology has sufficiently matured for commercial adoption \u2014 represent a truly foundational phase shift in capabilities.<\/span><\/p>\n And that phase shift is only moving closer to becoming a reality as on Wednesday (April 3) Microsoft and Quantinuum\u00a0<\/span>announced<\/span><\/a> that they had achieved a key step in making quantum computers a commercial reality by making their calculations more reliable. <\/span><\/p>\n Per the announcement, by using Quantinuum\u2019s ion-trap hardware and Microsoft\u2019s new qubit-virtualization system, the two firms were able to run more than 14,000 experiments without a single error.<\/span><\/p>\n \u201cThis is such an exciting milestone on our path toward unlocking the scientific and commercial progress that will come from reliable quantum computation,\u201d<\/span> Microsoft CEO Satya Nadella<\/a> wrote in a post<\/a> on X (formerly Twitter) in response to the news.<\/span><\/p>\n \u201cFor the first time on record as an industry, we\u2019re advancing from Level 1 Foundational to Level 2 Resilient quantum computing \u2026 entering the next phase for solving meaningful problems with reliable quantum computers,\u201d Jason Zander<\/a>, executive vice president, strategic missions and technologies at Microsoft, wrote in a blog post announcing the news.<\/span><\/p>\n Read also<\/span><\/strong>:\u00a0<\/span>Quantum Computing Could Change Everything<\/span><\/a><\/p>\n Quantum computers<\/span><\/a> are super-powered computers that use the principles of quantum mechanics to speed up calculations \u2014 performing operations that might otherwise have taken billions of years to run in mere minutes by taking advantage of parallel processing capabilities.<\/span><\/p>\n As PYMNTS has\u00a0<\/span>reported<\/span><\/a>, quantum computers do this by harnessing the unique properties of the subatomic world, driven by qubits (quantum bits) that break down information across fundamentally different planes and allow quantum processors to tackle complex problems in fundamentally different \u2014 and more advanced \u2014 ways by placing the quantum information into a state of superposition.<\/span><\/p>\n \u201cThe physical world is defined by quantum mechanics,\u201d\u00a0<\/span>Chris Hume<\/span><\/a>, senior director of business operations for AI-quantum computing firm\u00a0<\/span>SandboxAQ<\/span><\/a>, told PYMNTS in February. \u201cThe more effectively we can understand those interactions and then model those interactions, the more efficiently and effectively you can\u00a0<\/span>build predictive models<\/span><\/a>.\u201d<\/span><\/p>\n The recent breakthrough from Microsoft and Quantinuum has to do with reducing the \u201cnoise\u201d when performing quantum calculations. Contemporary quantum exercises have been taking place against the backdrop of what\u2019s been termed the era of Noisy Intermediate Scale Quantum (NISQ) computers, where even infinitesimally small changes can lead to decoherence across a quantum system and break down calculations.\u00a0<\/span><\/p>\n \u201cOver the long-term, if we are able to scale closer to ~1,000 reliable logical qubits, we will be able to unlock the commercial advantages that can ultimately transform the commercial world,\u201d said Ilyas Khan<\/a>, chief product officer at Quantinuum, in a <\/span>statement<\/span><\/a>.<\/span><\/p>\n Read more<\/span><\/strong>:\u00a0<\/span>Seizing Quantum Computing\u2019s Opportunities Within Payments and Finance<\/span><\/a><\/p>\n \u201cQ-Day,\u201d or quantum day, is the term some experts use to describe when large-scale quantum computers are able to break the encryption codes protecting much of today\u2019s payments and financial data.<\/span><\/p>\n Michael Jabbara<\/span><\/a>, global head of fraud services at\u00a0<\/span>Visa<\/span><\/a>, told PYMNTS last March that in this fast-approaching \u201cpost-encryption world,\u00a0<\/span>authentication becomes king<\/span><\/a>\u00a0\u2026 knowing that each person is who they say they are is going to be absolutely key.\u201d<\/span><\/p>\n Underscoring the impact that being able to crack today\u2019s strongest encryption protocols using quantum computing power will have,\u00a0<\/span>Jabbara explained<\/span><\/a>, is the fact that bad actors are already starting to steal and hold onto encrypted data in preparation for the just-around-the-corner quantum computing tools to enter the market and allow them to decrypt that illicitly obtained data using quantum processing power.<\/span><\/p>\n Already, in a move to\u00a0<\/span>improve the security<\/span><\/a>\u00a0of its iMessage app,\u00a0<\/span>Apple<\/span><\/a>\u00a0announced in February that it is upgrading its encryption system to fend off potential quantum computing attacks.<\/span><\/p>\n But it is possible \u2014 and necessary \u2014 to fight fire with fire, and in order to prevent quantum attacks, firms must turn to quantum encryption algorithms that enhance the security of financial transactions. Quantum key distribution (QKD) can provide unbreakable encryption, ensuring the confidentiality and integrity of payment data. This could significantly reduce the risk of cyberattacks and data breaches.<\/span><\/p>\nNavigating the Upcoming Quantum Transformation of Payments and Financial Services<\/span><\/strong><\/h2>\n
Q-Day is Coming Up and Cybersecurity Experts are Worried\u00a0<\/span><\/strong><\/h2>\n