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Payments General

Worldline researchers to build quantum-resistant cryptography

Monday 3 June 2019 | 10:29 AM CET

The Worldline Research & Development crypto team aims to create more advanced cryptography designed to secure payments.

The team has joined academics, technology laboratories and industrials within the National Institute of Standards and Technology (NIST) of the US Department of Commerce to create cryptography that is designed to protect against the possibility of quantum computing breaching existing IT and payment security protocols.

Worldline believes that quantum computing is rapidly becoming one of the most in-demand technologies and one which is likely to have a major impact on the payment industry. Quantum computers take computing power to a new level and quantum computing is set to change the face of IT security and has the potential to break most security systems that currently exist, particularly many public-key cryptosystems including worldwide-used RSA, DSA, ECDSA and Diffie-Hellman key exchange.

Whilst the technology is not immediately going to change the way the world uses computers as part of their daily life, Quantum Computing capabilities will have a direct effect on electronic payment security as the enhanced processing speed means it is capable of breaking encryptions that up until now built the digital pillars of payments and transactions. Customers, retailers, governments and banks will be exposed to a much greater risk of payment breaches as this technology becomes available.

To learn more about Quantum Computing, check out our interview with IBM's Stefan Woerner on quantum computing's potential to disrupt financial services. For more information about Worldline, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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