FORTIFYING BANKING TRANSACTIONS: HARNESSING POST-QUANTUM CRYPTOGRAPHY FOR NEXT-GENERATION SECURITY
Keywords:
Post-Quantum Cryptography, Banking Transactions, Quantum Computing, Cryptographic Algorithms, SecurityAbstract
n an era of rapid technological advancement, the emergence of quantum computing poses significant challenges to traditional cryptographic systems, particularly in the banking sector where security is paramount. As quantum computers have the potential to break widely-used cryptographic algorithms, the need for post-quantum cryptography (PQC) becomes increasingly urgent to safeguard banking transactions against future threats. This paper explores the landscape of post-quantum cryptography and its application in fortifying banking transactions. We delve into the principles of quantum computing and its implications for traditional cryptography, highlighting the vulnerabilities that quantum computers pose to current encryption methods. Additionally, we discuss various post-quantum cryptographic primitives and algorithms proposed by leading researchers and standardization bodies, emphasizing their potential to withstand quantum attacks. Furthermore, we analyze the challenges and considerations in the adoption of post-quantum cryptography in banking systems, including compatibility with existing infrastructure, performance considerations, and regulatory compliance. Through case studies and practical examples, we illustrate the importance of proactive measures in preparing banking systems for the post-quantum era. Ultimately, this paper aims to provide insights into the significance of post-quantum cryptography in securing banking transactions and guide stakeholders in mitigating quantum threats effectively.
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Copyright (c) 2023 Ramesh Reddy Turpu (Author)
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