How? Quantum computing is an extension from the quantum theory principles that develop computer technology to use quantum mechanics to perform efficient operations of computer tasks smaller and faster compared to a classical computer.
There is no doubt that banks are the biggest target when it comes to cybercrime. Banks are always under threat in some way and are always looked to create robust measures to avoid natural disasters from cybercriminals. Therefore, it is no coincidence as to why quantum computing is something that bankers have always had an interest in. The interest has now moved to a point where it is transforming the banking industry.
How? Quantum computing is an extension from the quantum theory principles that develop computer technology to use quantum mechanics to perform efficient operations of computer tasks smaller and faster compared to a classical computer. To make it simpler to understand, a quantum computer uses qubits to store information, which is an even smaller size break compared to bits, something that is usually used to store and encode information on a classical computer. A qubit can represent multiple things and can represent all numbers between 0 and 255, whereas bits can only be represented with one number between 0 and 255. With bits, only one combination can be used. Qubits offer more than one combination. The benefit of this is that quantum computers can make complex tasks easy and offers exceptional computing power to process those complex tasks. That is the sole reason quantum computing has risen in popularity over recent years. Because a qubit can use any state scale, the advantage for businesses is that it can store a vast amount of information consuming less energy than a classic computer.
How Quantum Computing Impacts The Banking Industry?
Banks are always evolving their defense strategy to be protected from widespread cyber-attacks. Articles have stated that quantum computing may fundamentally change the course of banking. Because banking has expanded accessibility through a variety of devices, defense systems need to evolve to ensure that users are protected when using banking with the latest technological devices.
Quantum computing has been taken advantage of by some of the world's biggest bankers such as Barclays,
Barclays has already put the use of quantum computing to good effect, through efficient ways to simplify the transaction settlement process and even improving their encryption algorithms.
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