Quantum computing, the next generation of computing, has been in development for the past several years and most likely will reach its full potential in the next several years.
Quantum computing harnesses the laws of quantum mechanics to solve problems too complex for today’s computers. It uses qubits (CUE-bits) to run multidimensional quantum algorithms. It is capable of solving certain computational problems substantially faster than today’s computer, such as integer factorization, which is the underlying technology of RSA encryption.
RSA encryption, alongside elliptic-curve cryptography are widely used today to encrypt our financial transactions on the web and keep intellectual property, military, and medical data secret. When quantum computers become available, these defenses will fail and data will be exposed. It will only take several hours for quantum computers to decrypt the current RSA encryption standard.
To this end, computer scientist have been working hard towards creating a “post-quantum cryptography” (PQC) encryption protocols that should outpace the capability of quantum computers. The National Institute of Standards and Technology (NIST) researchers have been working for years and recently have given their stamp of approval to some mathematical equations that quantum computers would struggle to hack. In 2016 it launched a competition to find algorithm for PQC, receiving 82 submissions from 25 countries. After three rounds of sifting and analysis, four winning techniques and four backup approaches have emerged.
NIST recommends two primary algorithms to be implemented for most use cases: CRYSTALS-KYBER (key-establishment) for general encryption and CRYSTALS-Dilithium for digital signatures. In addition, the signature schemes FALCON and SPHINCS+ will also be standardized.
More information on these PQC algorithms can be found on NIST website:
https://csrc.nist.gov/News/2022/pqc-candidates-to-be-standardized-and-round-4
Sources:
https://www.ibm.com/topics/quantum-computing
https://en.wikipedia.org/wiki/Quantum_computing
https://www.economist.com/science-and-technology/2022/07/13/how-to-preserve-secrets-in-a-quantum-age