Quantum-resistant cryptography: A new frontier in fintech security
1 Trine University, USA.
2 University of Portsmouth, UK.
3 Army Institute of Business Administration, (Affiliated with the BUP), Bangladesh.
4 International Institute of Business Analysis.
Research Article
World Journal of Advanced Engineering Technology and Sciences, 2024, 12(02), 614–621.
Article DOI: 10.30574/wjaets.2024.12.2.0333
Publication history:
Received on 25 June 2024; revised on 02 August 2024; accepted on 05 August 2024
Abstract:
Purpose: The rapid advancement of quantum computing poses a significant threat to traditional cryptographic systems, potentially compromising the security of sensitive data in various sectors. This research aims to explore the necessity of quantum-resistant cryptography within the financial technology (fintech) sector, where data integrity and confidentiality are paramount. The study investigates the viability of quantum-resistant algorithms in mitigating risks associated with quantum attacks on fintech systems.
Methodology: The research employs a mixed-methods approach, combining theoretical analysis with practical simulations and case studies. Key quantum-resistant algorithms are evaluated through simulations to assess their effectiveness and efficiency in real-world fintech scenarios. Additionally, comparative analyses with traditional cryptographic methods provide insights into the relative strengths and weaknesses of quantum-resistant techniques.
Findings: The study finds that quantum-resistant cryptographic algorithms, such as lattice-based and hash-based cryptography, offer promising solutions for securing fintech applications against quantum threats. These algorithms demonstrate robust security features and practical feasibility for integration into existing fintech infrastructures. However, challenges related to implementation complexity and computational efficiency are identified.
Implications: For the fintech industry, adopting quantum-resistant cryptography is crucial for futureproofing against emerging quantum computing threats. The findings suggest a need for continued research into optimizing these algorithms and developing standards for their deployment. Future research directions include exploring more efficient algorithms and investigating their application in other industries beyond fintech.
Keywords:
Quantum-Resistant Cryptography; Fintech Security; Post-Quantum Cryptography; Quantum Computing; Cybersecurity
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0