Quantum Cryptographic Algorithms for Securing Financial Transactions

Abstract

The rise of quantum computing poses significant threats to traditional cryptographic methods currently securing financial transactions. Quantum algorithms, such as Shor’s and Grover’s, have the potential to break widely used encryption systems like RSA and ECC, making financial data vulnerable to exploitation. This research explores the development and application of quantum cryptographic algorithms designed to secure financial transactions in the quantum computing era. Focusing on techniques such as Quantum Key Distribution (QKD), lattice-based cryptography, and hash-based signatures, the study examines how these methods can ensure the confidentiality and integrity of financial data. Practical applications, including quantum-safe payment gateways and blockchain integration, are analyzed to provide a comprehensive understanding of how financial systems can transition to quantum-resistant cryptography. Furthermore, challenges such as scalability, high implementation costs, and regulatory considerations are discussed. The paper highlights the urgent need for financial institutions to begin adopting quantum-resistant cryptography to safeguard future financial transactions.