This post is also available in: heעברית (Hebrew)

Finding new and innovative ways to secure online sensitive data has become imperative. The Dutch bank group ABN Amro has joined forces with a university and a scientific research organization to investigate how quantum technology could help guarantee the security of mobile and online banking.

Quantum computing is expected to be a reality within a few years, making possible calculations that traditional computers are not capable of. While this will open a range of new possibilities, there are also risks; the future ‘universal’ quantum computer – which is expected to be operating in ten to fifteen years – has the potential to crack today’s encryption methods.

ABN Amro is now working with QuTech, a quantum technology research venture set up by Delft University of Technology and the Netherlands Organization for Applied Scientific Research, to investigate how to tackle this threat.

The partners say that connecting users with one another via quantum networks could produce fundamentally secure connections. Such connections make use of the quantum phenomenon of ‘entanglement’, with which it is always noticeable if somebody tries to eavesdrop or gather data in another way. 

According to finextra.com, the plan is to create an advanced system for Measurement Device Independent-Quantum Key Distribution. With this new form of QKD, multiple users can be connected via a central measurement and then exchange unique and complex codes that are almost impossible to eavesdrop. 

The development also uses a unique combination of different media to further increase security. The quantum connection will be established by laser communication via existing fiber-optic connections. This fiber-optic connection will be combined with a so-called ‘free space’ (through air) component, developed by TNO Space and Scientific Instrumentation, as reported by qutech.nl. ABN Amro claims that it’s virtually impossible to eavesdrop on this technology.