New Delhi, May 29 -- Banks and financial institutions worldwide are gearing up for the day when quantum computers become stable enough to potentially break traditional encryption, which could cause massive data breaches, falsified transactions, identity theft, and large-scale market manipulation.

To guard against this, major players such as JPMorgan, Mastercard, Barclays, Citigroup and Wells Fargo are adopting quantum-resistant or post-quantum cryptography (PQC) encryption that's designed to resist such attacks.

JPMorgan, for instance, has launched a quantum-secured, crypto-agile network (Q-CAN) in Singapore using quantum key distribution (QKD), in which encryption keys are encoded in light particles. Since merely observing a quantum pa...