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QANplatform Co-Founder and CTO Johann Polecsak Highlights Quantum Threat at AIBC Conference in Dubai

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Tallinn, Estonia–(Newsfile Corp. – March 22, 2022) – Johann Polecsak, Co-Founder and CTO of QANplatform gave a presentation on the main stage at the AIBC Summit in Dubai on the forthcoming threat posed by quantum computers to blockchain and cryptocurrencies. The quantum problem came to the forefront of the blockchain world in 2019, when Google announced its quantum computing breakthrough.

Johann Polecsak, Co-Founder and CTO of QANplatform at AIBC Summit, Dubai, 21 March 2022

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In his presentation “Will Quantum Break Crypto? The Truth,” Polecsak pointed out that the fact that quantum computers will break RSA and Elliptic Curve (EC) cryptography used by 99% of blockchain platforms is known, however, the industry is still recklessly neglecting the imminent threat.

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“We are already having the wrong conversation in cryptography if we argue about whether we have one, three, or five years before quantum computers will break today’s security algorithms. We must always be ahead of the curve when it comes to cybersecurity, especially in the era of “Store now, decrypt later“. IBM’s 1,121 Qubit Condor could bring a big breakthrough, for example,” Polecsak explained.

The imminent threat by quantum computers is demonstrated by the fact that the US White House has set deadlines in January 2022 to prepare for the cybersecurity threat opposed by quantum computers. Agencies shall identify any instances of encryption not in compliance with NSA-approved Quantum Resistant Algorithms until 18 July 2022.

Johann Polecsak added: “One of the most important points people forget is that blockchains are decentralized by design. Centralized authorities like governments, companies can switch their IT security to post-quantum cryptography much easier. However, already running public blockchains (like Ethereum, Solana, Algorand, Cardano, etc.) can only switch to post-quantum cryptography with a hard fork which will lead to massive chaos.”

The quantum-problem timeline ranges from the denial phase when many well-known figures completely denied the problem to today’s confession phase, where current blockchains like Ethereum started to hire post-quantum cryptography experts in 2021. The next phase will be the instruction phase in 2022/2023 when already running public blockchains publish their quantum-resistant solutions and the migration process. This will be the hardest point because crypto users need to recognize, learn, and be capable of executing the migration of their cryptocurrencies. This could lead to chaos since crypto holders will need significant education about the problem to execute it without errors, but abandoned early miner wallets pose a bigger problem. Anonymity backfires at post-quantum migration because nobody can tell that the real owner or a hacker is migrating the funds. In this case, billions of “free money” could land in hackers’ hands if they start migrating on the real owners’ behalf.

QANplatform saw the threat coming earlier, so it could soon provide a solution to this cybersecurity problem. The QAN blockchain platform should be seen as a game-changer – offering the earliest quantum-resistant interoperability for crypto’s biggest ecosystem, Ethereum.

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QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant smart contracts, DApps, DeFi, NFT, tokens, Metaverse, and Web3 solutions on top of the QAN blockchain platform in any programming language.

Already running blockchain projects or new ones that are in the making will be able to launch soon on a blockchain platform that is quantum-resistant from point zero – before the public blockchain launch.

Video link to the presentation: https://youtu.be/AYe33k4TUrM

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About QANplatform:

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QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant: smart contracts, DApps, DeFi, NFT, tokens, Metaverse, and Web3 solutions on top of the QAN blockchain platform in any programming language.

Website: qanplatform.com
Twitter: https://twitter.com/QANplatform
Contact: [email protected]

Contact:
Gergo Szoke
+372 5881 8815
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117617

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Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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