According to Cointelegraph, IBM Quantum and Microsoft have joined forces with not-for-profit research tank MITRE, U.K.-based cryptography firm PQShield, Google sibling company SandboxAQ, and the University of Waterloo to address post-quantum cryptography (PQC). PQC aims to tackle the potential threat posed by future quantum computers, which could theoretically break current encryption schemes such as RSA within a matter of weeks, days, or even hours.

Technologies like blockchain and cryptocurrency, which rely on mathematical encryption, could be particularly vulnerable to decryption attacks by future quantum computers. The National Institute of Standards and Technology (NIST) has chosen four proposed post-quantum encryption algorithms, CRYSTALS-Kyber, CRYSTALS-Dilithium, SPHINCS+, and Falcon, as candidates for a PQC-safe encryption standard. Three of these algorithms have been accepted for standardization, with the fourth, Falcon, expected to follow in 2024.

The coalition will use the deep knowledge and hands-on experience of its members to help key institutions, such as government, banking, telecommunications, and transportation services, transition from current to post-quantum encryption.