Imagine waking up to a headline that reads: “Global cryptographic systems compromised overnight.” Bank transfers stall. Digital identities are questioned. Cryptocurrency wallets are drained.

It sounds dramatic, but it reflects a growing concern among cybersecurity experts worldwide. At the centre of this conversation is a powerful emerging technology: quantum computing.

For decades, the digital economy has relied on cryptography to keep information secure. Every time we send money, log into an account, or make an online purchase, cryptographic systems are working quietly in the background. They protect everything from banking transactions to blockchain networks and cryptocurrencies.

But quantum computers – machines that harness the unique properties of quantum physics – could one day challenge the very foundations of this security.

A different kind of computing power

Traditional computers process information in bits, represented as zeros and ones. Quantum computers, by contrast, use qubits, which can exist in multiple states at once. This allows them to explore many possibilities simultaneously, making them extraordinarily powerful for certain types of problems.

While today’s quantum machines are still developing, progress is accelerating. According to the IBM Quantum Roadmap, the industry is moving rapidly towards fault-tolerant systems capable of running complex algorithms. 

Google’s Willow quantum chip has demonstrated the feasibility of scalable quantum error correction codes for quantum computing that reduce error rates exponentially with the number of qubits. 

Governments and major technology companies are investing heavily, and each breakthrough brings us closer to a point where quantum computers could outperform classical systems in meaningful ways.

That includes tasks that underpin modern cryptography, which is the basis of cybersecurity.

Why today’s security may not be enough

Much of today’s digital security, including banking, e-commerce and blockchain, relies on cryptographic systems that are extremely difficult for classical computers to break. 

Quantum computers, however, are expected to solve some of these problems far more efficiently, potentially exposing private keys, enabling forged digital signatures and placing critical financial systems at risk.

As quantum computing advances, quantum-safe technologies are becoming essential to protecting digital trust. McKinsey estimates quantum technologies could generate up to USD 2 trillion in economic value by 2035, with financial services among the sectors most exposed to cryptographic risk. 

The challenge is not just preparing for future threats, but building security foundations that remain resilient for generations.

Why blockchain and cryptocurrencies are in the spotlight

Blockchain technologies and cryptocurrencies are often described as secure by design. Their decentralised structure removes the need for intermediaries and relies heavily on cryptography to ensure trust.

But this reliance also creates a unique vulnerability.

Unlike traditional systems, blockchain data is transparent and permanently recorded. In the context of cryptocurrencies, the implications are significant. If private keys can be derived from public information, digital assets could be stolen. If digital signatures can be forged, the integrity of transactions could be compromised.

Blockchain does not become obsolete in the quantum era, but it must evolve. The transition to quantum-safe cryptography is not optional. It is necessary to preserve trust in decentralised financial systems.

The race against time

One of the challenges in addressing the quantum threat is timing. While large-scale, fault-tolerant quantum computers are not yet widely available, the transition to new cryptographic systems is complex and time-consuming.

Upgrading global financial infrastructure is not like installing a software update. It involves redesigning protocols, ensuring compatibility, and coordinating across industries and regulators. As noted in the Bank for International Settlements’ Project Leap, while post-quantum cryptography (PQC) is feasible, the primary bottleneck for central banks is the transition of legacy systems.

This creates a paradox. Waiting until quantum computers arrive may be too late.

From a cybersecurity perspective, the most critical risk is not the arrival of quantum computers itself, but the delay in preparing for them. The transition could take many years, and the window for proactive action is now.

What does ‘quantum-safe’ mean?

Quantum-safe, or post-quantum, cryptography refers to new cryptographic methods designed to remain secure, even in the presence of quantum computers. Importantly, these quantum-safe cryptosystems can run on today’s classical computers to replace existing deployed cryptosystems, but resist quantum computing attacks.

These methods rely on different mathematical foundations: ones that are believed to be resistant to quantum attacks. Researchers around the world are developing, analysing and standardising these approaches to ensure they are both secure and practical. 

In August 2024, the United States of America’s National Institute of Standards and Technology (NIST) published finalised encryption Federal Information Processing Standards (FIPS) establishing the leading global reference standards for post‑quantum cryptography.

Monash University researchers introduced foundational and engineering techniques in post-quantum cryptography that underpin several of the NIST PQC standards.

The transition to post-quantum cryptography is as much an engineering challenge as it is a scientific one. We need solutions that are not only secure in theory, but also efficient, scalable and ready for deployment in real-world systems.

Leading the transition at Monash

At Monash University, researchers are playing a key role in shaping this transition.

The FinTech Lab at Monash University, jointly led by experts from the Faculty of Information Technology and the Monash Business School, brings together technical innovation and industry engagement to address emerging challenges in digital finance. 

Alongside the Department of Software Systems and Cybersecurity, the team is at the forefront of research into secure, scalable and future-ready financial technologies. The group’s expertise spans cryptography, blockchain systems and financial security. 

Over the years, Monash researchers have contributed to foundational advances in cryptographic techniques, many of which underpin modern privacy-preserving systems. For instance, Monash researchers designed MatRiCT (and later MatRiCT+), the world’s first practical quantum-safe confidential transactions protocol for blockchain cryptocurrencies. 

Quantum-safe cryptography tends to have significantly higher communication costs compared to classical cryptography. It requires significant technical effort and expertise to design quantum-safe cryptographic protocols which minimise these costs to provide practical performance.  

The University’s research expertise lies in bridging deep technical innovation with real financial systems and industry needs. According to Professor Andreas Deppeler, Professor of Practice at Monash Business School Malaysia and Co-Director of the Monash FinTech Lab, quantum-safe finance represents not just a technical upgrade but a strategic transformation requiring alignment between technology, regulation and market adoption.

Alongside developing quantum-safe cryptographic protocols, researchers are also exploring how they can be integrated into blockchain and financial systems in practical and scalable ways. 

This includes designing next-generation security mechanisms to protect digital assets, enable secure transactions, and maintain efficiency across large-scale decentralised networks.

Preparing for the future of money

Quantum computing represents the next chapter in the evolution of digital finance.

While the technology promises breakthroughs in science, medicine and optimisation, it also challenges the assumptions that underpin today’s cybersecurity. Preparing for this future requires foresight, collaboration and innovation.

Quantum computing is set to redefine the cybersecurity landscape, but careful design and the early adoption of quantum-safe technologies can ensure digital trust remains intact.

As the race towards quantum computing accelerates, so too does the race to protect the systems we rely on every day.

Future-proofing money is no longer a distant ambition. It is a responsibility we must act on now.