Industry Odisha Bureau, May 27: In a bid to avert the threat and risks posed by the quantum technology in the financial sector, the Reserve Bank of India (RBI) on Monday has reportedly set up a panel of experts under its initiative of ‘Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE)’.
In its press statement, the RBI reportedly said, “Quantum Technology represents a paradigm shift compared with traditional systems as it leverages the principles of quantum mechanics, such as superposition and entanglement. This enables quantum systems to address complex financial problems such as portfolio optimization, risk assessment, macroeconomic modelling, etc. However, quantum technologies can also introduce significant risks, particularly the potential to undermine certain existing cryptographic standards”.
The RBI also reportedly informed that the expert panel meant for ‘Q-SAFE’ will be led by IIT Madras Department of Electrical Engineering’s professor Anil Prabhakar, while the other members are representatives from the Department of Science and Technology(DoS&T), State Bank of India (SBI), National Payments Corporation of India (NPCI), Ministry of Electronics and Information Technology (MoE&IT), Data Security Council of India (DSCI) apart from the quantum technology industry specialists.
The expert panel under the ‘Q-SAFE’ initiative has been urged to submit its report within six months from the date of its first deliberation held, further informed the RBI.
