Investigation into the Impact of Quantum Computing on Financial Transactions at Kaduna State University, Kaduna State
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- NGN 5000
Background of the Study
Financial transactions are a fundamental aspect of modern economies, and the security, efficiency, and speed of these transactions are critical. Traditional financial systems rely on cryptographic techniques to secure transactions, but as quantum computing evolves, there is growing concern about the potential vulnerability of these systems. Quantum computers have the ability to break classical encryption algorithms, such as RSA and ECC, which currently secure financial transactions (Shor, 2024). Consequently, there is an increasing need to investigate how quantum computing can both positively and negatively impact financial systems.
Kaduna State University, Kaduna, as a center for research in technology and innovation, provides an ideal case study for exploring the impact of quantum computing on financial transactions. This study will investigate the potential benefits of quantum computing, such as faster transaction processing, improved fraud detection, and enhanced security, as well as the risks associated with quantum threats to the security of financial systems.
Statement of the Problem
The rise of quantum computing presents significant challenges to the security of financial transactions. Classical cryptographic methods, which are widely used to secure financial systems, are vulnerable to quantum attacks. These vulnerabilities could compromise the safety of sensitive financial data, leading to fraud, theft, or loss of trust in financial systems. While quantum computing offers potential benefits in enhancing transaction processing speed and accuracy, its impact on the security of financial transactions remains unclear. This research will investigate how quantum computing may transform financial transactions at Kaduna State University, both in terms of opportunities and risks.
Objectives of the Study
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To investigate the impact of quantum computing on the security of financial transactions at Kaduna State University.
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To assess the potential advantages of quantum computing in speeding up financial transactions.
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To explore the risks associated with quantum computing and its potential to disrupt current financial systems.
Research Questions
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What is the impact of quantum computing on the security of financial transactions at Kaduna State University?
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How can quantum computing improve the efficiency and speed of financial transactions at the university?
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What risks do quantum computing pose to the existing financial systems and cryptographic methods in place at Kaduna State University?
Significance of the Study
This study will provide valuable insights into the potential of quantum computing to both enhance and disrupt financial transaction systems. The findings will help Kaduna State University prepare for the future by adopting quantum-resistant cryptography or exploring quantum computing’s advantages in financial processing.
Scope and Limitations of the Study
The study will focus on the impact of quantum computing on financial transactions within the context of Kaduna State University. It will not explore broader national or international financial systems or address the implementation of quantum systems beyond the university’s financial infrastructure.
Definitions of Terms
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Quantum Computing: Computing that uses quantum-mechanical phenomena to solve complex problems more efficiently than classical computers.
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Financial Transactions: The exchange of monetary value through various means such as payments, transfers, and investments.
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Quantum Cryptography: Cryptographic methods that utilize the principles of quantum mechanics to secure data and communication.
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