Patrick Harker, Essay: Spooky Science, Quantum Computing, the Fed, and the Future

“We now stand at the precipice of another great technological leap: the development and deployment of quantum computing, a potentially revolutionary technology. This is an exciting time, full of opportunity but also fraught with no small amount of risk. The Federal Reserve, as the nation’s central bank and a regulator, has a strong interest in fostering an environment that is conducive to innovation and that safeguards our country’s financial infrastructure.”

“A cause for more worry is the prospect of quantum technologies falling into the wrong hands. One thing is for certain: Current methods of encryption will not stand up to quantum cryptography. Governments, corporations, and institutions are already working hard to develop quantum-safe encryption and that’s a good thing. The cyber environment is already rife with threats from malevolent state actors to online bandits, and quantum technologies will only intensify them. For our part, making sure the financial system and the Federal Reserve are secure is at the top of our priority list.”