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International Conference on Communication and Electronics Systems (ICCES)

Quantum Money : Opportunities, Challenges and Open Issues

Shashank Mishra, Akshat Ojha, Archit Aggarwal, Pawan Singh Mehra

Published Jun 1, 2023• 1 citation
Publisher

Abstract

Quantum computing possesses capabilities beyond that of classical computers. Quantum cryptography can be a way to counter increasing computational powers. Traditional money can be counterfeited and is prone to fraud. Quantum money can be implemented to overcome the problems of traditional money. Using laws of quantum physics, it can create currencies which are impossible to replicate, and are easily verifiable. This paper talks about various Quantum Money schemes that have been introduced in the past, the impact it had, security issues and countermeasures related to it, the future possibilities and opportunities available with it.

DOI
10.1109/icces57224.2023.10192676

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Quantum computing possesses capabilities beyond that of classical computers. Quantum cryptography can be a way to counter increasing computational powers. Traditional money can be counterfeited and is prone to fraud. Quantum money can be implemented to overcome the problems of traditional money. Using laws of quantum physics, it can create currencies which are impossible to replicate, and are easily verifiable. This paper talks about various Quantum Money schemes that have been introduced in the past, the impact it had, security issues and countermeasures related to it, the future possibilities and opportunities available with it.
Quantum money is a main primitive in quantum cryptography, that enables a bank to distribute to parties in the network, called wallets, unclonable quantum banknotes that serve as a medium of exchange between wallets. While quantum money suggests a theoretical solution to some of the fundamental problems in currency systems, it still requires a strong model to be implemented; quantum computation and a quantum communication infrastructure. A central open question in this context is whether we can have a quantum money scheme that uses "minimal quantumness", namely, local quantum computation and only classical communication.
The concept of quantum tokens dates back alongside quantum cryptography to Stephen Wiesner's seminal work in 1983[1]. Already this initial work proposes society-relevant applications such as secure quantum banknotes, which can be exchanged between a bank and a customer. This quantum currency is based on various physical states that can be easily verified but is protected from being copied by the fundamental quantum laws. Four decades later, these ideas have flourished in the field of quantum information, and the concept of quantum banknotes has not only adopted many varying names, such as quantum money, quantum coins, quantum-digital payments, and quantum tokens, but also reached its first experimental demonstrations. In this perspective article, we discuss the current state-of-the-art of quantum tokens in the field of quantum information, as well as their future perspectives. We present a number of physical realizations of quantum tokens with integrated quantum memories and their applicability scenarios in detail. Finally, we discuss how quantum tokens fit into the information security ecosystem and consider their relationship to post-quantum cryptography.
Quantum money represents an innovative approach to currency by encoding economic value within the quantum states of physical systems, utilizing the principles of quantum mechanics to enhance security, integrity, and transferability. This perspective article explores the definition and properties of quantum money. We analyze the process of transferring quantum money via quantum teleportation, using terrestrial and satellite-based quantum networks. Furthermore, we consider the impact of quantum money on the modern banking system, particularly in money creation. Finally, we conduct an analysis to assess the strengths and weaknesses of quantum money, as well as opportunities and threats associated with this emerging concept.
The concept of quantum tokens dates back alongside quantum cryptography to Stephen Wiesner’s seminal work in 1983. Already this initial work proposes society-relevant applications such as secure quantum banknotes, which can be exchanged between a bank and a customer. This quantum currency is based on various physical states that can be easily verified but is protected from being copied by the fundamental quantum laws. Four decades later, these ideas have flourished in the field of quantum information, and the concept of quantum banknotes has not only adopted many varying names, such as quantum money, quantum coins, quantum-digital payments, and quantum tokens, but also reached its first experimental demonstrations. In this perspective article, we discuss the current state-of-the-art of quantum tokens in the field of quantum information, as well as their future perspectives. We present a number of physical realizations of quantum tokens with integrated quantum memories and their applicability scenarios in detail. Finally, we discuss how quantum tokens fit into the information security ecosystem and consider their relationship to post-quantum cryptography.
A digital currency is money in a digital form. In this model, maintaining integrity of the supply is a core concern, therefore protections against double-spending are often at the heart of a secure digital money scheme. Quantum money exploits the quantum mechanical principle of no-cloning to enable a currency that is immune to double spending. One of the challenges of the scheme is that users require technology that is currently out of reach. Here, we propose a model for quantum currency, which alleviates the need for quantum wallets by delegating quantum storage and processing to an intermediary that we call a quantum vault. We develop the basic building blocks of this quantum-enabled digital currency and discuss its benefits and challenges.
Quantum cryptography leverages unclonability to enable a wide range of cryptographic applications that are impossible classically, such as digital currency protected against counterfeiting by quantum mechanics. Security requires that no efficient user can produce even one additional valid banknote beyond those already in their possession. However, existing security bounds weaken as the number of banknotes available to a user increases. In this paper, we study a construction of quantum money whose asymptotic query security does not deteriorate as long as the number of banknotes available to a user remains below the scale required for state tomography. In particular, we show that the construction based on an nnn-qubit Haar-random state and a reflection oracle achieves optimal query security: unless a user holds Ω(2n)Ω(2^n)Ω(2n) banknotes, their existing banknotes cannot asymptotically speed up counterfeiting --- their best possible attack is the same as if they do not have any banknotes. To establish this result, we develop a framework based on the compressed-oracle technique for defining and analyzing progress measures for quantum tasks such as Haar state cloning. Furthermore, we prove a tight lower bound for generating rrr additional copies, give a matching attack, and apply our results to quantum copy-protection.