Panelists also call for better investment in fintech startup In the early stages so that they can invest in high end technology to offer robust solutions.
K Vijay Raghavan, chief scientific advisor The Government of India said that India has already taken major steps towards expansion of IIT and ICERT infrastructure to increase the talent base for computer science. “Expanding the footprint of high-quality training in computer science and mathematics, laser optics and space science is all that is necessary and this is happening through the expansion of IITs and ICERTs, but in many ways due to increased funding for science. Human capital is really the essence of getting out of the competitive arena in many sectors and that should be our main focus,” he said.
India has a national program called Quantum-Enabled Science and Technology (QUEST), where researchers from institutions such as the Indian Institute of Science (IISc), the Indian Space Research Organization and the Tata Institute of Fundamental Research are working on quantum computing and allied areas. Including quantum secure cryptography and quantum communication. In March 2021, the Indian Space Research Organization (ISRO) demonstrated free space quantum communication at a distance of 300 meters—the first of its kind. It was hailed as a precursor to the use of satellites to transmit highly encrypted and strategic data.
Abhishek Singh, CEO, Digital India Corporation and MyGov also said that expanding high-end computing infrastructure for fintech startups can help them build better credit products in earlier stages using technology like quantum computing. He said that C-DAC network has already extended such technology to developers through Param Shavak and Param Siddhi Prasad. But more is needed.
“One way to invest in the quantum computing ecosystem is through investment in hackathons and better discovery of startups. India has produced a lot of unicorns. But it is important to invest in ambitious unicorns so that they can provide strong cyber security for their products. to create a solution.”
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He added that India’s digital payments economy already generates over $100 billion in digital payments monthly. Quantum computing solutions can be used to tap this data to implement credit risk profiling and generate credit products within minutes.
Nasscom President Debjani Ghosh also said that the ability to introduce such technologies to a large number of fintech providers and customers will help make the ecosystem more inclusive.
According to research from MIT, quantum communication applies the laws of quantum physics to data security. These laws allow particles called quantum bits or qubits – usually photons of light – to represent multiple combinations of 1’s and 0’s simultaneously, to transmit data along optical cables. When one tries to stop such quantum data in transit, the qubit changes its state. Which makes this technology particularly useful for transactions and financial data.
Earlier in the day, at the same event, UIDAI CEO Saurabh Garg also said that the organization wants to look at quantum computing, blockchain, AI/ML to strengthen its security.