In this news, we discuss the Toshiba targets $3 billion revenue in quantum cryptography by 2030.
TOKYO (Reuters) – Toshiba Corp 6502.T on Monday announced plans to generate $ 3 billion in revenue from its advanced crypto technology for data protection by 2030, as the sprawling Japanese conglomerate scrambled to find future engines of growth.
Cyber security technology, known as quantum key distribution (QKD), harnesses the nature of quantum physics to provide two remote parties with cryptographic keys that are immune to cyberattacks carried out by quantum computers.
Toshiba expects the global QKD market to reach $ 12 billion in 10 years with the advancement of quantum computers, whose enormous computing power could easily decipher conventional math-based cryptographic keys commonly used in science. finance, defense and health care.
The company hopes to tap the global demand for advanced crypto technologies as cybersecurity is at the forefront of national defense. China is aggressively expanding its network infrastructure for QKD, including quantum satellites that relay quantum signals.
The company said it has partnered with Verizon Communications Inc VZ.N in the US and BT Group BT.L in Britain on QKD pilots, and is in talks with a another telecommunications operator in South Korea.
Since the crisis resulting from the bankruptcy of the US nuclear business in 2017, Toshiba has carried out a series of restructuring steps, including the sale of its laptop and TV businesses.
He is now focusing on public infrastructure companies weathering a global economic crisis triggered by the coronavirus outbreak.
Reporting by Makiko Yamazaki, editing by Sherry Jacob-Phillips
Original © Thomson Reuters