TAIPEI (Taiwan News) – The National Institute of Standards and Technology (NIST) in the US on Thursday (Oct. 24) said 14 candidates have been selected to help further the post-quantum cryptography (PQC) standardization process for quantum computing. 

Each of the 14 candidates represents a different algorithm for securing digital signatures, with three of the algorithms submitted by organizations in Taiwan. All three are associated with the Chelpis Quantum Corp research firm based in Taipei, which specializes in post-quantum digital cryptography. 

Researchers at Chelpis, led by cryptography director Matthias Kannwischer, are responsible for two algorithms recognized by NIST. These algorithms, named UOV and MAYO, represent possible avenues to develop secure digital signatures in advance of the quantum computing age. A third algorithm, SNOVA, was submitted by a partner organization, which Chelpis has invested in. 

The field of post-quantum encryption has been developing rapidly over the past two years. This growth is in anticipation of NIST’s publication of industry standards to develop encryption and digital signatures to safeguard digital assets against hacks by future quantum computers. The standards were released earlier this year, and developments in the field are now moving at a rapid pace. 

As companies like IBM, Google, and others press forward to develop immensely powerful quantum computing systems, governments and organizations across the globe are already anticipating an age when such powerful tools may be used by malicious actors. 

That’s why companies like Chelpis and others are working hard to stay ahead of the curve on cybersecurity. Speaking with Taiwan News, Kannwischer said, “It’s important to stress that there is no time to wait. If we wait until quantum computers are actually online, it will be too late.” 

Many tech companies have already migrated their most sensitive digital assets away from traditional encryption frameworks to post-quantum encryption frameworks in preparation for the quantum computing era.

Financial institutions and national governments are also heeding the signal and beginning the migration process, which Kannwischer noted can take an exceptionally long time. For that reason “there is no time to waste.”

Chelpis CEO Chih Ming-yang (池明洋) also notes how urgent this issue has become. “Organizations should start the process of migrating to to quantum-safe cryptography by identifying their most valuable assets that are currently protected by traditional cryptographic methods, and prioritize those for migration right away,” said Chih.

Current estimates are that the beginning of the quantum computing era, known as “Q-day,” will arrive within 10-15 years. Industry experts warn that companies and other organizations should aim to migrate their digital assets to quantum-resistant encryption systems within five to six years.