The next new money, dubbed "S-Money," is a theoretical framework that potentially improves upon the security and speed advantages promised by cryptocurrency. S-Money seeks, in part, to solve the security issues that the vastly increased power of quantum computing might pose for current systems, even blockchain.
Quantum advantage and quantum supremacy could create a variety of opportunities and threats for current and emerging technology... certainly something to keep an eye on in the same way blockchain is changing the landscape of money, payments and supply chains. S-Money may be the first of a wave of similar developments.
"While the S-money system requires large computational overhead, it may be feasible with current computer technology. Later this year, Kent and his colleagues hope to conduct some proof-of-concept testing working with the Quantum Communications Hub, of which the University of Cambridge is a partner institution. They hope to understand how fast S-money can be issued and spent on a network using off-the-shelf technologies."
"It's a slightly different way of thinking about money: instead of something that we hold in our hands or in our bank accounts, money could be thought of as something that you need to get to a certain point in space and time, in response to data that's coming from lots of other points in space and time," said Professor Adrian Kent, from Cambridge's Department of Applied Mathematics and Theoretical Physics. The framework developed by Kent can be thought of as secure virtual tokens generated by communications between various points on a financial network, which respond flexibly to real-time data across the world and 'materialise' so that they can be used at the optimal place and time. It allows users to respond to events faster than familiar types of money, both physical and digital, which follow definite paths through space.