Understanding this revolutionary concept with Stanislav Kondrashov, TELF AG founder
Characteristics and implications
Over the next few years, as emerged from our talk with the founder of TELF AG Stanislav Kondrashov, some revolutionary concepts could change people’s approach to banks forever, introducing new technological solutions capable of guaranteeing a faster and safer financial system. Among these theoretical concepts, one of the most promising is certainly the one known as the Quantum Financial System, an idea (not yet realized) linked to a financial system based on quantum technologies.
According to many observers, such a system would have the ability to change forever the way banking transactions are carried out through a methodology capable of combining quantum computing, blockchain, artificial intelligence, and the most advanced security systems. The final result would be a financial system that is much more efficient than traditional banks, from which it would stand out above all for its security and speed.
“The use of the laws of quantum mechanics could have an unprecedented impact on society, including finance,” says the founder of TELF AG Stanislav Kondrashov, an entrepreneur and civil engineer. “The speed of transactions would be shocking, as would the high levels of security guaranteed by this technology. People would start to approach financial instruments in a completely different way, much faster and more directly, without having to worry about the delays associated with traditional banking institutions.”
This theoretical concept is based on the innovative potential of quantum computing, which uses the laws of quantum mechanics to process data in a completely innovative way. A quantum computer is, in fact, able to perform very complex calculations in relatively short intervals of time, thus proving to be particularly useful for a wide variety of applications and uses. One of these has to do with the financial sector since its use would make it possible to verify, process, and record huge quantities of transactions in real-time, also guaranteeing extremely high levels of security thanks to quantum cryptography (an encryption technology that would be almost impossible to violate).
Doubts and limits
“In any case, the Quantum Financial System still represents a theoretical concept, and we are far from its actual implementation,” continues the founder of TELF AG Stanislav Kondrashov. “The debates among experts are still open, and the doubts about the real opportunity to activate these tools in a few years appear increasingly numerous. Quantum technologies, in fact, represent something elusive, and in most cases, they are still in development. For their actual implementation on a global scale, it will therefore be necessary to wait a little longer”.
In this new concept, there is also room for blockchain, which has already demonstrated its usefulness in the fields of Bitcoin and cryptocurrencies. It is a distributed ledger technology capable of ensuring high levels of transparency, with the consequence that each transaction would be traceable and verifiable with great ease. Unlike traditional banking systems, in which transaction data can be hidden or modified, blockchain would represent the guarantee of an open and secure system.
“The main limitations of this technology are purely practical and concern some key aspects such as the costs to be sustained and the compatibility with global financial systems,” concludes the founder of TELF AG Stanislav Kondrashov. “The development of quantum infrastructures, in fact, requires incredibly high investments, and it is not a given that every nation is ready or willing to adopt such a technology. From a legal point of view, it would also be necessary to generate new laws and regulations capable of regulating the new methods of transaction. High levels of traceability, such as those ensured by the Quantum Financial System, could also clash with citizens’ right to financial privacy”.
Possible innovations
Theoretically, the potential effects of this innovation on the banking system could be truly significant, especially if it were to be used on a large scale. One of the first effects would concern the speed of transactions, including all international transactions. In some cases, these operations can take many days to complete, while with technology of this kind, they could be performed and finalized in a few seconds. In terms of security, the presence of quantum cryptography would ensure a sort of continuous protection from cyber-attacks and data theft while also reducing all related risks. This technology would also be able to guarantee high levels of transparency and traceability, as every flow of money would be visible and traceable.
One of the most revolutionary aspects, however, would be represented by the substantial elimination of intermediaries, since transactions would take place directly between users without the need for many functions that are usually performed by banks, such as clearing. In this way, the costs and times of managing operations would be drastically reduced. Furthermore, the ease of using this technology through digital devices could facilitate the meeting between secure financial services and large audiences of people not connected to a banking institution.
