Quantum Computing Set to Challenge Global Encryption by 2029

Projections indicate that by 2029 quantum computers could become powerful enough to break widely used cryptographic systems such as RSA, threatening the security of banking transactions, email, medical records, cryptocurrency wallets and government communications. Experts warn that adversaries may already be collecting encrypted data to decrypt it later once quantum capabilities mature, prompting governments, tech firms and cybersecurity agencies to accelerate the transition to post‑quantum cryptographic standards.

At the same time, the emergence of fault‑tolerant quantum machines is reshaping geopolitical power. Massive investment creates a small group of “quantum titans” that control critical research infrastructure and set international standards, while many nations lack any quantum facilities and must rely on foreign cloud services. The technology’s potential to simulate materials, design drugs and optimise energy systems makes it a strategic asset, leading some states such as Uruguay to adopt post‑quantum standards early, and sparking a new arena of diplomatic negotiation over quantum security and access.