IBM, Microsoft, and several other companies have come together to establish a coalition focused on post-quantum cryptography.
The coalition comprises SandboxAQ, a sibling company of Google, and the University of Waterloo.
David Becker 
IBM Quantum and Microsoft, in collaboration with not-for-profit research organization MITRE, UK-based cryptography firm PQShield, Google sibling company SandboxAQ, and the University of Waterloo, have formed a coalition with the aim of addressing post-quantum cryptography. Post-quantum cryptography (PQC) is designed to counter the potential threat posed by future quantum computers. Current cryptographic schemes rely on mathematical problems to thwart decryption efforts, and breaking them with classical computers would be exceptionally difficult.
However, a sufficiently advanced quantum computer could theoretically break such encryption schemes within a much shorter timeframe. Technologies such as blockchain and cryptocurrencies, which depend on mathematical encryption, may be vulnerable to decryption attacks from future quantum computers.
The coalition's mission includes the development of standards for post-quantum cryptography algorithms, the creation of secure and efficient algorithm implementations, and the integration of these new algorithms into cryptographic libraries and protocols. With the recent acceptance of post-quantum encryption algorithms by the National Institute of Standards and Technology (NIST), the coalition aims to assist key institutions, such as government, banking, telecommunications, and transportation services, in transitioning from current cryptographic methods to post-quantum encryption to address potential quantum threats.
