As on Slashdot: An anonymous reader writes with todays announcement that "the Austrian project for Quantum Cryptography made the worlds first Bank Transfer via Quantum Cryptography Based on Entangled Photons; see also Einstein-Podolski-Rosen Paradoxon."
Quantum cryptography is a superior technology which overcomes limitations and drawbacks of classical cryptographic schemes by utilizing quantum physical effects.
The appeal of quantum cryptography is that its security is based on the laws of nature. In contrast to existing classical schemes of Key Distribution, Quantum Key Distribution does not invoke the transport of the key, since it is created at the sender and receiver site immediately. Furthermore, the key is created from a completely random sequence, which is in general an extremely diffcult task in classical schemes. Finally, eavesdropping is easily detected due to the fragile nature of the qubits invoked for the quantum key distribution.
News source: Slashdot