Researchers at the University of Cambridge have proposed a theoretical form of virtual money that, they claim, would be highly secure, fast to transfer, and could also enable financial transactions on galactic scale.

The article I link to is somewhat opaque but make of it what you will.

It’s proposing a new concept of money that …

… may also be thought of as something needed to get to a specific point in space-time, in response to data coming from multiple points (in space-time).

Credit: Wikimedia Commons

The interesting bit for me is that it uses a quantum encryption protocol (called BB84) to secure the transactions. What this basically means is that whilst it’s still possible to eavesdrop on the transaction, it’s impossible to do so and remain undetected. This is due to a property of quantum states called no-cloning and this cannot be cracked — ever — because it’s a physical law rather than an algorithm.

So if I want to transmit a secure key to you, we’d use BB84 and we’d know for definite if someone had eavesdropped on the transaction. If that happened we’d discard the keys, invalidate the transaction and try again.

But what I’d like to know is the exchange rate this currency is going to have with the Altairian Dollar. I’m led to believe a competent hitchhiker should be able to see the galaxy on less than thirty Altairian dollars a day.