Quantum Random Number Generator for Tokenization Needs
Tokenization: A Single Point of Failure in Banking & Financial Services Infrastructure
Tokens are random numbers that are used to mask the personally identifiable information (PII), be it Bank Account Details, Credit/Debit card numbers, PAN / AADHAR data, credentials (pins, passwords) and the like by replacing them with randomly generate substitutes at the time of use; Tokens are thus used for completing the transaction and themselves do not have any intrinsic value except when mapped to the PII that is stored.
Tokenization is different from encryption. In encryption, data is scrambled using the key, whereas, in tokenization, data is replaced with the token for the duration of the specific use. In encryption, the keys are required on either end for encryption and decryption, whereas in tokenization, tokens are used everywhere to complete the transaction instead of actual data, with or without any need for encryption or decryption.