This has nothing to do with encryption. This is building an instantaneous global communication network using quantum entangled particles. One benefit, at least as far as we understand this phenomenon, is that the transfer of state between two entangled particles is untappable, making it the most secure communication medium we know of today without requiring any encryption at all.
That understanding could, of course, completely change at any time.
That understanding could, of course, completely change at any time.