solarbird recently commented on how SHA1 encryption will soon be broken.http://solarbird.livejournal.com/1380070.html
As computational methods improve, encryption methods to protect bank transactions and other sensitive information will need to keep improving.
As storage has become so cheap, it may be possible to replace encryption with encoding using unique one-time pads. A trusted source (your employer, your ISP, a friend) would give you an SD card or other physical medial filled with random numbers, keeping a copy for themselves. When sending a message, your computer would scramble it using those random numbers. After you had used each of the random numbers once, you'd have to get a new set from your trusted source, as reusing the numbers could allow someone to determine your previous messages.
https://en.wikipedia.org/wiki/One-time_pad
