The aim of this thesis is to advance the theory behind quantum information processing tasks, by deriving fundamental limits on bipartite quantum interactions and dynamics, which corresponds to an underlying Hamiltonian that governs the physical transformation of a two-body open quantum system. The goal is to determine entangling abilities of such arbitrary bipartite quantum interactions. Doing so provides fundamental limitations on information processing tasks, including entanglement distillation and secret key generation, over a bipartite quantum network. We also discuss limitations on the entropy change and its rate for dynamics of an open quantum system weakly interacting with the bath. We introduce a measure of non-unitarity to characterize the deviation of a doubly stochastic quantum process from a noiseless evolution. Next, we introduce information processing tasks for secure read-out of digital information encoded in read-only memory devices against adversaries of varying capabilities. The task of reading a memory device involves the identification of an interaction process between probe system, which is in known state, and the memory device. Essentially, the information is stored in the choice of channels, which are noisy quantum processes in general and are chosen from a publicly known set. Hence, it becomes pertinent to securely read memory devices against scrutiny of an adversary. In particular, for a secure read-out task called private reading when a reader is under surveillance of a passive eavesdropper, we have determined upper bounds on its performance. We do so by leveraging the fact that private reading of digital information stored in a memory device can be understood as secret key agreement via a specific kind of bipartite quantum interaction.