Quantum computers may be able to break Bitcoin sooner than you think

Date:
Sat, 05 Feb 2022 04:02:39 +0000

Description:
Researchers say advances in quantum computing will allow for the breaking of Bitcoin encryption within a decade or so.

FULL STORY ======================================================================

Advances over the next decade could pave the way for quantum computers powerful enough to crack Bitcoin encryption , new research suggests.

Scientists from the University of Sussex in the UK estimate that quantum systems with 13 million qubits would be sufficient to break the cryptographic algorithm (SHA-256) that secures the Bitcoin blockchain within the space of
24 hours.

Although modern quantum computers come nowhere close to this level of performance (the current record is a comparatively measly 127 qubits), the researchers say significant developments over the next ten years or so could yield quantum machines with sufficient horsepower. Cracking the Bitcoin algorithm

The ability to break the encryption protecting the Bitcoin network would
allow an attacker to hijack transactions and reroute coins into their own wallet. In this hypothetical scenario, the market would surely crumble as
soon as an attack became apparent, wiping out hundreds of billions of dollars in value.

For the time being, cryptocurrency enthusiasts can rest easy in the knowledge that cracking the SHA-256 algorithm is impossible with current hardware, but that wont always be the case. Read more

Microsoft partners with NASA to take quantum computing into space

Alphabet is reportedly spinning out its secret quantum division

More companies are using quantum computing than you think

Manufactured by IBM, the current most powerful quantum system is touted as
the first whose performance cannot be reliably replicated by a classical computer, but its still a long way shy of the 13 million qubits required to break Bitcoin.

However, there is extensive research ongoing into all aspects of quantum computing, from almost all the worlds largest technology companies. A lot of work is going into increasing the number of qubits on a quantum processor,
but researchers are also investigating opportunities related to qubit design
, the pairing of quantum and classical computing, new refrigeration
techniques and more.

In all likelihood, Bitcoin will fork onto a new quantum-safe encryption
method long before a sufficiently powerful quantum computer is developed, but the research raises an important point about the longevity of encryption techniques nonetheless.

As noted by Mark Webber, lead researcher on the project, because advances in quantum computing will inevitably render modern encryption redundant, it
would be a mistake to assume that information encrypted today will remain secure tomorrow.

People are already worried because you can save encrypted messages right now and decrypt them in the future, said Webber. Theres a big concern we need to urgently change our encryption techniques, because in the future, theyre not secure. Shield yourself against cyberthreats with the best ransomware protection , best antivirus and best malware removal services around

Via NewScientist



======================================================================
Link to news story: https://www.techradar.com/news/quantum-computers-may-be-able-to-break-bitcoin- sooner-than-you-think/


--- Mystic BBS v1.12 A47 (Linux/64)
* Origin: tqwNet Technology News (1337:1/100)