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Quantum computing threatens the security of cryptocurrencies and blockchain
Highly advanced quantum computers will be able to reverse engineer current encryption methods and thus endanger blockchain technology and its security, experts said at a recent conference hosted by Ripple, a crypto-enabled solutions company.
Professor Massimiliano Sala of the University of Trento, Italy, recently spoke at a conference hosted by Ripple where he highlighted concerns about the impact of quantum computing on blockchain security.
As part of our #UBRI series, explores the intersection where blockchain meets quantum computing with Professor Massimiliano Sala from @UniTrento. Gain insights into the quantum challenges facing blockchain and make progress towards quantum-resistant cryptography.https://t.co/UnpxUfCX5D
— Ripple (@Ripple) May 18, 2024
Sala pointed out that upcoming quantum computers could potentially reverse engineer current encryption methods, endangering blockchain platforms.
Sala discussed the concept of “Q-day,” which marks the time when quantum computers could break traditional encryption. This could jeopardize data security in vital sectors such as emergency services, banking and cryptocurrency.
Room She said“Quantum computers could easily solve fundamental problems for digital signatures, thus potentially undermining the mechanisms that protect user assets on blockchain platforms.”
Sala recommended replacing existing public key cryptosystems with quantum-resistant alternatives to protect against potential quantum attacks. While quantum computers capable of such feats do not yet exist, global efforts are underway to prepare for this eventuality.
While acknowledging advances in quantum technology, Sala recommended collaboration between blockchain developers and cryptography experts to harden systems against future threats.
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