A group of Chinese researchers found a way to breach standard algorithm Rivest-Shamir-Adleman 2048 bit (RSA-2048) used in blockchains, including industries such as data storage, banking and more.
For enabling widespread data encryption protocols, public key cryptography (PKC) standards, such as RSA. It is a public key used to encrypt a randomly generated data key, to ensure that it can be stored on an output medium, according to multinational tech giant IBM’s website.
As in December 2016, the US National Institute of Standards and Technology (NIST) issued a request for nominations to focus on developing public-key quantum-safe cryptographic algorithms. IBM developed two primary algorithms in July 2022, namely CRYSTALS-Kyber (key establishment) and CRYSTALS-Dilithium (digital signatures), probably used in most cases, the company said.
Quantum computers could reach an optimization extent, which will be able to crack down many of today’s encryption keys in a few seconds. Estimated 18 quadrillion bits is required to build a quantum computer of 54 qubits. 100 qubits would swallow bits more than atoms on Earth. And a 280 qubit machine would end up with all atoms in the known universe. “Today’s impenetrable cryptographic codes could soon be history,” said the International Monetary Fund (IMF) in 2021.
According to media reports, Japanese tech giants Fujitsu and Riken research institute are expected to introduce a potential Bitcoin-beating quantum computer soon in 2023. Reports suggest that it will leave behind the world’s fastest supercomputer Frontier created by Hewlett-Packard, used in areas of financial forecasting and medicinal field.
“Quantum computing has the potential to change the world on a massive level. You can solve problems in molecular dynamics, in finance,” noted Fujitsu CEO Vivek Mahajan in an interview with CNBC on October 14, 2022.
As per news reports, the tech giant Google claimed to have achieved ‘quantum supremacy’ through its Sycamore quantum chip in 2019. It was assumed that it might prove to be good for technological developments. Bit this has caught the eyes of veterans in unclear uncertainties for the future of cryptocurrency and Bitcoin.
“Apparently what happened is another guy who had previously announced he was able to break traditional asymmetric encryption using classical computers … but reviewers found a flaw in his algorithm and that guy had to retract his paper. But this Chinese team realized that the step that killed the whole thing could be solved by small quantum computers. So they tested and it worked,” said a Security expert Roger Grimes.
Ethereum (ETH) co-founder Vitalik Buterin was seen as untroubled by Google’s quantum supremacy in relation to the potential threat at crypto. Also, the BTC and ETH are created on the basis of cryptographic algorithms that the company’s quantum machines can easily outdate it, per YahooFinance.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/08/quantum-computing-in-quest-to-solve-blockchain-cryptography-riddle/