Quantum Computing in Quest to Solve Blockchain Cryptography Riddle
A group of Chinese researchers found a way to break the standard Rivest-Shamir-Adleman 2048 bit (RSA-2048) algorithm used in blockchains, including industries such as data storage, banking and more.
To enable 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 technology giant IBM’s website.
As of December 2016, the US National Institute of Standards and Technology (NIST) issued a request for nominations to focus on developing quantum-secure public-key cryptographic algorithms. IBM developed two primary algorithms in July 2022, namely CRYSTALS-Kyber (key establishment) and CRYSTALS-Dilithium (digital signatures), likely to be used in most cases, the company said.
Quantum computers can reach a degree of optimization, which will be able to crack many of today’s encryption keys in a few seconds. An estimated 18 quadrillion bits are required to build a quantum computer of 54 quantum bits. 100 qubits would swallow bits more than atoms on earth. And a 280 qubit machine would end up with all the atoms in the known universe. “Today’s impenetrable cryptographic codes may soon be history,” the International Monetary Fund (IMF) said in 2021.
According to media reports, Japanese technology giants Fujitsu and Riken Research Institute are expected to introduce a potential Bitcoin-beating quantum computer as soon as 2023. Reports suggest that it will surpass the world’s fastest supercomputer Frontier made by Hewlett-Packard, used in areas of economic forecasting and the medical field .
“Quantum computing has the potential to change the world on an enormous level. You can solve problems in molecular dynamics, in finance,” Fujitsu CEO Vivek Mahajan noted in an interview with CNBC on October 14, 2022.
According to news reports, tech giant Google claimed to have achieved “quantum supremacy” through its Sycamore quantum chip in 2019. It was believed that it could prove to be good for technological development. A bit of this has caught the eyes of veterans in unclear uncertainties for the future of cryptocurrency and Bitcoin.
“Apparently what happened is another guy had previously announced that 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 it all could be solved by tiny quantum computers, so they tested and it worked, said security expert Roger Grimes.
Ethereum (ETH) co-founder Vitalik Buterin was seen as untroubled by Google’s quantum superiority over the potential threat posed by crypto. Moreover, BTC and ETH are created on the basis of cryptographic algorithms that the company’s quantum machines can easily outdate it, according to YahooFinance.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
