Cryptocurrency’s Private Wallet Keys Are Vulnerable to Quantum Computing
(FinanceMagnates) Encrypted cryptocurrency data–such as private wallet keys–are vulnerable to quantum computing technology according to author Rachel McIntosh. Quantum computing could potentially be used to uncover every private key on a blockchain network, thus rendering that network’s users vulnerable to hacking and theft.
QC Threat to Private Wallet Keys is Already Here
Therefore, the point in time at which quantum computers can solve problems that ordinary computers cannot–also known as the “quantum supremacy”–is considered to be a serious threat to the security of blockchain networks.
McIntosh says we have to consider the ‘quantum supremacy’ era is already here – now. The industry leaders in this area have already publicly presented functional two to three-figure qubit chips, which means with ‘unlimited’ resources and space this could be scaled up quite fast.”