(MoneyWeb) The kind of processing power unleashed on the bitcoin blockchain by quantum computing – which is a heavily encrypted ledger of all bitcoin transactions – is a cause for concern.
The encryption technology used by the bitcoin blockchain has proven itself robust enough to withstand any and all other attacks.
Gartner suggests blockchain researchers are already anticipating possible attacks by quantum computers that are perhaps five to 10 years away from commercial availability. It’s a subject called ‘Postquantum blockchain’ which is a form of blockchain technology using quantum-resistant cryptographic algorithms that can resist attack by future quantum computers.
The good news is that quantum-resistant algorithms are likely to remain several steps ahead of the hackers, but it’s an issue that is drawing considerable attention in the financial, security and blockchain communities.
There have been hacks on crypto exchanges in the past (though not on the blockchain itself), and millions of dollars in crypto assets stolen. In more recent years, this has become less common as exchanges moved to beef up their security systems.