Mit Tech Review: “Quantum Computers are still far from hacking cryptocurrencies”
Quantum security is seen as a major issue in the blockchain and crypto sector
Condensed matter physicist and quantum information expert Sankar Das Sarma stated in the MIT Technology Review that quantum computers are still very far from breaking RSA-based cryptography.
RSA-Cryptography uses algorithms, codes and keys to securely encrypt personal data without the intervention of third parties or intruders. An example of a methodology in cryptography is the creation of a new wallet that generates a public address and a private key.
Quantum security is seen as a major issue in the blockchain and crypto sector, and it is widely believed that powerful quantum computers will one day become advanced enough to break modern cryptography. This could lead to the theft of billions of dollars worth of digital assets or to a halt in blockchain technology. There are many projects dedicated to the development of blockchains that are resistant to potential quantum hacking.
Sarma is currently director of the Center for Condensed Matter Theory at the University of Maryland and wrote his thoughts earlier this week in an article for the MIT Technology Review.
The physicist said he was “disturbed by the quantum computing hype that I’ve been seeing lately” and considers the current state of the technology to be “an amazing scientific achievement” that, however, does not bring us any closer to having a quantum computer that can solve the problem. who cares.”
“It’s like trying to make the best smartphones today using vacuum tubes from the early 1900s.”
The physicist emphasized that simple factorization, in which “a quantum computer can solve the difficult problem of finding prime factors of large numbers exponentially faster than all classical schemes”, and breaking cryptography is currently far beyond the capabilities of modern computing power.
Sarma pointed to “qubits”, which are quantum objects such as an electron or a photon, which provide advanced capabilities for a quantum computer:
“The most advanced quantum computers today have dozens of decoherent (or “noisy”) physical qubits. Building a quantum computer capable of cracking RSA codes from such components would require many millions, if not billions, of qubits.”
“Only tens of thousands of them will be used for computation – the so-called logical qubits; the rest will be required to correct errors, compensate for decoherence, ”he added.
Although Sarma was hesitant to sound the cryptographic alarm, he noted that a true quantum computer “would have applications unimaginable today” just as no one could have predicted that the first transistor, made in 1947, would lead to laptops and smartphones in the new computer “will have applications unimaginable today” just as no one could have predicted that the first transistor, made in 1947, would lead to laptops and smartphones inthat era . same era.
“I have great hope and faith in quantum computing as a potentially disruptive technology, but the notion that it will start generating millions of dollars in profits for real companies selling services or products in the near future is very puzzling to me,” he said.
Even though the danger is not far off, many firms are already making efforts to strengthen quantum security. Last month, banking giant JP Morgan unveiled research into a quantum key distribution (QKD) blockchain network that is resistant to quantum computing attacks.
Xx labs has also launched a blockchain, which it claims is a “quantum-resistant and privacy-focused blockchain ecosystem.”