Within a decade, quantum computers could become powerful enough to crack the cryptographic encryption that protects mobile phones, bank accounts, email addresses, and Bitcoin wallets.
The security of the Bitcoin network uses a cryptographic algorithm called SHA-256, and as of now, it is completely impenetrable to modern computers. However, in a research paper published on January 25, 2022, scientists from the University of Sussex suggested that quantum computing would change that in the next decade.
Bitcoin is based on Blockchain, a series of digital blocks linked like a list and keeps records of all transactions that occur on its network, essentially a permanent transparent public ledger of who owns what.
If someone could crack the underlying encryption scheme used by Bitcoin, for example, they could forge these keys and alter transactions to steal coins or carry out other fraudulent activities.
Unfortunately, the unique capabilities of a quantum computer mean that, given enough size and power, these problems become simple, rendering current encryption useless and presenting a significant challenge to cryptocurrencies today.
Decrypting Bitcoin
The bases of modern encryption schemes consist of serious mathematical problems that even major supercomputers would take centuries to crack. The researchers estimate that future quantum computers with 1.9 billion qubits, and that these could crack Bitcoin’s encryption in 10 minutes.
A machine with 317 million qubits would be enough to handle the task in one hour. Nevertheless, if you had a full day to try to crack the security, a system containing a measly 13 million qubits would pass the task.
Right now, the most powerful quantum computer, developed by IBM, has 127 qubits. However, with things moving at their current speed, the Sussex scientists hope to see quantum computers powerful enough within the next ten years.
The scientists note that the Bitcoin network “could negate this threat by soft forking an encryption method that is quantum secure, but there may be serious scaling issues associated with the switch.”
However, major developments in quantum computing could certainly accelerate progress towards cracking Bitcoin’s security.
By Audy Castaneda
