May 31, · An international team of researchers has raised fears that Bitcoin could be hacked by powerful quantum computers within a decade. The research team from Singapore, Australia and France theorize Author: Nauticus Blockchain. Can a Quantum computer take over the hash power of the Bitcoin blockchain? Maybe, but that isn’t the point being made here. This is about whether the “code” that powers blockchain can be “hacked” by more powerful computers. Answer: Most likely never. Mathematically extremely improbable. Most estimates believe quantum cryptography attacks are at least 10 years away. In fact, it may be impossible to reduce the environmental noise enough for quantum computers to scale at all, it is simply unknown. Adding quantum-resistant addresses to Bitcoin would be achieved through a soft-fork.
Can bitcoin be hacked by quantum computersQuantum Computing — Can Blockchain be Hacked? | Hacker Noon
The consequences of this is that our data is not going to be secure anymore if we get a big enough quantum computer. Quantum computing has recently grabbed headlines as it poses a serious threat to cryptographic algorithms which keeps cryptocurrencies and the internet secure. But she does believe anyone holding crypto should be concerned and keep tabs on the latest developments because blockchains will one day need to be upgraded to protect against the rise of quantum computing.
But not anytime soon. We can fork it and moving forward everything will be fine assuming we find a good quantum secure algorithm. But what are we going to do with all the old coins or the coins that have all private their keys lost? Check your inbox for confirmation email. What Is Blockchain? What Does Hodl Mean? August 23, If there were a powerful enough quantum computer suddenly appear somewhere in the world, many cryptocurrencies already develop and deploy a mitigation mechanism.
For example, by using only one-time addresses, the quantum computer can never even have a shot at cracking the encryption key of the user. Any would-be exploit of true Blockchains or a large-scale crypto heist exploiting quantum computing. IBM and other technology majors are evolving with Blockchain. It is critical that their management understands the underlying technology and how it can impact the core functions of their business and the economy overall. Cloud computing is largely uninsured and risk-prone technology.
The blockchain is infinitely better and safer than many of the legacy systems and databases used today. It does not require millions to be spent on quantum computing to break into legacy systems. One unsophisticated ransomware can be all it takes or a low-cost high-impact social engineering, or a simple phishing attack. Therefore technically, Blockchains themselves are immune to hacking. In any case, centralized legacy systems and databases are more likely to be cracked, altered and data misused than a decentralized Distributed Ledger Technology.
Every new digital technology goes through those initial pains of having software defects and having people trying to hack it. These pains are only temporary and they lead to overall improvements in the technology and implementation of good practices. The technology and practices around it will only get better.
Not to mention faster and safer in the future and anyone caught lagging behind might miss out on a lot. Edited by me. S: Moonwhale Ventures. Twitter LinkedIn Facebook Telegram. The elegant import button, built for your web app.