at the AIBC Summit in Dubai on the forthcoming threat posed by quantum computers to blockchain and cryptocurrencies. The quantum problem came to the forefront of the blockchain world in 2019, when Google announced its quantum computing breakthrough.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8506/117617_52929583f40ffba7_001full.jpg
In his presentation "Will Quantum Break Crypto? The Truth," Polecsak pointed out that the fact that quantum computers will break RSA and Elliptic Curve (EC) cryptography used by 99% of blockchain platforms is known, however, the industry is still recklessly neglecting the imminent threat.
"We are already having the wrong conversation in cryptography if we argue about whether we have one, three, or five years before quantum computers will break today's security algorithms. We must always be ahead of the curve when it comes to cybersecurity, especially in the era of "Store now, decrypt later". IBM's 1,121 Qubit Condor could bring a big breakthrough, for example," Polecsak explained.
The imminent threat by quantum computers is demonstrated by the fact that the US White House has set deadlines in January 2022 to prepare for the cybersecurity threat opposed by quantum computers. Agencies shall identify any instances of encryption not in compliance with NSA-approved Quantum Resistant Algorithms until 18 July 2022.
Johann Polecsak added: "One of the most important points people forget is that...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...