One expert has predicted Bitcoin’s cryptographic hashes could be forcefully broken with the use of quantum computing.
Spanish IT company Indra Sistemas’ digital business unit head in Brazil, Wander Cunha, said that while encryption solutions are made so that no conventional computer can break the key at ease, quantum computers may succeed in this within just a few years. This could affect the entire encryption system beyond Bitcoin.
”Quantum machines are very efficient in performing brute-force algorithms, such as factoring prime numbers and searching in unordered lists,” Cunha explained.
Is there any way to avoid this? Well, Cunha warns that the size of keys must be increased to postpone the problem and new encryption methods must be developed in the future that can withstand quantum computing power, saying the whole field requires a thorough risk management approach from the financial sector.
He also predicted that quantum machines would reach the market for the general public sooner than the next decade, noting that some lower processing power models have already but at very high costs.
It is not all bad news for the blockchain industry, however, as it has the potential to bring significantly higher levels of speed and development to the sector. Cunha gave the example of Lockheed Martin which purchased a D-Wave computer and was able to find F-16 source code flaws in six weeks which would have otherwise taken six months.
He also believes the growth of the technology will be unavoidable: “We understand that the benefits of using the quantum computer will be fundamental in research and development especially when applied to solve a problem in a very short time, such as simulating and optimizing processes such as building safer aircraft.”
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