Speaking at an interview, IBM executives have highlighted the threat quantum computing pose to cryptocurrencies and blockchain cryptography.
Quantum Computing, a Threat to Cryptography
According to Jesse Lund, vice president of blockchain and digital currencies at IBM:
“It’s reverse engineering the private keys which represent the control of your wallet. Your public key is essentially your wallet which holds balances. And I think that’s a real, credible threat. Bitcoin is a public ledger. So you can go out and see which public keys are holding the largest balances and you could go out and target those (the hundred or thousands of bitcoin in there) and say I’m gonna spend effort (computing resource) to reverse engineer the private key from the public key, which is exposed. I think that’s even a near term threat.”
It was noted that one-day Quantum computers may be able to reverse engineer a private key using a public key as its template. This makes almost all forms of public key cryptography vulnerable. According to…