The Qubit Report is carrying an article titled “The Russians and Blockchain…”, today. Coincidentally, THE EPOCH TIMES has a piece describing the threat and the solution to blockchain security. It’s held that the advent of quantum computing will usher in signature-cracking by 2027. The threat to blockchain boils down to: (1) After a Bitcoin (a cryptocurrency) transaction is broadcast to the network, it is at risk. (2) Using a quantum computer, the secret key could be derived before transaction placement on the blockchain. (3) Malicious intent could permit the broadcast of the secret key with a new transaction to the malicious actor’s own benefit. (4) Placing the new stolen secret key-enabled transaction on the blockchain before the original transaction permits grand theft of all the bitcoin “behind the original”. The piece continues on, pointing out 4 solutions to the issue with seemingly ample time for their implementation. Let’s hope the 4 solutions and the time allotted are sufficient. And the world listens. 

Cryptocurrencies have reason to act on security concerns posed by quantum cpmputing.

This report is found at THE EPOCH TIMES…