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.