Close
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Cybersecurity
    • Cybersecurity

    Quantum Computing Poses Risks to Cryptography and Bitcoin


    Written by

    Sean Michael Kerner
    Published September 15, 2017
    Share
    Facebook
    Twitter
    Linkedin

      eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

      One of the key reasons why computers were created in the first place was to help create and crack cryptography, according to Konstantinos Karagiannis, Chief Technology Officer for Security Consulting at BT Americas. 

      Today it is the race to crack modern cryptography that is driving quantum computing research and development, Karagiannis asserted in a session at the Open Source Summit in Los Angeles.

      Quantum Computing is very different from current forms of silicon based computing. The allure of quantum computing is that it can make use of quantum states of matter, including subatomic particle entanglement and superposition, to achieve massive computer processing power

      “Imagine a world where you could read everyone’s encrypted communications in real time, that’s the promise of a quantum computing machine,” Karagiannis said. 

      At the core of quantum computing power measurements is the concept of the qubit (quantum bit). Karagiannis said that unlike a bit in the classical silicon computer world, which is a binary choice of either one or zero, a qubit can be one, zero or a superposition of both.

      Karagiannis explained that superposition also means that quantum computers can perform operations that a classical computer simply cannot do, such as  analyzing all possibilities at the same time.

      “It’s not about speed, it’s about approaching computation in an entirely different way,” Karagiannis said. “This is different than massively parallel computing.”

      Cracking Bitcoin

      Karagiannis explained that one of the first applications for quantum computing is specifically looking at cracking Public Key (PK) cryptography. He noted the PK cryptography relies on a classical computer’s difficulty at factoring large numbers. For example, he said that to crack PK today, a system would need to find factors of a 400-digit number.

      “With a quantum computing cracking PK should be trivial,” Karagiannis said. “If you have enough qubits, you can literally try every number combination in all dimensions and you’d be getting the right answer.”

      Looking beyond PK encryption, Karagiannis said that there is a non-trivial risk for crypto-currencies such as  Bitcoin, from quantum computing’s power. Bitcoin’s blockchain uses Elliptic Curve Cryptography (ECC) which is a Public Key system that is based on finding numbers on an elliptic curve.

      Karagiannis said that using a modified version of a mathematical approach known as Shor’s algorithm, it’s possible to determine all ECC related keys used by Bitcoin. 

      To secure Bitcoin ECC is used to provide an address to get a private key. Using quantum computing it should be possible to download the entire blockchain to obtain the private key, Karagiannis said. He added that a quantum computer would theoretically be able to get the private key for every person that has ever made a Bitcoin transaction.

      “Bitcoin and most blockchain based currencies are currently, quantum weak,” he said.

      Post-Quantum Cryptography

      There are multiple efforts underway to develop cryptography that will be more resistant in the quantum era. One such effort is the Open Quantum Safe which is an open-source initiative that is building a C library called liboqs which is being designed as a quantum-resistant cryptographic algorithm.

      The initial implementation of Open Quantum Safe is being applied to the open-source OpenSSL project, which is widely used on the internet today for SSL/TLS encryption. Looking at the future of cryptocurrency in a post-quantum world, there are also multiple open-source efforts underway including one called, the Quantum-Resistant Ledger (QRL). 

      “We have to be ready for the quantum apocalypse that is coming,” he said.

      Sean Michael Kerner is a senior editor at eWEEK and InternetNews.com. Follow him on Twitter @TechJournalist

      Sean Michael Kerner
      Sean Michael Kerner
      Sean Michael Kerner is an Internet consultant, strategist, and writer for several leading IT business web sites.

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      MOST POPULAR ARTICLES

      Artificial Intelligence

      9 Best AI 3D Generators You Need...

      Sam Rinko - June 25, 2024 0
      AI 3D Generators are powerful tools for many different industries. Discover the best AI 3D Generators, and learn which is best for your specific use case.
      Read more
      Cloud

      RingCentral Expands Its Collaboration Platform

      Zeus Kerravala - November 22, 2023 0
      RingCentral adds AI-enabled contact center and hybrid event products to its suite of collaboration services.
      Read more
      Artificial Intelligence

      8 Best AI Data Analytics Software &...

      Aminu Abdullahi - January 18, 2024 0
      Learn the top AI data analytics software to use. Compare AI data analytics solutions & features to make the best choice for your business.
      Read more
      Latest News

      Zeus Kerravala on Networking: Multicloud, 5G, and...

      James Maguire - December 16, 2022 0
      I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
      Read more
      Video

      Datadog President Amit Agarwal on Trends in...

      James Maguire - November 11, 2022 0
      I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2024 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×