Bitcoin could be hacked in 2027 through quantum power
Revealing a Bitcoin private key through your public key is an issue that with current computing resources is not feasible for any hacker. However, with the entry of quantum computing, it will be feasible in a few years to resolve this dilemma in ten minutes.
The world’s best cryptographers gathered this week in the United States at a government-sponsored event to create a quantum-resistant standard, have revealed that Bitcoin, the main cryptocurrency in that market can be hacked through quantum computers by revealing private keys generated by public keys in just 10 minutes.
As you know, Bitcoin bases its security on the combination of 16-character public and private keys, whose private key is obtained through the discrete logarithm of elliptic curve.
Under normal computer conditions, hacking this key could take around 50 million times more than the time left to the universe, but with the quantum computing power in 2027 it is anticipated that it will be possible for a hacker to solve this problem over time. Bitcoin blockchain block confirmation.
Already the problem of quantum computing and the threat it poses to Bitcoin and most of the current blockchains, is long-standing within the sphere of cryptographers and in that sense, the leading experts gathered in the Post Quantum Cryptography event at the University of California in the United States, they seek to prevent data stored in both public and private blockchains from being vulnerable in the future by ‘quantum hackers’.
While the most powerful quantum computer currently has 72 qubits and is far from the 4000 qubits needed to unveil a Bitcoin private key through its public key, it is also no less true that the latest advances in this branch of computational science have put in evidence that the need to address this problem is urgently needed to safeguard from medical records to public and private finances that have the hundreds of blockchains both public and private.
Already in the recent past renowned scientists have warned about this ‘future security flaw’ and even IBM in its IBM Think 2019 event, through its vice president Jesse Lund said that quantum computers can discover private keys that control wallets by hacking keys public and considered this as a real and close threat.
Given how public Bitcoin and most of the crypto market blockchains are, for example, anyone can see which public key has the largest funds and point to it through quantum computing and reveal the private key to steal the funds, Lund added.
For now, the event will focus on generating proposals that serve for future solutions that will be addressed even as a national security issue, given the commitment of millions of government and private data in the most important blockchain records in the ecosystem.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.