Measures to protect Bitcoin against quantum hacking



(MENAFN – Robotics & Automation News) Measures to protect Bitcoin against quantum hacking

June 17, 2021 by Mark Allinson Leave a Comment

Chances are you’ve heard of quantum computing or not. This is a new and more powerful computer system that will change the world of technology as we know it.

The crypto community is also concerned about how to embrace this technology and still protect their interests.

In the recent past, Stefan Thomas, a German retailer, made headlines when he forgot the password to his digital wallet. His wallet contained 7,002 coins valued at more than $ 260 million.

There were arguments that he would have cracked the password code with ease if he had used quantum computing.

While this would have been good news for the German crypto trader, it does mean that Quantum computers can easily be used to crack Bitcoin digital wallets, which raises serious security concerns. Experts have confirmed that quantum computers run at the speed of light and are much faster than normal computers.

There are companies like Google and Microsoft who work tirelessly to bring these advanced computers to use.

Studies show that quantum computers could easily crack and bypass cryptographic security within a decade. This is a serious concern as it means your bank accounts, cell phones, email, and digital wallets can all be cracked.

With this in mind, the cryptographers work around the clock to make sure they have the correct encryption protocol in place to prevent quantum hacking incidents.

What quantum hacking means

Unless you’re a programmer or a computer systems analyst, there are things you shouldn’t worry about. It’s important to have a basic idea of ​​how things work in the world of technology.

Asymmetric cryptography is currently what dominates the digital world. This gives you access to all of your internet-based accounts, including crypto wallets. With every login, the data is supported by asymmetric cryptography. Unfortunately, this can be easily hacked by quantum computers.

What has changed is the fact that there will be digital signatures that are generated with the private key. This has to be verified by a public key that connects to the private one.

When you trade your bitcoin on platforms like bitcoindigital there is a digital signature known as the Elliptic Curve Digital Signature that protects your transactions.

This ensures that only the rightful owners spend the coins. However, quantum computing enables hackers to forge your digital signature and sanitize your digital wallet.

Improving the security of Bitcoin wallets

The good news is that cryptographers have reassured the crypto community that they don’t need to worry about quantum hacking.

For example, it has been found that quantum computers are being introduced gradually, not suddenly. Therefore, there will be countermeasures to strengthen the Bitcoin wallets.

The other benefit is the fact that quantum computing isn’t a secret – people are well aware of what gives enough space to prepare.

The National Institute of Science and Technology works tirelessly on new and improved encryption that protects your interests from quantum threats. This is a technical problem and can only be solved with a technical solution that is on track.

There are many standardization processes that are in the test phase to secure the digital signatures. There will be seamless post-quantum encryption by 2024, which will enable traders to trade without worries.

With new changes, new challenges can arise. The good news, however, is that by the time Quantum is fully operational, there will be security upgrades to protect your digital wallet. The cryptographers strive to keep up with the changes in the digital world.


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