Ethereum

Quantum

Researchers from Shanghai University have announced they successfully breached key encryption algorithms used in both banking and cryptocurrency sectors with a quantum computer.
This research, led by Wang Chao, utilized a quantum computer produced by Canada’s D-Wave Systems to conduct the experiment, according to a report by the South China Morning Post.
The team employed a method called quantum annealing, a process that optimizes by seeking the lowest energy state, to target encryption protocols such as Present, Gift-64, and Rectangle. These algorithms underpin the Substitution-Permutation Network (SPN) structure, a foundation for advanced encryption standards like AES-256, which is commonly used in securing cryptocurrency wallets and banking transactions. While AES-256 is renowned for its high level of security, the quantum breakthrough could potentially undermine its effectiveness, suggesting quantum computers may soon pose a tangible threat to today’s strongest encryption methods.
In their study, Wang’s team described quantum annealing as an optimization tool akin to artificial intelligence, which allows the quantum computer to navigate through encryption barriers more efficiently than conventional computers. While traditional algorithms must explore each path sequentially, quantum computers leverage a phenomenon called quantum tunneling. This technique enables particles to pass through obstacles rather than going over them, ultimately finding solutions faster than traditional methods.
“This is the first time that a real quantum computer has posed a real and substantial threat to multiple full-scale SPN-structured algorithms in use today,” Wang’s team claimed.
This milestone brings to light a longstanding concern within the cryptocurrency community. The fear is that quantum computing could, in the near future, threaten blockchain security by rapidly breaking encryption and exposing user funds to potential theft. Blockchains are typically considered secure because they require a 51% majority of computing power to be breached. However, the possibility of quantum computers reaching that capability is becoming a more imminent reality.
Nonetheless, Wang’s team acknowledged that their quantum computer breakthrough does not represent an immediate security crisis for the crypto and banking sectors. They cited current limitations, such as hardware constraints, environmental dependencies, and the challenge of developing a universal quantum algorithm capable of breaching various encryption protocols. Additionally, while their method allowed them to gain insights into the encryption processes, it did not reveal specific passcodes or compromise individual accounts.
Published in the China Computer Federation (CCF) Chinese Journal of Computers, the findings emphasize the potential for quantum advancements to expose new vulnerabilities in cryptographic systems. The team anticipates that as quantum computing technology evolves, it could potentially break down more complex cryptographic protections, according to Cointelegraph.
Meanwhile, the crypto industry is already exploring defensive strategies. Ethereum co-founder Vitalik Buterin has suggested that blockchains like Ethereum could mitigate quantum threats through a hard fork. In a social media post earlier this year, Buterin explained that such an update would require users to download new wallet software. Although the process might be disruptive, he asserted that it would preserve the security of user funds. “The infrastructure needed for a quantum-resistant Ethereum blockchain could, in theory, start to be built tomorrow,” he noted.
While the threat of quantum computing remains theoretical for now, this latest research underlines the importance of preparing for a future where quantum attacks could be feasible. As blockchain and financial systems brace for the next generation of technology, the race to develop quantum-resistant encryption standards has officially begun.
The post <a href="https://www.unlock-bc.com/130771/shanghai-researchers-quantum-computing-successfully-crack-crypto-encryption/" rel="noopener noreferrer nofollow">Shanghai Researchers Use Quantum Computing to Successfully Crack Crypto Encryption</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Shanghai Researchers Use Quantum Computing to Successfully Crack Crypto Encryption

UNLOCK_ENG

Other articles published on Oct 14, 2024

Google ditches Bitcoin price charts. Why?

$1.28M in crypto stolen in phishing attack linked to attacker from recent $32M scam

Japan's Largest Telco NTT Digital Joins Injective as the Latest Validator

Bybit Announces Growth Milestone for Liquid Staking Token bbSOL, Surpassing $100 Million in Locke...

Lamborghini to Unveil Web3 Platform "Fast ForWorld" With Animoca Brands

Bitcoin Reserves Plummet on Exchanges: A Bullish Turn Ahead?

Join our free newsletter for daily crypto updates!