Cyber security experts predict that quantum computers will be advanced enough to break through a large wall of cryptographic protection within a decade. Applying a digital signature to financial statements can be dangerous if it is attacked by quantum data hacking (CNBC) reported Thursday.
Cyber security experts report that most of the world’s Financial Services use asymmetric encryption. Individuals typically use a public-private key pair when accessing digital services, such as e-mail or encrypted wallets, using a public-private key pair and verifying them with a digital signature in a correspondent account.
However, digital signature technology, i.e., an elliptical curve digital signature algorithm, can be risky, allowing hackers with quantum computing to forge a digital signature and empty encryption wallets.
While quantum computer technology continues to evolve, experts predict that quantum computers will be advanced enough to crack the encryption security of digital assets, including Bitcoin wallets, within a decade.
“Every financial institution, every login on your phone. It’s all based on asymmetric encryption, which is prone to hacking on a quantum computer, ”said Fred Thiel, CEO of cryptocurrency mining expert Marathon Digital Holdings.
However, encryption experts said they don’t worry too much about quantum hacking in Bitcoin wallets because it still has time to prepare well. Castle Island Ventures co-founder Nic Carter pointed out that the quantum break would be gradual rather than sudden:
“It wouldn’t be something that would happen overnight; we would have a lot of advance warnings if quantum computing were reaching the stage of maturity and sophistication where it began to threaten our core competencies in cryptography..“
Time is still running out if the institutions and the public ignore the protection of unencrypted property. Thiel said some countries, such as China, could break wallets block chain if the government owns a quantum computer.
Thiel further explained that the U.S. National Institute of Science and Technology (NIST) has been working on a new encryption standard to strengthen quantum protection.
According to CNBC coverage, the first standard, a quantum secure encryption algorithm, is expected to reach the public by 2024, before quantum computers can break bitcoin encryption. Groetker said that once the newly standardized post-quantum secure encryption is complete, mass migration of assets will begin.
“Anyone who owns Bitcoin or Ethereum will move [their] funds from an old key-protected digital identity to a new wallet or a new account protected by a new type of key that will be secure. “
Hackers can still target some traditional accounts and become increasingly insecure unless weaker keys are used for proper and proactive updates. It is recommended that institutions lock down all old types of encryption and give owners a limited way to use it to address cyber security update risks.
At least a hundred Maltese Instagram users were reported last month attacked hackers. Criminals require users to pay Bitcoin if they wanted to regain access to their accounts. The hackers are alleged to be in Turkey, and this cybercrime has been going on for a few months
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