Quantum computing uses a quantum mechanism which is used to do calculations and it is way faster than a normal computer. Some mechanical effects used by Quantum computers to carry out calculations are superposition, entanglements, decoherence, and interference.
Normal computers use binary bits to store the data but, quantum computers use quantum bits often referred to as qubits It is a rapidly emerging technology and now spreading widely for better use. In this article, we will get to know how this emerging technology is threatening the crypto industry and how one can get secured by these threats.
How crypto industry is threatened by this new technology?
Quantum computing allows computers to work over the tasks which was impossible to perform formerly or it takes unsuitably longer time than expected. Also, the algorithm used in quantum computers can break the cryptography safeguarding cryptocurrencies.
The computers that we use regularly do not have that much processing power which can be used to break the algorithms safeguarding cryptocurrencies, but it becomes easier with quantum computing and it can break it in almost no time.
Crypto is mostly based on public as well as private keys to carry out transactions over blockchains and as of now, it is not possible to devise a private key from a public key. But, somehow the new technology of Quantum can carry out this.
If one can crack this encryption, then private keys can be accessible and it will also permit quantum computing to steal from crypto wallets. It is noteworthy that it will eventually make the existence of the whole industry worthless.
Over the largest blockchains such as Bitcoin, there is no way one can crack the cryptography unless quantum computing is involved. It can take control and will somehow start altering the blocks as well as the transaction histories.
Measures to get secured from these threats
As discussed above Quantum computing is somehow dangerous and associated with various risks. There are some of the measures that you can take to protect yourself from these threats. Some of the measures are discussed below.
- Altering blockchains- Shifting over a quantum-resistant cryptocurrency as it can be proven the best protection measure against quantum threats. At a time when quantum technology is spreading widely, this strategy can be helpful to hold crypto safely and securely.
- A proper education- Educating yourself and your workforce properly about quantum computing can also help a lot. Getting your team quantum-ready and making your team more aware of that makes you more secure against threats. You should be updated with rapid advancements in quantum technology and the security risks associated with it.
- Crypto protocol updates- Updating crypto protocols from time to time to incorporate quantum-resistant cryptographic algorithms as well as protocols is a major step in safeguarding yourself against quantum computing threats.
- Quantum-resistant wallets- Long-term quantum-resistant storage is very necessary. A recent development is in progress like Anchor Wallet. This type of wallet does not allow people to use quantum computing for crypto hacks.
- Making a migration plan- Updating crypto protocols often can be a complex activity and it also needs a lot of time plus resources. So, instead of that you can start with developing a migration plan that helps you to get the right automation tools and crypto agility which can make function smoother and less risky.
Future of the crypto industry and quantum computing
The cryptocurrency world will be vulnerable if it does not adopt new measures according to the emerging technology. Some market analyst suggests that a Bitcoin blockchain can be hacked in less than 30 minutes by using a quantum computer. The time can be minimized in the future if technological advancement continues in the sector of quantum computing.
This is the real threat to the ecosystem. All the efforts to make a decentralized world would go in vain if no protective measures were taken against it. Also, we can not underestimate the damage this new technology can cause to the crypto world. Not only the crypto world but the traditional encryption method will also fall under threat once the technology is available.
