Top managers of the technology giant IBM have stated that quantum computing is a threat to digital currencies and cryptography used in blockchain systems. This is reported by Coindoo.
It’s reverse engineering the private keys which represent the control of your wallet. Your public key is essentially your wallet which holds balances. And I think that’s a real, credible threat. Bitcoin is a public ledger. So you can go out and see which public keys are holding the largest balances and you could go out and target those (the hundred or thousands of bitcoin in there) and say I’m gonna spend effort (computing resource) to reverse engineer the private key from the public key, which is exposed. I think that’s even a near term threat.
VP of blockchain and digital currencies, IBM
He also noted that over time, the threat from the quantum computer will become increasingly relevant. In particular, Lund stressed that in the future, quantum computing will be able to calculate private keys using public ones as a template. Thus, according to him, more than half of the existing blockchain systems will be susceptible to this threat.
In addition, virtually all systems that use encryption, including communications, private and government databases, etc., can be at risk.
Companies need to be aware of quantum and the potential risk that it will bring so they can take actions today so that they are not hackable at some point in the life cycle of their products.
Chief technology officer, IBM data security services
The opinion of colleagues was supported by the manager of the Swiss division of IBM Research, Michael Osborne. He expressed the opinion that the era of quantum computing will mark the framework of the life cycle of modern cryptographic systems.