Nikolas Sargeant
Chinese researchers, led by Wang Chao from Shanghai University, have announced a significant advancement in quantum computing's ability to break encryption. Using a quantum computer developed by Canada's D-Wave Systems, the team employed quantum annealing to target several encryption algorithms commonly used in banking and cryptocurrency.
The technique, which focuses on finding the lowest energy state for efficient problem-solving, was reportedly successful in breaching algorithms such as Present, Gift-64, and Rectangle. These algorithms are key components of the Substitution-Permutation Network (SPN) structure, which forms the foundation of the widely-used Advanced Encryption Standard (AES).
Implications for Cryptocurrency and Digital Security
While the researchers' quantum computer attack did not expose specific passcodes, the breakthrough suggests potential vulnerabilities in current encryption systems. This development has raised concerns about the security of encrypted information, including passwords and private keys used in cryptocurrency wallets.
The team's paper, published in the China Computer Federation Chinese Journal of Computers, states that this is "the first time that a real quantum computer has posed a substantial threat to multiple full-scale SPN-structured algorithms." However, they acknowledge that the technology is not yet capable of executing widespread hacks due to various limitations.
Preparing for the Quantum Future
In response to the growing threat of quantum computing to encryption, industry leaders are proposing solutions. Ethereum co-founder Vitalik Buterin has suggested implementing a hard fork and requiring users to download new wallet software to mitigate risks.
As quantum computing continues to advance, with some experts predicting significant breakthroughs as early as 2027, the race is on to develop quantum-resistant encryption methods. While current quantum computers are still limited in their capabilities, the potential for future developments to uncover more vulnerabilities in encryption systems remains a concern for the cybersecurity community.
