The post Ripple advocates for quantum-resistant cryptography following expert warning appeared on BitcoinEthereumNews.com.

Ripple is raising awareness about the need for quantum-resistant cryptography to secure blockchain systems against potential future threats from quantum computing. Professor Massimiliano Sala, a renowned mathematician from the University of Trento in Italy, recently discussed the future of blockchain technology, encryption, and quantum computing with Ripple’s team as part of their ongoing university lecture series. As part of our #UBRI series, explore the intersection where blockchain meets quantum computing with Professor Massimiliano Sala from @UniTrento. Gain insights into the quantum challenges facing blockchain and strides towards quantum-resistant cryptography.https://t.co/UnpxUfCX5D — Ripple (@Ripple) May 18, 2024 According to Sala, the current encryption methods utilized by present blockchain networks could be easily cracked by quantum computers in the near future, thus putting entire blockchains at risk: “Quantum computers could easily solve problems that are foundational to digital signatures, thus potentially undermining the mechanisms that protect users’ assets on blockchain platforms.” Sala is referring to a theoretical event known as “Q-day,” a point when quantum computers become powerful enough and easily available for malicious individuals to use to crack current encryption methods used to secure data. Such a scenario would be devastating to every field where keeping data secure and untampered from external actors is of key importance, particularly emergency services, banking, national security, and medical fields. Similarly, it could plague the entire cryptocurrency and blockchain space by exposing vulnerabilities in smart contracts, digital wallets, and the underlying blockchain infrastructure. The research also warned that all classical public-key crypto systems should be replaced with counterparts that are secure against quantum attacks. The idea conveyed here is that an upcoming quantum computer or quantum attack algorithm could easily solve the encryption keys using brute computational force. Bitcoin, the world’s leading cryptocurrency and blockchain, could also inevitably fall if it were attacked by these future…

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Filed under: News - @ May 20, 2024 9:22 am