Experts say Bitcoin’s (Bitcoin) blockchain could become vulnerable to attacks from powerful quantum computers within 10 years, Cryptovest reported.
Research conducted by a group of Australian experts in collaboration with a team from Singapore suggests that Bitcoin accounts and all new transactions can be hacked by 2027.
The researchers conclude that the proof-of-work (PoW) algorithm used by the largest cryptocurrency gives relatively effective protection against quantum computers, mainly due to ASIC miners, which are much faster than the quantum computers of the near future are projected to be.
They add, however, the Elliptic Curve Digital Signature Algorithm (ECDSA) utilized by Bitcoin will probably become vulnerable and might be cracked by a quantum computer within ten years.
The report says: “The key cryptographic protocols used to secure the internet and financial transactions of today are all susceptible to attack by the development of a sufficiently large quantum computer. One particular area at risk are cryptocurrencies.”
While Bitcoin mining will remain safe, the weak point of the cryptocurrency is ECDSA, experts say.
According to the Kaspersky Lab, Bitcoin remains the most targeted cryptocurrency by cybercriminals, but attacks are not directly linked to Bitcoin’s blockchain.