Quantum Computers Could Threaten Blockchain Security by 2030
- Quantum computers capable of breaking blockchain cryptography might emerge as early as 2030, according to a report by Project Eleven.
- Approximately one-third of all Bitcoin is held in addresses with exposed public keys, making them vulnerable to quantum attacks.
- Over 65% of Ethereum is similarly exposed to potential quantum threats.
- The migration to quantum-resistant cryptography could take up to six years for major blockchains like Bitcoin and Ethereum due to governance challenges.
- Google researchers estimate that breaking elliptic curve cryptography could be achieved using about 1,200 logical qubits in under two hours.
The report highlights the urgent need for blockchain networks to transition to quantum-resistant cryptographic methods before the anticipated arrival of powerful quantum computers by the early next decade. The exposure of significant amounts of both Bitcoin and Ethereum underscores the potential risk posed by these advances in computing technology.
With over one-third of Bitcoin and more than half of Ethereum at risk, the blockchain industry faces a critical timeline for implementing necessary security upgrades before quantum computers become a tangible threat. Source
