Chinese researchers have claimed a significant breakthrough in the realm of encryption, stating that they have managed to crack algorithms commonly used in banking and cryptocurrency.
The team, led by Wang Chao from Shanghai University, utilized a quantum computer to breach these encryption methods.
According to the South China Morning Post, the quantum computer was developed by Canada’s D-Wave Systems, and the attack was carried out using a technique known as quantum annealing.
Researchers Target Various Encryption Algorithms
Quantum annealing, the method employed by the researchers, focuses on finding the lowest energy state, which allows for more efficient problem-solving.
The team reportedly targeted encryption algorithms such as Present, Gift-64, and Rectangle, which are key components of the Substitution-Permutation Network (SPN) structure.
The structure forms the backbone of the Advanced Encryption Standard (AES), a widely used method for securing cryptocurrency wallets.
While AES-256 is considered one of the most secure encryption standards available, this development has raised concerns about the potential threat posed by quantum computing to current encryption protocols.
The researchers’ breakthrough suggests that quantum computers could soon pose a real danger to the security of encrypted information, including passwords and private keys.
Wang’s research paper explained that quantum annealing functions similarly to artificial intelligence algorithms, optimizing solutions on a global scale.
Unlike traditional algorithms that test every possible pathway, quantum tunneling enables particles to pass through barriers, allowing the quantum computer to find the solution more efficiently.
This could bypass obstacles that conventional computing methods struggle to overcome, making it possible to crack encryption codes that were once considered unbreakable.
“This is the first time that a real quantum computer has posed a substantial threat to multiple full-scale SPN-structured algorithms,” Wang’s team stated.
The potential impact of this breakthrough is significant for industries that rely on encryption, particularly the cryptocurrency sector.
A quantum computer capable of breaking encryption could enable hackers to access user funds quickly and in large volumes.
However, the researchers acknowledged that the technology is not yet fully capable of executing widespread hacks due to limitations such as environmental factors, hardware constraints, and the complexity of designing an attack that could breach multiple systems simultaneously.
Developments to Uncover More Vulnerabilities in Encryption Systems
Although the quantum computer attack did not expose specific passcodes, the researchers believe future developments could uncover more vulnerabilities in current encryption systems.
The findings were published in the China Computer Federation Chinese Journal of Computers on September 30.
In response to concerns over the potential threat of quantum computing, Ethereum co-founder Vitalik Buterin has proposed a solution.
He suggested that blockchain networks could mitigate the risk by implementing a hard fork and requiring users to download new wallet software.
In a March post, Buterin emphasized that this infrastructure could be developed in advance to protect users’ funds.
In 2017, a group of researchers, including Divesh Aggarwal and Gavin Brennen, published an article warning that the elliptic curve signature scheme used by Bitcoin “could be completely broken by a quantum computer as early as 2027, by the most optimistic estimates.”
However, to be able to break cryptocurrency security, quantum computers will likely need thousands, if not millions, of qubits. Currently, the most advanced machines have around 1000.
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