Quantum computing is a risk factor for every encrypted system on the planet, including major banks. But crypto, because of the way it works, may be the technology that gets tested first.
“Cryptocurrencies are the canary in the coal mine,” said Eddy Zervigon, CEO of Quantum Xchange, in an interview with CoinDesk. Zervigon’s company builds infrastructure to protect networks, including financial ones, from quantum-enabled attacks, and he’s smart about where the first victim is likely to appear.
“It’s the first point of attack because of the decentralized nature,” Zervigon said. “When you see that happening there, you know someone somewhere has a cryptographically relevant quantum computer.”
A cryptographically relevant quantum computer capable of breaking the elliptic curve cryptography that underpins the Bitcoin blockchain’s signatures, along with the encryption that secures bank rails, does not yet exist. The consensus estimate for when it will is to compress, not stretch.
“The people who are spending billions of dollars, like Microsoft, IBM and others to develop quantum computers, generally believe that there will be a commercially relevant, cryptographically relevant quantum computer in the 2029 time frame,” Zervigon said. “I’m not making this up. It’s based on what people like Arvind Krishna at IBM have said.”
