Cryptocurrencies, particularly Bitcoin, face growing threats from the advance of quantum technology. Quranium CEO Kapil Dhiman shares his views on the future of cryptography.
The Quantum Computer Threat
Kapil Dhiman points out that quantum computers pose a serious threat to current cryptographic systems, including blockchain. While working at PwC, he noticed that many in the industry ignore this risk. He asserts that we need to act now, as it may soon be too late to wait for this threat to become more evident.
Understanding 'Q-Day'
Dhiman explains that 'Q-Day' is the moment when quantum computers can break widely used cryptographic systems, such as RSA and ECC. This could happen without warning, making it especially dangerous. If we are not prepared, the consequences could be enormous, up to the collapse of Bitcoin.
Need for Infrastructure Strengthening
Dhiman emphasizes the importance of increasing readiness against quantum threats. He notes that to protect financial and digital systems, quantum-resistant cryptography must be utilized. This is already a topic of active discussion among governments and major companies like Google and IBM.
Quantum computers can both threaten and positively influence the crypto industry. However, it is crucial to act proactively to minimize risks and leverage the opportunities that this new technology presents.
