- Quantum computing could affect banking systems, secure websites, and other industries.
- Google researchers warned that quantum algorithms are advancing faster than expected.
- Fresh studies suggest it now takes a lot less computing power to crack encryption.
QCP Group said quantum computing risks extend beyond crypto and could impact banking systems, secure websites, and internet infrastructure. The firm cited new research showing encryption may require fewer resources to break, raising concerns about broader digital security.
QCP Says Quantum Threat Goes Beyond Crypto
QCP Group referenced a paper from the International Association for Cryptologic Research, noting that modern cryptography used across industries could be vulnerable to quantum computing.
The firm said encryption methods securing banking systems, HTTPS websites, cloud services, and government communications rely on mathematical problems that quantum computers may eventually solve.
While Bitcoin also uses similar cryptography, QCP argued the issue is not limited to crypto. Instead, it affects global digital infrastructure.
The report added that crypto networks may adapt over time through upgrades, while traditional systems could face more complex transitions.
Quantum Timeline Moves Closer, Google Warns
Interestingly, a few days ago, Google researchers warned that quantum algorithms are advancing faster than expected and might be able to break encryption with significantly fewer resources than initially thought.
Fresh studies suggest it now takes a lot less computing power to crack encryption, pushing the clock on “Q Day” closer.
Researchers from Google estimate that a powerful quantum machine (one that could crack wallet encryption in minutes) could become reality as early as 2029. They warn that, in theory, up to 6.9 million Bitcoins could be at risk.
That said, the technology isn’t here yet, as no such machines exist currently. As scary as the headlines are, experts say this is still a future risk and not something that is imminent.
Related: CZ Warns Quantum Computing Could Threaten Crypto Security
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