European Watchdog Warns Quantum Computers Could Threaten Blockchain Security

The Joint Committee of the European Supervisory Authorities has issued a warning regarding the potential risks posed by quantum computers to blockchain encryption. This committee, which includes the European Banking Authority and the European Securities and Markets Authority, highlighted that advanced quantum computing technology could compromise the cryptographic systems that secure blockchains, potentially before these computers are commercially available.

A report from the committee indicates that quantum computers could undermine various cryptography systems used for securing communications, transactions, databases, and blockchains. Analysts have noted that this warning emphasizes the urgent need for Bitcoin and other digital assets to implement safeguards against quantum threats. Approximately 6.9 million Bitcoin, valued at around $586 billion, are currently at risk of having their cryptographic protections breached by quantum technology, according to a study by Cryptoquant.

The European Commission has urged its member states to start preparing for the advent of powerful quantum computers by the end of 2026, with a focus on protecting high-risk applications by 2030. In response to these threats, several organizations within the cryptocurrency sector, including the Ethereum Foundation, are prioritizing the development of quantum-resistant technologies. Industry experts suggest that Bitcoin should transition to quantum-resistant signatures and that holders of vulnerable coins should consider moving them from their digital wallets to mitigate potential risks.

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Source: KLEA News