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“Crypto companies and blockchains in general are no different to traditional cyber-threat arenas, in which new challenges to existing security systems are arising almost constantly. We have seen a number of high profile crypto thefts recently from wallets s d exchanges because legacy PKI encryption was not designed for this purpose, so this incident is unlikely to be the last.

In the future, we will see attackers target the blockchains which are the crypto-economy’s backbone. Quantum computers will soon be powerful enough to crack legacy PKI encryption.

When quantum computing is here, no blockchain asset will be secure. It is a fools errand to claim that any new so called Post Quantum Algorithm is “quantum resistant”. All that means is that it is secure UNTIL a quantum computer breaks it - and no mathematically derived key of any kind can ever be regarded as Provably Secure. Moreover, even if used temporarily such algorithms create such vast signature sizes - a 1400x increase - that blockchains would grind to a halt. The ONLY solution is to be found in symmetrical encryption keys which, because there is no math involved in randomness, can be regarded as probably secure against quantum attack. Arqit, uniquely has launched a system to create such keys at scale with zero trust, so that blockchains can be safe, fast AND energy efficient.

We need urgent change, because it won’t just be blockchain which will suffer at the hands of quantum computers. Quantum attacks will be able to crack the encryption that protects the secrets of companies, governments and individuals too.

The world should switch to a new form of stronger, simpler encryption immediately. The cryptocurrency industry can help to lead on this, because it stands to lose on an epic scale when quantum attacks become an everyday threat.”