Chinese researchers have reportedly used a D-Wave quantum computer to break encryption algorithms used to secure bank accounts, military data, and crypto wallets. The researchers claim that this is the first time a real quantum computer has posed a substantial threat to current encryption algorithms. The research paper discusses breaking RSA encryption, one of the oldest and most widely used public-key cryptosystems. However, details about the research are scarce, and it is unclear how significant the threat is to cryptocurrencies and blockchain technology. If the results are accurate and replicable, it could be a significant step forward in the evolution of quantum computing. The potential vulnerability of password-protection mechanisms used in various industries, including banking and cryptocurrencies, is a cause for concern. However, experts highlight that the D-Wave quantum computer used in the research is not a general-purpose quantum computer and may not be capable of conducting rapid factorization of large RSA integers in the real world. While the results of the research are still uncertain, it underscores the need to develop quantum-resistant cryptography and strengthen cybersecurity defenses in preparation for the eventual emergence of powerful quantum computers.
Exaggerated is the threat of quantum computer to cryptography at least for now