According to reports published by Fortnite Business Insights, the value of quantum computing has risen to higher levels in 2023. The year has witnessed an increase in the value of about $885 million. The reports also suggest by the year 2032, the value will grow over to 12 million dollars. The results of the report have sparked concern in the market as quantum computing poses major security threats.
The rising growth of quantum computing will make it capable enough to break the public or asymmetric key. This will be a major blow to the cryptocurrency markets as the public key is the basic security option for genuine encryption and decryption procedures.
Cryptosystems have become an essential part of the global world. Quantum computing has already made the cryptosystem vulnerable to potential security problems. When the cryptosystem fails, it will lead to a massive fall in technologies, social media, and banking fields. The potential dangers of quantum computing spread wide across various fields ranging from industries to even AI technologies in the future.
The government and tech developers have started to realize the threats of quantum computing and how it can lead to the prevention of securing critical infrastructure. As this has become a concerning issue among investors, experts suggest that post-quantum cryptology could be used to tackle the threats posed by quantum computing. This form of quantum-resistant cryptography is considered the best replacement for classical cryptological algorithms.
Considering the security factors, the Leighton-Micali Signature has been adopted as an accurate post-quantum cryptography algorithm for digital signing, ensuring secured software updates and protecting the hardware from any quantum threats. Tech leaders around the world have taken various measures to replace the classic RSA and ECC and prevent possible quantum attacks. These algorithms are considered safe and integrable and do not suggest major modifications to the already working networks.
In January 2022, US President Joe Biden published a memo consisting of the measures to be upheld to enhance cybersecurity and a pre-planned chart directing the ways to improve the existing cybersecurity systems. The organizations are asked to take the necessary measures as the hackers have already set their path and collected the data that will be further used when quantum computing wakes up to be capable of breaking the public key.
The NIST or the National Institute of Standards and Technologies has taken the initiative and launched the first three post-quantum cryptographical algorithms on 13th August 2024. The launch was much celebrated and marked as a milestone in the history of the world. The three digital signature algorithms are highly efficient and provide a secure and faster verification process.
Recent announcements also show that the latter half of 2024 will witness the launch of the fourth cryptographic standard capable of highly resisting quantum attacks. However, the race to launch accurate quantum-safe cryptographical algorithms began in 2016, when the NIST conducted the first public competition. In the next year, many teams of cryptographers participated in the competition and contributed around 82 algorithms.
As per various studies and reports, quantum computing will rise potentially and the cryptographic leaders have to position themselves as vital leaders and create awareness on the growing need for such post-quantum algorithms.
The organizations are already warned to be prepared as the migration to post-quantum cryptography from classic algorithms will cause some major changes to the overall cryptosystems. Such a migration will be necessary in the long run to ensure the safety of data and communication systems. The NIST who already started the PQC now largely urges the cryptographic companies to be prepared to enter the post-quantum period.
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