Standard Chartered: Bitcoin blockchain can be hacked in 300 days

According to a report by analytical company Standard Chartered, the transition of bitcoin BTC $95,423.67 Bitcoin -1.15% Market capitalization $1.89 trillion VOL. 24 hours $2.33 billion to quantum secure cryptography is a complex process that includes infrastructure modernization and the introduction of new algorithms. According to experts, although quantum computers do not yet pose a real threat to blockchain technologies, it is only a matter of time before their power can crack traditional cryptography. Analysts suggest that it will take less than a year for quantum technologies to hack the blockchain of the flagship crypto market.

One of the biggest problems, according to experts, is the scale of the changes. The bitcoin network, consisting of tens of thousands of nodes, requires updating all systems to support new algorithms. In addition, some users may not have time to make the necessary updates, which poses a risk to the security of the entire network.

Experts note that in order to achieve quantum security, it is necessary to start testing algorithms resistant to quantum attacks in advance and ensure active community participation. At the same time, the process can take a long time due to the scale of changes and the need to maintain network stability.

Jason Lee, the founder of the Proof of Work (PoW) blockchain security principle, believes that despite the fears often discussed in the cryptocurrency community, quantum technologies will not threaten the security of the blockchain — at least in the near future.

Li emphasizes that even with the current development of quantum computers, their capabilities are far from breaking the SHA-256 algorithm that protects Bitcoin. «We certainly understand that technology is evolving, but the transition to a quantum threat will take much longer than many people assume,» he said.