IBM, Microsoft, others form post-quantum cryptography coalition

cointelegraph.com:

IBM Quantum and Microsoft have formed a coalition to tackle post-quantum cryptography alongside not-for-profit research tank MITRE, U.K.-based cryptography firm PQShield, Google sibling company SandboxAQ, and the University of Waterloo.

We’re proud to be a part of a new community of cybersecurity organizations to accelerate adoption of post-quantum cryptography in commercial & open-source technologies.

Learn more about the #PQC Coalition.

https://t.co/pSrFX1qPPB | #QWC2023 #UWaterloo pic.twitter.com/vXG6CilQVx

Post-quantum cryptography (PQC) addresses the potential threat posed by quantum computers of the future. Current cryptography schemes rely on mathematical problems to stymie decryption attempts.

Cracking or bypassing such encryption with a classical computer would be close to impossible. Some experts estimate that it would take a binary computer system roughly 300 trillion years to break a 1,024-bit or 2,048-bit RSA key.

RSA, named for the computer scientists who first discussed it, is largely considered the standard for encryption.

Theoretically speaking, however, a quantum computer with sufficient hardware and architecture should be able to break RSA and similar encryption schemes within a matter of weeks, days, or even hours.

According to a press release from MITRE:

“Preparing for a PQC transition includes developing standards for the algorithms; creating secure, reliable, and efficient implementations of those algorithms; and integrating the new post-quantum algorithms into cryptographic libraries and protocols.”

Technologies such as blockchain and cryptocurrency, which rely on mathematical encryption, could be particularly vulnerable to decryption attacks by the theoretical quantum computers of the future.