Although quantum computing is still in its infancy, governments and private sector companies such as Microsoft and Google are working to bring these ideas to life. Within a decade, quantum computers could become powerful enough to crack the cryptographic security of mobile phones, bank accounts, email addresses, and bitcoin wallets.
Currently, so-called asymmetric cryptography is used all over the world, which uses a pair of private and public keys to access such accounts and crypto wallets.
"Every financial institution, every authorization to the system on the phone is based on asymmetric cryptography, which is vulnerable to hacking using a quantum computer," said Fred Thiel, former director of Utimaco, who worked with Microsoft, Google and other tech giants on post-quantum encryption.
Experts in the field of cryptocurrency technologies told CNBC that they are not concerned about the quantum hacking of bitcoin wallets.
"We would have a lot of warnings if quantum computing reached the stage of maturity and perfection at which it began to threaten our basic cryptographic algorithms.
The community of information security experts, including the National Institute of Science and Technology (NIST), is well aware of this problem and is already in the process of creating quantum-secure cryptography.
The first standard quantum-secure cryptographic algorithm is expected to be available by 2024.
