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Quantum Computer May Put Blockchain Technology At Stake

Quantum Computer May Put Blockchain Technology At Stake

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It has been a week since Google officially announced its achievement in the breakthrough of “quantum supremacy.” The news went viral as Google claimed that the quantum computer has the ability to complete a calculation way faster than a supercomputer.

So, what is a quantum computer?

Quantum computer is basically any device for computation that makes direct use of distinctively quantum mechanical phenomena, such as superposition and entanglement, to perform operations on data, compared to a normal computer that processes the 1 or 0 bit.

Whereas, when it comes to quantum computing, it uses a quantum bit or frequently referred to as qubit that can be both 0 and 1 at the same time. Simply put, one qubit = 2 bits, and 2 qubits = 4 bits. This was first experimented by Google where its quantum computer carried out a specific calculation that is beyond the practical capabilities of a regular computer.

How is it risky to the crypto world?

One of the first and obvious ways how quantum computer would be a threat to the crypto world is surely the safety.

As of now, hackers need to conquer at least 51% of the blockchain network in order to amend any information in it, moreover in less than 10 minutes. Which is undoubtedly impossible for someone who uses a classic computer whilst it is not the case for someone who uses the quantum computer as it shortens the time more than anyone can imagine.

Namely, if you own a crypto wallet, you will have two types of key or address, one private and one public using cryptographic terminology. Since it is easy to decrypt an algorithm with a quantum computer, hackers can take advantage of and steal user’s digital assets. Furthermore, they can also cause instability and disrupt in the crypto ecosystem.

Then, what is the future of crypto?

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Although quantum computer’s features are promising, crypto industry players are definitely not keeping quiet about it. They are aware of the development.

According to IonQ’s Chief Executive Officer, Peter Chapman, there is no relatable menace when it comes to the quantum computer in the near future. Even if there were to be such a situation, the cryptographic algorithm would have come up with a more secure cipher.

This clearly shows that the crypto community is working hard towards the betterment of the safety features of blockchain technology, parallel to the advancement of other technologies. We may even be surprised to find out, one day the blockchain technology incorporates the quantum computer features in its network.

Therefore, what do you think this current situation will lead to? Will blockchain technology outdo the quantum computer or will it merge together or will it be replaced by the quantum computer?

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