Ritika Sharma Monday, 13 January 2020, 03:49 EST Modified date: Monday, 13 January 2020, 05:00 EST
Quantum computing whenever hit the headlines left not just Bitcoin holders but also every Cryptocurrency holder worried about the uncertainty around their holdings.
It widely believed that the underlying technology of Bitcoin, Blockchain is immutable, meaning it cannot be changed or encrypted without authority over encryption keys.
However, with quantum computers, it is possible to break a blockchains cryptographic codes. Quantum computing can hit the most significant features of Blockchain like unchangeable data, unalterable, and security making it vulnerable.
Google has achieved quantum supremacy as of late 2019, which poses a threat to Bitcoin. It will be a threat to Blockchain, as quantum computing will affect one blockchains key features like inalterability and security, thus making Blockchain as highly vulnerable technology.
Later, china Joined Google in the quantum supremacy Race and announced working on quantum technology. With this, the year 2020 might witness the end of the Crypto Era.
How can Quantum computing break the Blockchain?
The reason behind this fear is quite genuine and straightforward: Bitcoin or any Cryptocurrency depends on cryptography, hash functions, and asymmetric cryptographic number mainly relies on the computing power of computers. The hash function calculates a random number for each block.
The results obtained by this process are effortless to verify, but challenging to find. However, quantum computing has powerful algorithmic capabilities, which is precisely the enemy of this key.
Quantum computing uses subatomic particles, which will be available in more than one state at one time. This feature makes Quantum computing faster than the technology we use today.
Quantum computers can work 100 million times faster than current systems; the computational power is capable of solving any complex mathematical equation in a matter of a few seconds, which current systems take 10,000 years to solve.
With such super computational powers, Quantum computers is capable of calculating the one-way functions that will make one-way encryption obsolete.
The risk over Blockchain is more if it gets in the wrong hands. Hackers with a quantum computer can hack the Cryptocurrency ledger and take complete control of Blockchain.
Will Googles Quantum computing wipe out your Bitcoins?
Googles quantum Supremacy only to traditional computers on classical problems; this isnt actual quantum technology. It was presented bluntly as, quantum supremacy, though it is just a step in the world of quantum computing space.
Even if Googles quantum computer demonstrates, its computing power on specific problems far exceeds the best performing supercomputing. The results of this research by Google do not have much meaning in terms of Bitcoin. This isnt even near to what we can call breaking Bitcoin or Blockchain.
However, Googles quantum supremacy does not pose any threat to Bitcoin; many people in the space still stressed about quantum threat theory. Many analysts claim that the quantum algorithm used by Shor can crack private keys, but again, there Is a long way to go before it could break bitcoins Blockchain.
According to researchers, a quantum computer with 4,000 qubits is undoubtedly able to break the Blockchain. Still, googles the quantum computer has only 53 qubits, which cannot cause any harm to Blockchain, and it is worth mentioning that The higher the qubit, the more difficult it becomes.
Satoshi Nakamotos Proposed solution to beat Quantum Supremacy
Satoshi was a true visionary, the things we are concerned about today, and had already been answered by him. In 2010, satoshi Nakamoto responded to the question about quantum computers by username llama on bitcoin talk.
He replied that If Bitcoin suddenly cracked, the signature will be destroyed; but if it is slowly changed, the system still has time to convert to a stronger function, and Re-sign all your assets. Another cruder answer to this question suggested by the author of Mastering Bitcoin, Andreas Antonopoulos, If the quantum computer comes, we will upgrade.
The Quantum supremacy threat isnt new to the crypto world, and many cryptocurrency projects such as Ethereum, quantum chains, etc., focused on making blockchain quantum resistance, experts in Cryptocurrency space also advocating the development of quantum encryption technology to ensure the security of funds.
Unless a threat of Actual Quantum computing of far more powerful processor explodes, Bitcoin and its developers still have time to secure it. With the continuous development in Quantum technology and the development of more qubit chips, still, there will be the sword of Damocles hanging on the head of the cryptocurrency.
- Quantum leap? US plans for unhackable internet may not fructify within a decade, but India is far behind - The Financial Express - August 4th, 2020
- Google distinguished scientist Hartmut Neven is one of Fast Company's - Fast Company - August 4th, 2020
- Quantum physicists say time travelers don't have to worry about the butterfly effect - The Next Web - August 2nd, 2020
- Week in review: BootHole, RCEs in industrial VPNs, the cybersecurity profession crisis - Help Net Security - August 2nd, 2020
- New UC-led institute awarded $25M to explore potential of quantum computing and train a future workforce - University of California - July 31st, 2020
- The future of encryption: Getting ready for the quantum computer attack - TechRepublic - July 31st, 2020
- IBM and University of Tokyo team up for Quantum Innovation Initiative Consortium - SmartPlanet.com - July 31st, 2020
- 'Butterfly effect' is wrong and reality can 'heal itself', quantum scientists find in time travel experiment - The Independent - July 31st, 2020
- Research: the butterfly effect does not exist in the quantum model - FREE NEWS - July 31st, 2020
- Solving problems by working together: Could quantum computing hold the key to Covid-19? - ITProPortal - July 2nd, 2020
- Spain Introduces the World's First Quantum Phase Battery - News - All About Circuits - July 2nd, 2020
- Professor tackles one more mystery about quantum mechanics and times flow - GeekWire - July 2nd, 2020
- This Week's Awesome Tech Stories From Around the Web (Through June 27) - Singularity Hub - June 29th, 2020
- Kudos: Read about faculty, staff and student awards, appointments and achievements - Vanderbilt University News - June 29th, 2020
- This Is the First Universal Language for Quantum Computers - Popular Mechanics - June 21st, 2020
- Universal Quantum raises $4.5 million to build a large-scale quantum computer - VentureBeat - June 17th, 2020
- Ethereum (ETH) Might Not have Quantum Resistance on its Roadmap, the QRL Team Reveals - Crowdfund Insider - June 17th, 2020
- Craig Knoblock Named Michael Keston Executive Director of the USC Information Sciences Institute - USC Viterbi School of Engineering - June 17th, 2020
- European quantum computing startup takes its funding to 32M with fresh raise - TechCrunch - June 11th, 2020
- SKT to expand use of new quantum-powered security solutions - The Korea Herald - June 11th, 2020
- Archer looks to commercialisation future with graphene-based biosensor tech - ZDNet - June 11th, 2020
- Dear NASA, please put a particle collider on the Moon - The Next Web - June 11th, 2020
- Top 10 emerging technologies of 2020: Winners and losers - TechRepublic - June 11th, 2020
- When Will Quantum Computing Come to Mainstream? - Analytics Insight - June 8th, 2020
- University announces 2020 winners of Quantrell and Graduate Teaching Awards - UChicago News - June 8th, 2020
- Physicists Found a Way to Save Schrdingers Cat - Dual Dove - June 8th, 2020
- Physicists hunt for room-temperature superconductors that could revolutionize the world's energy system - The Conversation US - June 3rd, 2020
- Covid 19 Pandemic: Quantum Computing Technologies Market 2020, Share, Growth, Trends And Forecast To 2025 - 3rd Watch News - May 24th, 2020
- Molecular dynamics used to simulate 100 million atoms | Opinion - Chemistry World - May 23rd, 2020
- Highest-performing quantum simulator IN THE WORLD delivered to Japan - TechGeek - May 18th, 2020
- Light, fantastic: the path ahead for faster, smaller computer processors - News - The University of Sydney - May 18th, 2020
- Wiring the quantum computer of the future - Space Daily - April 29th, 2020
- Technologies That You Can Explore Other Than Data Science During Lockdown - Analytics India Magazine - April 29th, 2020
- Will Quantum Computing Really Change The World? Facts And Myths - Analytics India Magazine - April 23rd, 2020
- Google's top quantum computing brain may or may not have quit - Fudzilla - April 23rd, 2020
- On the Heels of a Light Beam - Scientific American - April 23rd, 2020
- Advanced Encryption Standard (AES): What It Is and How It Works - Hashed Out by The SSL Store - Hashed Out by The SSL Store - April 23rd, 2020
- Google's Head of Quantum Computing Hardware Resigns - WIRED - April 21st, 2020
- COVID-19: Quantum computing could someday find cures for coronaviruses and other diseases - TechRepublic - April 21st, 2020
- The future of quantum computing in the cloud - TechTarget - April 21st, 2020
- Quantum computer chips demonstrated at the highest temperatures ever - New Scientist News - April 17th, 2020
- Alex Garland on 'Devs,' free will and quantum computing - Engadget - April 14th, 2020
- RAND report finds that, like fusion power and Half Life 3, quantum computing is still 15 years away - The Register - April 12th, 2020
- Quantum computing: When to expect the next major leap - TechRepublic - April 12th, 2020
- Cambridge Quantum Computing Performs the World's First Quantum Natural Language Processing Experiment - Quantaneo, the Quantum Computing Source - April 12th, 2020
- The Well-matched Combo of Quantum Computing and Machine Learning - Analytics Insight - March 23rd, 2020
- Picking up the quantum technology baton - The Hindu - March 23rd, 2020
- Research by University of Chicago PhD Student and EPiQC Wins IBM Q Best Paper - HPCwire - March 23rd, 2020
- Honeywell Achieves Breakthrough That Will Enable The Worlds Most Powerful Quantum Computer #47655 - New Kerala - March 23rd, 2020
- Is time broken? Physicists filmed a quantum measurement but the 'moment' was blurry - The Next Web - March 5th, 2020
- What Is Quantum Computing? The Next Era of Computational ... - March 3rd, 2020
- Honeywell says it will soon launch the worlds most powerful quantum computer - TechCrunch - March 3rd, 2020
- Majority of Promising AI Startups Are Still Based in the US - Transport Topics Online - March 3rd, 2020
- 10 Revolutionary Technologies To Lookout For In 2020 - Fossbytes - March 3rd, 2020
- Quantum researchers able to split one photon into three - Space Daily - March 3rd, 2020
- Physicists Captured The Moment That An Atom Enters Quantum Measurement - Somag News - February 29th, 2020
- This Week's Awesome Tech Stories From Around the Web (Through February 29) - Singularity Hub - February 29th, 2020
- IC Breakthroughs: Energy Harvesting, Quantum Computing, and a 96-Core Processor in Six Chiplets - News - All About Circuits - February 29th, 2020
- Top 10 Strategic Technology Breakthroughs That Will Transform Our Lives - Analytics Insight - February 29th, 2020
- New Intel chip could accelerate the advent of quantum computing - RedShark News - February 28th, 2020
- Particle accelerator technology could solve one of the most vexing problems in building quantum computers - Fermi National Accelerator Laboratory - February 28th, 2020
- Top 10 breakthrough technologies of 2020 - TechRepublic - February 28th, 2020
- 21st ISQED Conference to Commence With Focus on Quantum Computing, Security, and AI/ML & Electronic Design - PRNewswire - February 25th, 2020
- NTT Research to Collaborate with UCLA and Georgetown on Cryptography and Blockchain - Yahoo Finance - February 25th, 2020
- Should decision makers be concerned by the threat of quantum? - Information Age - February 25th, 2020
- Keeping classified information secret in a world of quantum computing - Bulletin of the Atomic Scientists - February 11th, 2020
- A neural network that learned to predict the behavior of a quantum system - Tech Explorist - February 9th, 2020
- Deltec Bank, Bahamas A combination of Quantum Computing and Blockchain Technology Will Have a huge Impact on Banking - Press Release - Digital... - February 5th, 2020
- Could Photonic Chips Outpace the Fastest Supercomputers? - Singularity Hub - February 5th, 2020
- Google claims to have invented a quantum computer, but IBM begs to differ - The Conversation CA - January 22nd, 2020
- Xanadu Receives $4.4M Investment from SDTC to Advance its Photonic Quantum Computing Technology - Quantaneo, the Quantum Computing Source - January 22nd, 2020
- U of T's Peter Wittek, who will be remembered at Feb. 3 event, on why the future is quantum - News@UofT - January 17th, 2020
- Quantum Computing Technologies Market 2019, Size, Share, Global Industry Growth, Business Statistics, Top Leaders, Competitive Landscape, Forecast To... - January 17th, 2020
- This Week In Security: Windows 10 Apocalypse, Paypal Problems, And Cablehaunt - Hackaday - January 17th, 2020
- Kitchener's Angstrom Engineering is making a quantum leap with its next-generation technology - TheRecord.com - January 17th, 2020
- Xanadu Receives $4.4M Investment from SDTC to Advance its Photonic Quantum Computing Technology - Yahoo Finance - January 16th, 2020
- The dark side of IoT, AI and quantum computing: Hacking, data breaches and existential threat - ZDNet - January 16th, 2020
- 'How can we compete with Google?': the battle to train quantum coders - The Guardian - January 16th, 2020
- IBM heads US patent list for 27th consecutive year - Technology Decisions - January 16th, 2020
- New Technique May Be Capable of Creating Qubits From Silicon Carbide Wafer - Tom's Hardware - January 14th, 2020