A report published in the Financial Times recently focused on Google’s achievement of successfully building a quantum computer. This computer is ultra-fast in its processing, and the potential of its speed can be estimated by the fact that it takes only 200 seconds to solve the mathematical problems that an ordinary computer will take years to process. In other words, if reports are true, then Google has achieved Quantum Supremacy.
Potential Impacts
This gigantic achievement comes as a double-edged sword, having both merits and demerits. It is advantageous as it will help to solve complex problems with ease and, more importantly, at lightning speed. In its practical applications, quantum computers can be utilized in large corporations and data centers to handle issues that are out-of-bounds for ordinary computers and even supercomputers. We may witness the application of quantum computer industries like automobile, pharmaceutical, and Biotechnology, among others.
On the flip side, quantum computers will strengthen the supremacy of Google in the way information is searched, processed, and used for decision making. This kind of monopoly is not good for healthy competition and will make Google even more powerful than its current status.
Quantum Computers and Crypto World
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Specifically looking at the impact of quantum computing on the cryptocurrency and blockchain, it will be difficult to ascertain the holistic effect at present. Given the fact that information about quantum computing is still limited and yet to be verified, it will be wrong to predict that doomsday has arrived for the digital currency and open ledger technology.
That said, there are serious implications of quantum computing for the blockchain and crypto industry. Blockchain technology makes use of the elliptic curve cryptography (ECC), and in fact, the same cryptography technique is utilized to encrypt traffic on the internet.
Now considering the assertion of Andersen Cheng, CEO of Post-Quantum, that a quantum computer can easily decrypt the private keys of the users and forge their signature to do transactions, the evolution of quantum computing poses a serious threat to blockchain and digital currency. It essentially means that the safety aspect associated with the digital currencies will be compromised.
The premise of quantum computers possibly breaking ECC is also fueled by the fact that researchers, physicists, and scientists are already aware of an algorithm, Shor Algorithm, which can break the ECC. Many experts contend that the evolution of quantum computers in the future could render for blockchain technology obsolete in a manner that is beyond imagination.
Conclusion
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In sum, it is too early to accurately predict the impact of quantum computers on the crypto world. Quantum computers have the potential to significantly undermine the safety and security offered by digital transactions powered by blockchain technology though we need to wait for some time to make a concrete analysis on this front.
