Quantum Computers Pose Threat To Bitcoin

With so many developments and advances in the tech industry over the years, a lot of them can seem interconnected. In the case of quantum computers and the cryptocurrency market, this is apparently the case, but not all in the ways that are good. In fact, computers that could be thousands of times more powerful than current ones could pose a significant danger to bitcoin and the Blockchain network.

This development is courtesy of a paper published by researchers from the National University of Singapore. According to the study, a sufficiently powerful quantum computer could make minced meat of the cryptographic protocols employed by bitcoin and all financial institutions built in the Blockchain network.

“The key cryptographic protocols used to secure the internet and financial transactions of today are all susceptible to attack by the development of a sufficiently large quantum computer. One particular area at risk are cryptocurrencies, a market currently worth over 150 billion USD. We investigate the risk of Bitcoin, and other cryptocurrencies, to attacks by quantum computers. We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers in the next 10 years, mainly because specialized ASIC miners are extremely fast compared to the estimated clock speed of near-term quantum computers,” the paper reads.

Read more at EconoTimes.com

Advertisements

Quantum Encryption Closer

High-speed quantum encryption may help secure the future Internet, according to new research. Here the same strange properties that drive quantum computers could be use to create hack-proof forms of data encryption.

Commenting on the research to date, lead investigator Professor Daniel Gauthier has said: “We are now likely to have a functioning quantum computer that might be able to start breaking the existing cryptographic codes in the near future. We really need to be thinking hard now of different techniques that we could use for trying to secure the Internet.”

Read more: at DigitalJournal.com