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Quantum Computing: Capable of Both Breaking all Today’s Secure Systems and Enabling new Unbreakable Security
Yesterday we looked at the enormous cost of BitCoin technnology and questioned its sustainability. Today we look at another threat to BitCoin: Quantum computing. Quantum computing makes use of quantum-mechanical phenomena, like superposition and entanglement to perform data calculations.
Quantum computers will be exponentially faster than standard computers in use today. Because of that, quantum computers will be powerful enough to break many of the cryptographic methods that in use today, like public key cryptography. This will be a threat to many of today’s data security, including blockchain, which is the technology that BitCoin is based on.
William Hurley, Chair of the Quantum Standards Working Group at the IEEE, said that “virtually all security protocols that are used and deployed today are vulnerable to an attack by a quantum computer. Quantum information allows us to secure information in ways that are completely unbreakable even against a quantum attack.”
Jim Clarke, director of quantum hardware at Intel Labs, said that “Quantum computing, in essence, is the ultimate in parallel computing, with the potential to tackle problems conventional computers can’t handle. But, realizing the promise of quantum computing will require a combination of excellent science, advanced engineering and the continued development of classical computing technologies.”
