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Popular fears about the continued rise of quantum computing and its security implications for blockchain technology are misguided and blown out of proportion. This is the professional opinion of Jeffrey Tucker, Editorial Director at the American Institute of Economic Research. Tucker is of the view that the fear of quantum computing as an existential threat
This is the professional opinion of Jeffrey Tucker, Editorial Director at the American Institute of Economic Research. Tucker is of the view that the fear of quantum computing as an existential threat to bitcoin and other blockchain applications is based on scare-mongering and ignorance.
In actual fact he says, the entire basis of blockchain technology is to crowdsource solutions for problems including security threats potentially posed by quantum computing, and this is what makes Blockchain networks superior to centrally planned networks and platforms. Insisting that any potential security risks are solvable, Tucker references a research paper published by Dr. Gavin Brennen, a quantum physicist at Macquarie University in Sydney, Australia, who is a globally respected authority on the subject of quantum computing.
Dr. Brennen’s paper analyses the threats posed by advanced quantum computing to blockchain technology using a study to ascertain how possible it is for a quantum computer to ‘rig’ a blockchain by centralizing it’s hashing power, and whether it can crack a cryptographic key, which is currently the main security apparatus that protects blockchain users. The results indicate that quantum technology as we imagine it and quantum technology as it currently exists are still far away from each other.
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