Quantum Computing, A Threat To Blockchain: A Dive Into The Debate

• Quantum computing v/s Blockchain
• Is quantum computing a threat?

Quantum computing is the future of computing power and can threaten blockchain technology. Currently, available to a very small number of companies, quantum computers are on the fast track to development and could be completely developed sooner than anticipated.

Quantum computers use the power of quantum mechanics to work twice as quickly and powerfully as the normal computers that we use today. So let’s have a look at how this quantum computing power can become a threat to blockchain technology.

What Are Quantum Computers?

Computers that we use today are binary, which means that they use bits to encode information such as 0 and 1. On the other hand, quantum computers use quantum bits, or “qubits,” to encode data or information.

To display the difference in power between binary bits and quantum bits, let’s have a look at an example. Imagine you gave the task of selecting a number between 0 and 100 to both binary and quantum computers. A normal computer would use 8 bits to represent one number in that range, whereas a quantum computer can represent all the numbers in that range using 8 qubits.

Due to this, quantum computers are more powerful for solving complex problems, on which blockchain technology relies. This makes them a threat to the crypto blockchain. However, quantum computers with such powers are still under development and will soon be available to every big company in the world.

For example, IBM already has a quantum computer that is capable of delivering a powerful 127-qubit processor, and they are in the process of making a much more powerful quantum computer after the introduction of the 433-qubit IBM Quantum Osprey in November 2022.

How Can a Quantum Computer Become A Threat To Blockchains?

As we all know, blockchain technology provides miners with complex mathematical problems to solve. Upon solving these problems, they receive certain rewards. Now imagine if one of the miners were using a quantum computer; they would be able to solve this problem twice as fast as others, and that would not be fair to everyone.

Apart from these, hackers using quantum computers can decode the private key from a public key, allowing them to steal other cryptocurrencies from the blockchain. This can severely hurt blockchain technology and the crypto blockchain. A direct attack can also nullify the wallet of any user on the blockchain and steal its private key.

Conclusion

There is no doubt that quantum computers can threaten or affect blockchain technology and its network. However, it is also possible that developers can use these quantum computers to strengthen blockchain technology and prevent any further threats. Furthermore, many companies that use blockchain technology can use such quantum computers to protect the technology. Quantum computers would need to become much more powerful to completely attack blockchain technology.