The case against quantum computing has been on for a while now. As reported by smartereum.com last year, this technology can potentially make blockchains like Bitcoin and Ethereum useless because it is against the core principles of blockchain technology. Recently, IBM executives talked about this possible threat to blockchain technology.
The Case Against Quantum Computing Vs Bitcoin And Ethereum Blockchains
During the IBM Think summit, an executive of the company, Jesse Lund had this to say about quantum computing as it relates to blockchain technology. In his words:
“It’s reverse engineering the private keys which represent the control of your wallet. Your public key is essentially your wallet which holds balances. And I think that’s a real, credible threat. Bitcoin is a public ledger. So you can go out and see which public keys are holding the largest balances and you could go out and target those (the hundred or thousands of bitcoin in there) and say I’m gonna spend effort (computing resource) to reverse engineer the private key from the public key, which is exposed. I think that’s even a near term threat.”
Keep in mind that developers have not been able to get quantum computers to work yet. According to an article on WIRED.com, they are still working night and day to make sure that this next generation computers come into existence. If they succeed, these computers will be able to hack the unhackable by reverse engineering private keys from public keys leaving some blockchains completely vulnerable. While not every current blockchain is prone to this possible annihilation, at least half of every blockchain in existence is at risk. In fact, two of the most important blockchains, Ethereum and Bitcoin, are at risk according to IBM executives.
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The threat of quantum computing to Bitcoin, Ethereum and the entire cryptocurrency market extend to virtually all encrypted systems including smart vehicles, smart homes, and all sorts of databases. The IBM executives suggested that organizations in the technology space don’t need to wait until the quantum technology is at its final stages before they start protecting their systems from possible quantum attacks. Another IBM executive, Nev Zunic said:
“Companies need to be aware of quantum and the potential risk that it will bring so they can take actions today so that they are not hackable at some point in the life cycle of their products.”
He predicted that it may take at least ten years for the threat to materialize but quantum proofing is still vital because data can be compromised irrespective of when it is logged in. In his words:
“Another consideration is that any communications that are taking place today that are encrypted, could be intercepted today and stored for decryption at a later time. So if there’s sensitive transmissions between government bodies, organizations, financial transactions – that can be intercepted, stored and decrypted in the future. So organizations need to be aware of this today, and start taking action today, to future proof themselves against potential quantum attacks.”
IBM executives believe that quantum computers are going to change the world for the better. Michael Osborne said that this new era is giving cryptocurrencies a shelf life. In the case against quantum computing, blockchain technology may be at the highest risk compared to other technologies. Whether it will come in the next ten or thirty years, one thing is certain; it is real.
When do you think the case against quantum computing Vs. Bitcoin and Ethereum blockchains will come to pass? Share your thoughts in the comment section.