Could quantum computers render current bitcoin and most blockchain cryptography powerless?
Bitcoin ledgers are protected by puzzles that are currently too complex for modern computers to solve without access to the private key of each one. A revolution in quantum computing, however, could make it possible for quantum computers to solve these puzzles and steal bitcoin. In order to secure bitcoin and anything else reliant on the elliptic curve cryptography it uses for its signatures, new cryptography alternatives are needed that are resistant to future innovations in quantum computing. Already, new cryptocurrencies that take this into account are being developed ahead, suggesting the problem has already been taken seriously by some in the industry.
Special Series on Quantum Computing
The developments in the field of Quantum Computing are coming faster and faster. OODA analysts are focusing on what matters most to today’s business decision makers. Recent reporting includes:
- The Executive’s Guide To Quantum Computing: What business decision-makers need to know now about quantum superiority
- Is Quantum Computing Ushering in an Era of No More Secrets?: Context from OODA’s Matt Devost on the very near future of quantum computing.
- What To Do About Quantum Uncertainty: Guess what, besides uncertainty at a quantum level there is great uncertainty among business and policy makers regarding Quantum Computing.
- AI, quantum computing and 5G could make criminals more dangerous than ever, warn police: Quantum is one of many emerging technologies that law enforcement professionals are tracking
- Intel offers AI breakthrough in quantum computing: This article is more about quantum simulations for AI, but shows the ecosystem that is developing around the technology
- Quantum Computing That Can Crack Modern Encryption More Than a Decade Away: When we see reports like this we wonder what qualifies the experts to say this. But in this case the experts are the National Academies of Sciences.