Quantum Computing Vs. Blockchain: Impact on Cryptography

As the milestone called "Quantum supremacy," in which a quantum computer outperforms a traditional computer on a specific task, could be reached any day now, the question of whether prospective quantum-based devices are capable of "Killing" blockchain comes into the spotlight.

The advent of quantum computing could potentially jeopardize the integrity of public-key cryptography, which is the backbone of blockchain security.

While the range of quantum computers' potential applications is vast, the one most relevant in the context of blockchain technology and cryptography more generally is the capacity to run specific algorithms much faster than any existing supercomputer.

While the futuristic solutions that academics propose may be decades away, a lot of hands-on research and development in quantum computing and quantum cryptography is happening right now.

The experts working with quantum computing applications surveyed by Cointelegraph differed in their views on how immediate the quantum threat is.

"Quantum computers are becoming incredibly powerful, and they are advancing faster than most people expected. However, their capabilities will not break the blockchain. Each year, when new hardware is released, it rekindles concerns about the blockchain's integrity, but there is no evidence that quantum computing can compromise the blockchain."

"There is no real threat of quantum computers breaking blockchain cryptography in the short-term. If and when this does happen, cryptography will have moved to more quantum-proof algorithms. We're at least a decade from quantum computers being able to break blockchain cryptography."

Rakesh Ramachandran, CEO and co-founder of QBRICS Inc, emphasized that quantum computing is poised to have an effect in virtually every sphere in which cryptography is used.

"Quantum computers will be redefining cryptography of not only blockchain but wherever there is an application of cryptography including simple things like an online banking website. There is a considerable research and work being done to mitigate the effects and move to quantum-resistant cryptography or post-quantum cryptography."

"However, the challenge of blockchain is not just about the threat that quantum computing represents but scope of how blockchain will migrate to the new version of cryptography."