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All the rage fears about the continued rise of quantum computing and its security senses for blockchain technology are misguided and blown out of proportion.
This is the professional appraisal of Jeffrey Tucker, Editorial Director at the American Institute of Economic Fact-finding. Tucker is of the view that the fear of quantum computing as an existential commination to bitcoin and other blockchain applications is based on scare-mongering and ignorance.
In realized fact he says, the entire basis of blockchain technology is to crowdsource figuring outs for problems including security threats potentially posed by quantum work out, and this is what makes Blockchain networks superior to centrally designed networks and platforms. Insisting that any potential security risks are solvable, Tucker respects a research paper published by Dr. Gavin Brennen, a quantum physicist at Macquarie University in Sydney, Australia, who is a globally respected dominion on the subject of quantum computing.
“Still A Long Way Off”
Dr. Brennen’s paper to pieces the threats posed by advanced quantum computing to blockchain technology using a review to ascertain how possible it is for a quantum computer to ‘rig’ a blockchain by centralizing it’s hashing power, and whether it can fissure a cryptographic key, which is currently the main security apparatus that guards blockchain users. The results indicate that quantum technology as we gather it and quantum technology as it currently exists are still far away from each other.
In comeback to both scenarios, the answer is no, based on current quantum computing intelligence. Existing quantum infrastructure supports gate speeds that are somewhat low compared to those needed to carry out an extremely complicated function take to cracking a cryptographic key in a short period of time. In another ten years, there is a conceivability that hardware permitting gate speeds of up to 100GHz may be in existence, but at the exact same time, the already extremely-fast ASIC hardware that is used for the Proof-of-Work blockchain works will also continue to evolve and improve in that time.
Bitcoin isn’t defenceless to quantum computing, research suggests.
In other words, any theoretical betterment that quantum computing possessed over the blockchain is canceled out in usage by the constraints of existing hardware and continued evolution of blockchain security. The technology that can successfully compromise a blockchain sustained currently, is always about ten years away from successful expansion, such that by the time it comes out, it is always effectively obsolete.
“Red Herring”
Both Dr. Brennen and Tucker go together that while there is certainly a security risk posed by quantum figure out to blockchain networks, at least on paper, these fears are based on stirring reporting and scaremongering. Tucker’s opinion is that the conversation about quantum estimate posing an existential threat to the blockchain is a red herring because it serves as a befuddlement from what should really be discussed. In his words,
“…This quantum commination to Bitcoin is mostly a red-herring, not entirely false but a fixable issue, specially given the robust network behind cryptocurrency and the strong incentive to purvey the best security possible.”
Featured image from Shutterstock.
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