Before Blockchain ever gets a chance to fully become a part of our everyday lives, it might see the rug pulled out from under it by the emergence of the long-anticipated, long-hyped technology of quantum computing. This technology may offer faster transactions and more secure environments, as well as the same decentralization Blockchain currently offers.
From Singularity Hub
When considering existential threats to blockchain and cryptocurrencies, people generally focus on increased regulation. And this makes sense. In the medium term, greater regulation may stand in the way of cryptocurrencies and wider mainstream adoption. However, there might be a bigger threat further out on the horizon.
Much of blockchain’s allure arises from its security benefits. The tech allows a ledger of transactions to be distributed between a large network of computers. No single user can break into and change the ledger. This makes it both public and secure.
But combined with another emerging (and much hyped) technology, quantum computing, blockchain’s seemingly immutable ledgers would be under threat…..
The number of quantum computing companies and researchers continues to grow. And while there is a lot of focus on hardware, many are looking into the software as well.
Cryptography is a commonly debated topic because quantum computing poses a threat to traditional forms of computer security, most notably public key cryptography, which undergirds most online communications and most current blockchain technology……
…. Quantum computing relies on quantum physics and has more potential power than any traditional form of computing.
Quantum computing takes advantage of quantum bits or “qubits” that can exist in any superposition of values between 0 and 1 and can therefore process much more information than just 0 or 1, which is the limit of classical computing systems.