Bitcoin vs Quantum Computing

In 2009 when bitcoin network was invented, it was seen as something that will revolutionize complete industries which operate using intermediators. Financial and supply chain were and still are major candidates for disruption.

Blockchain is promising a secure P2P transaction without need for intermediators . For this, many many IPOs where on the hype but without true realized value. The word ‘Secure’ is a key one where consensus algorithms like PoW and PoS are used to validate newly constructed blocks within the network and every type of these techniques have its own advantages and disadvantages .

Quantum Computing on the other hand is an exceptional technology created with huge computing powers to solve complex mathematical problems in least possible time. Hence also creates some difficult security codes which are difficult to decrypt . Here where quantum computing is challenge for a blockchain network

Bitcoin blockchain network which is considered ‘not hackable’ till date is facing a risk for being hackable . P2P transaction happens when both sender and receiver have their own private keys and corresponding public keys are derived where their is no way for private keys to be known from public keys. Well that is true now but wont be true maybe in near future .

As an example, to validate a certain block in a bitcoin network, it will take around 10 minutes to figure out the nonce of that block and winner gets some of the bitcoins as a reward. Ten minutes with current computable power is all it takes. Ten minutes in quantum computing world is a huge number !!

A hacker having a quantum computing capability to act as minor in the bitcoin network can derive private keys from public ones, be winner at every time a block is created and easily can steel millions of vulnerable bitcoins from its owners. The risk is real and bitcoin users especially early ones who have their bitcoins staked without use will face a big problem going forward

Research in both quantum computing and blockchain are already ongoing to enhance consensus techniques for blockchain and to achieve supremacy in quantum computing. There is a great potential where both technologies can benefit from each other. Quantum computing can introduce some difficult codes and keys which will be very hard to crack ( unless breaking rules of physics is possible) . Blockchain can use this for more secure P2P transactions and for sure can help in achieving more secure and scalable networks .

Both technologies hold great potential in the future but also there is a dark side of misuse or criminal activity so lets see how it goes !