Tensions surrounding the increasing fear of the implication of quantum computing and its security on blockchain technology are wrong and exaggerated.
This is the professional viewpoint of Jeffery Tucker, Editorial Director at the American Institute of Economic Research. Tucker believes that ignorance and speculations are the driving force behind the fear of quantum computing as an existential threat to bitcoin and other blockchain applications.
In reality, the overall foundation of blockchain technology is to develop solutions for problems such as security threats likely to be caused by quantum computing, and this is what makes Blockchain network higher to centrally planned networks and platforms. Maintaining that any possible security threats can be solved, Tucker mentions a research paper released by Dr. Gavin Brennen, a quantum physicist at Macquarie University in Sydney, Australis, who is internationally recognized on the matter of quantum computing.
Dr. Brennen’s research paper looks at the risks caused by advances quantum computing to blockchain technology using a study to prove how possible it is for a quantum computer to ‘rig’ a blockchain by centralizing it’s hashing ability. The outcome shows that quantum technology as we view it and quantum technology as it presently exists are still at some distance from each other.
For both scenarios, the answer is negative, according to present quantum computing capacity. Prior quantum infrastructure supports gate speeds that are considerably low against those required to conduct an extremely complex task such as solving a cryptographic key in a short time.
Both Dr. Brennen and Tucker are on the same page that even though there is definitely a security threat posed by quantum computing to blockchain networks, these fears are however exaggerated. In Tucker’s view, the discussion about quantum computing acting as a potential risk to the blockchain is baseless given that it acts as a distraction from what should be actually discussed. Tucker noted:
“…This quantum threat to Bitcoin is mostly a red-herring, not entirely false but a fixable issue, especially given the robust network behind cryptocurrency and the strong incentive to provide the best security possible.”