Computer Science is one of the rapidly advancing fields. The progression of Bitcoin mining hardware since the cryptocurrency’s inception in 2009 is a good example. Now, the next giant leap for computing is stated to be Quantum Computing and it may soon become a reality, or at least that’s what a leading science publication states.
There have been instances in the past when people have expressed their doubts about the future of Bitcoin once quantum computers become a reality. But the community took comfort in assuming that the first quantum computer is at least a decade away.
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The latest report suggests that quantum computers may become a reality by the end of 2017. Until now, the research and development of quantum computing technology were confined to academia. But in the recent days, IT powerhouses like Google and Microsoft have started taking the project seriously as they compete with each other to make quantum computers a reality.
Even though quantum computing research isn’t new to these companies, they have actively started to recruit experts in the field to fast forward the development. Also, there has been a significant activity in the startup scene, where companies like Quantum Circuits are expecting to achieve crucial breakthroughs in the coming days.
Few sections of the cryptocurrency community are worried about the implications of quantum computers on the whole ecosystem. Quantum computers, with their far superior processing power, can potentially throw Bitcoin mining off balance. Also, there are concerns about Bitcoin not being quantum computer proof and anyone with access to one of the devices can potentially backtrack the public key to deduce private keys and steal bitcoin from wallets.
The availability of quantum cryptography standards can turn out to be Bitcoin’s savior if quantum computers do indeed become a reality. For now, all we can do is keep a close eye on the technology development and be prepared to take appropriate actions when necessary.
Ref: Scientific American | Image: New Scientist