Let's talk about the idea that hard math problems that make cryptography work suddenly become no-brainers for quantum computing to crack and thus, all blockchains are brought to their knees.
Color me skeptical
But if - somehow - it's true that a quantum computer can obsolete all dual-key crypto, then the block chain is the least of our problems.
No bank account or credit card on earth would be safe. No power grid, no missile code, no satellite, no phone, no car. Everything with a CPU would be vulnerable.
Cracking Bitcoin would be the least of our problems
Bitcoin is a non-issue in that case. Our quantum-computing hacker would just break into SWIFT and steal 10 trillion dollars instead. Or tap the NYSE, the CME, the London and Tokyo markets, and flash crash every stock and commodity on the planet while holding some short contracts. Nobody with that power would give a fuck about crypto markets when they'd have access to stealing 10 quadrillion dollars worth of derivatives on global exchanges.
Is it even possible?
But before we go too far into Never Never Land, we may want to pause and examine why it is assumed quantum computing will allow us to break all current crypto: the base idea is that quantum computing will mean any problem can be solved instantly because all solutions occur simultaneously. This tantalizing proposition is closer to a form of digital alchemy (magic) than real proven science. There's no denying some very strange and wonderful things happen at the subatomic level! Bye Neutonian physics! But we are still a ways off in reaping the more "out there" "benefits".
Only the bad guys will have it?
Finally, the assumption that only one "side" will have the power of quantum computing; pitting future hacking tech against current crypto tech is not a fair comparison and may be a bit short sighted. What about new quantum-computing-based cryptography? Is THAT even possible? Heck, when we've cracked the subatomic realm, I don't see us even caring about property. Maybe it will usher in a Utopia more grand than any of us have dreamed?
From Christian Gruber
People are already working to solve the need for quantum-algorithm-resistant hash functions and encryption algorithms, long before quantum computers are developed enough to actually levy real world attacks. https://en.wikipedia.org/wiki/Post-quantum_cryptography
And from Zonk Ruehl
There are many modern cryptographic ciphers that are quantum resistant. Bitcoin could easily adopt any one of those. There are others that are already using quantum resistant algos. I think iota is already quantum resistant and https://theqrl.org/ is a very interesting project.
Thanks to Nathan Freeman for brainstorming with me on this topic!
Articles I've written on the same topic recently
- https://steemit.com/cryptocurrency/@scottermonkey/top-4-cryptocurrency-newb-questions-answered
- https://steemit.com/steemit/@scottermonkey/a-social-network-free-of-censorship-that-pays-you-for-sharing
- https://steemit.com/privacy/@scottermonkey/telegram-private-messaging-myths-and-truth
- https://steemit.com/bitcoin/@scottermonkey/studies-link-bitcoin-to-orgasm
Cool article Scott. Thanks.
I would see this as the vulnerability if NSA wanted in.. on what Russian and China have in the way of BTC majority. But would it ever be used openly?
I've always said crypto was the original and will always be the real arms race.
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Very nice post! As someone working in the field of quantum sciences, I agree. There will most likely be a shift towards quantum resistant algorithms when large scale quantum computers are on the horizon (not to mentioned quantum communications technologies). Besides there are probably other more important application for quantum computing then just cracking RSA encryption!
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