MIT Technology recently reviewed how the emergence of Quantum computers can impact Bitcoin and cryptocurrencies.
While countering MIT’s review, quantum information expert and condensed matter theorist, Sankar Das Sarma, said quantum computers are less likely to have any meaningful impact on the relevance of the technology behind Bitcoin.
“Quantum computers are nowhere near being close to cracking crypto,” he stated while reiterating that he’s still a bigger believer in quantum computing.
RSA-Based Cryptography Is Still Very Secure
RSA-based cryptography uses codes, keys, and algorithms to securely decrypt private data without any interference from malicious actors or third parties. This has led to the creation of cryptocurrency and Bitcoin, as well as the wallet system that holds the tokens.
But some experts believe that the emergence of powerful quantum computers can become sophisticated enough to hack into RSA-based cryptography. In this type of scenario, people can easily steal billions of dollars worth of cryptocurrencies and completely render blockchain technology useless. Several ongoing projects focus specifically on developing blockchains that can withstand the advanced capabilities of quantum computing.
However, Sarma has assured stakeholders in the crypto and blockchain industry that quantum computing still has a very long way to go.
Quantum Still Far Away From Cryptography
The physicist noted that his attention has been drawn to the computing hype. While he sees the present state of technology as a great scientific achievement, it doesn’t come closer to solving problems that anybody cares about.
He likened the comparison to the use of vacuum tubes from the early 1900s to make today’s smartphones.
He added that computers can solve the difficult problem of finding the prime factors of a very large number faster. But the idea of using it to crack cryptography is way beyond its grasp and reach. He added that computing may eventually get there, but it will take a very long time.
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