What kind of impact will Quantum Computing have on Bitcoin in the future not only Bitcoin but also all other cryptocurrencies and cryptography technology all together?
The following video featuring Jason Bermas from we are change talks a little bit about Quantum Computing and the impact it could have on blockchain technology in particularly Bitcoin. Scientists from harvard have announced they have created and tested the world's fastest quantum computer at 51 cubits. It could be said that quantum computers are so fast they could end encryption as we know it. This could obviously be a problem for the emerging cryptocurrency market.
As we approach the physical end of Moores Law which is basically the prediction that as time goes on computing power increases. We are going to need a faster way to process information because once we get to the scale of quantum entanglement traditional input output processes and transistors don't act the same way and do funny things.
Sure quantum computing has the ability to break any kind of encryption we currently have so we would be afraid that someone could break Bitcoin and other crypto keys. But on the same note all these other traditional banking systems, the Swift system, the Federal Reserve System, credit card companies Insurance all these other systems that we currently use also use encryption technology so their security will also be vunerable.
Their are currently coders working on quantum computing resistant crypto currencies.
