How serious is the threat that quantum computing poses to blockchain technology, and what can be done about it?
The science of quantum physics is being used to build quantum computers–powerful machines that have the ability to solve incredibly complex mathematical equations much more quickly than even the most advanced computers available today.
As such, any data that’s encrypted using mathematical equations–including banking data, intelligence data protected by the government, and encrypted messages on cell phones–is vulnerable to being exposed by quantum computing. Most notably, in this case, encrypted cryptocurrency data–such as private wallet keys–are also vulnerable to quantum computing technology.
Is Bitcoin doomed?