According to reports, Riken research institute, a Japanese-based tech firm and Fujitsu have partnered to release quantum computers next year. Meanwhile, these computers spell trouble for cryptocurrencies like BTC as they can break the currency’s underlying technology.
Fujitsu’s Quantum Computers Coming In 2023
The upcoming quantum computer will reportedly be more powerful and faster than Frontier. Frontier is the faster supercomputer in the world, developed by Hewlett-Packard.
The quantum computers will be used for producing new medicines and financial forecasts. Fujitsu’s upcoming computer will employ a superconductor, which displays negligible resistance when chilled to near “absolute zero.”
Vivek Mahajan, the CEO of Fujitsu, stated that quantum computing could drastically alter the world. It will allow scientists to address medical, molecular dynamics, and financial challenges.
Furthermore, Mahajan stated that quantum computers could tackle mathematical problems such as Shor’s method and the traveling salesman puzzle. Other issues judged too tough for supercomputers might be solved by it.
While Google has made tremendous progress in constructing its supercomputer, it does not envision the commercial production of its machine until 2029, which might provide Fujitsu with an advantage. Compared to Google’s 53 “qubits,” Fujitsu’s quantum computer contains 64 “qubits.”
Meanwhile, LocalBitcoins and research from Sussex University warned that quantum computers might break Bitcoin’s SHA256 algorithm.
Usually, miners in the PoW system compete to solve the SHA256 algorithm. It isn’t easy to solve the algorithm. The mathematical complexity of discovering the answer contributes to the protection of the BTC blockchain.
The network’s encryption, which has been relatively impermeable up to this point, may be compromised. Hence, solving the equation’s difficulty has helped safeguard the network.
Companies Prepare For The Post-Quantum Period
In addition, quantum computers are still having trouble with conducting lengthy computations. However, the latest studies into post-quantum cryptography by businesses such as Thale and IBM are slowly creating a clearer image of a future beyond quantum computing.
Regarding research of possibly quantum-resistant cryptographic techniques, the National Institute of Standards and Technology in the United States is now in the driver’s seat.
Since 2019, when Google first revealed results surrounding their machine, many concepts for thwarting the advancement of quantum technology have now been presented.
At the moment, Ether co-founder Vitalik Buterin gave the impression that he was unconcerned about the possible risk to cryptocurrencies. In his opinion, using nuclear energy in more commonplace applications is just as challenging to achieve as the development of the hydrogen bomb.
For the power of quantum computing to have a transformational effect, it will need to be managed in a smart manner. Additionally, he thinks that the crypto community will develop new algorithms.
In 2019, a research analyst at the Ethereum foundation suggested quantum resistance concepts that developers might use for the Ethereum network. Other researchers are creating new digital currencies and blockchains, such as the Quantum Resistance Ledger.
Existing approaches include IOTA developers’ efforts to implement the acyclic graph technology and JPMorgan’s quantum key distribution technology.