Good morning, As readers will now know, quantum computing is real and will impact every sector that is currently dependent or will be dependent on computational power.
We expect Archer’s quantum chip technology to create entirely new quantum computing powered mobile devices that enable industry-wide innovation in mobility tech, AI, and cybersecurity.
One of the most well-known applications of quantum computing is in the possibility to break the mathematical codes underlying most cryptography used to protect modern-day electronic devices and digital transactions.
I would like to share a recent article by Deloitte titled Quantum computers and the Bitcoin blockchain. A key focus of the article is to present a balanced view regarding the risks that quantum computers pose to Bitcoin (a cryptocurrency).
The article answers the following questions:
- How many Bitcoins could be stolen now if a sufficiently powerful quantum computer was available?
- What can one do to mitigate the risk of Bitcoins being stolen by an adversary with a quantum computer?
- Is the Bitcoin blockchain inherently resilient to quantum computer attacks now and in the future?
The Deloitte article goes into detail on the value and number of quantum vulnerable Bitcoin in circulation (it is a big number), and how and when this vulnerability arises.
Even though quantum computers are in their infancy, they may eventually become so fast that they undermine the Bitcoin transaction process.
Dr Mohammad Choucair, FRACI FRSN GAICD
Chief Executive Officer
Archer Materials Limited (ASX:AXE)