"Quantum computers, expected to be operational by around 2026, will easily undermine any blockchain security systems because of their power," says the founder of quantum encryption company Arqit, David Williams, speaking over the phone. Arqit is gearing up for a September SPAC listing in New York.
"There needs to be rather more urgency," Williams adds. Quantum computing, which sees traditional computer "bits" replaced with quantum particles (qubits) that can calculate information at vastly increased speed, has been in development since the 1990s. Researchers at universities around the world are now on the verge of creating a working quantum computer, with search giant Google and scientists from the University of New South Wales in Sydney, Australia, recently making headlines with breakthroughs.
Williams, pointing to problems previously identified by the cofounder of ethereum and creator of cardano, Charles Hoskinson, warns that upgrading to post-quantum algorithms will "dramatically slow blockchains down" and called for blockchain developers to adopt so-called quantum encryption keys.
"Blockchains are effectively fundamentally flawed if they don’t address the oncoming quantum age. The grownups in the room know what's coming." Read the full article to learn more.