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 computerspowerful 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 thats encrypted using mathematical equationsincluding banking data, intelligence data protected by the government, and encrypted messages on cell phonesis vulnerable to being exposed by quantum computing. Most notably, in this case, encrypted cryptocurrency datasuch as private wallet keysare also vulnerable to quantum computing technology.
Is Bitcoin doomed?
Its possible that there will be quantum computers working on both sides to attack Bitcoin and to protect it as well. Regardless, it will be some time before the technology improves enough to become a problem.