What Google's 'Quantum Supremacy' Means for the Future of Cryptocurrency

According to a recent report by the Financial Times, tech giant Google claims to have achieved "Quantum supremacy," meaning it has built a quantum computer able to solve formerly impossible mathematical calculations.

Since the advent of bitcoin, the threat of quantum computing has motivated researchers, technologists and, now, governments, to build software able to resist attack by even the most powerful quantum computers.

So much so that current calculations impossible for a current computer to solve in one human lifespan would take mere seconds for a quantum computer to crack.

The research, led by University of Waterloo professors Srinivasan Keshav and Michele Mosca, is receiving a total of $180,000 over this two-year period to expand the team with other "Highly qualified personnel," said Nic Defalco, communications advisor to the NRC. Among state governments, Canada is the leader in quantum computing research, according to Andersen Cheng, CEO of quantum R&D firm Post-Quantum.

U.S. President Donald Trump signed the National Quantum Initiative Act into law last December, allocating $1.2 billion over a five-year period to activities promoting quantum information science.

Koltun's group claims to have built the first blockchain that is secure against attacks from quantum computers.

At the same time, Koltun did contend that quantum computers may vastly exceed scientist's expectations and prove to make blockchain technology obsolete in ways not yet imagined.

"You should be wary of anyone who claims to sell you a waterproof watch or quantum-proof blockchain because we are not yet fully aware of the potential of quantum computers. For someone to proclaim any technological product, blockchains or otherwise, as impervious to quantum computers would require them to know what these computers are entirely capable of, which we don't."

Precisely because the full capabilities of quantum computers are not yet known, combatting their impact to existing blockchain platforms may sound like a doltish task.

"Google's quantum breakthrough is for a primitive type of quantum computing that is nowhere near breaking cryptography," said bitcoin core developer Peter Todd.