Quantum computing threat to encryption and blockchain, or cryptocurrencies. As everyone knows, we are transitioning from industrial revolution 3.0 to industry 4.0 or fourth industrial revolution (4IR). Just like all the past revolutions, seeing big things in the next wave in the current eye and paradigm is very dangerous. Just imagine, how can you expect to explain and let people living in the second industrial revolution understand the power of computers and the internet in the 3rd industrial revolution? see the point?
Quantum computing has existed for long, from theory and eventually overcame the engineering challenges, the temperature control to sub zero operation environment for the qubits. Despite it having only few quantum computers exist right now due to engineering challenges to make it mass production and can reach for more people. As the world moves toward cloud computing, we do not really need to physically possess one of it, it can run on the utility model, as a use basis. Once the model has been adopted in the mass scale and social acceptance as the norm, quantum computing will come into daily life faster than everyone predicted.
First concern is the classic computing product crypto, from encryption to blockchain, all will be under the challenges, and the world eventually will move toward quantum computing “grade” crypto, from encryption to blockchain, which shapes where the current players in the market are offering. As traditional heavy user such as financial institutions for encryption financial data, cryptocurrencies, this is why you will notice they are keen to follow closely for the quantum computing development, as they are in proactive adjustment and make sure quantum computing landing and they are be one of the few sector to use it first, again for the crypto, but in the quantum computing grade.
When the existing encryption, blockchain, cryptocurrencies has been challenged by Quantum Computing when its commercial use case has been affordable under the utility model, the current blockchain non-fungible token (NFT) where current on the rising in adoption will be challenged as well. Whatever you invest in crypto NFTs will all collapse and what will happen? Now we have crypto mining, and some countries continue to ban cryptocurrencies with various concerns. Some of the world class investors also state that cryptocurrencies do not carry the investment value like you buy the plant, it can keep producing goods, and at the same time, it really possesses the value for resale.
Despite humans knowing it is not real, but for the speculation, this is why you keep seeing cryptocurrency trading whether it is official or illegal, and NFT trading in the skyrocket rate. As the world moves to the metaverse virtual digital world, more virtual and digital things will be invented to fulfil speculation, since everyone believes they can pass fast enough to pass to the next holder before it collapses.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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