But as is usually the case when pondering what’s ahead, nothing is certain.
When considering existential threats to blockchain and cryptocurrencies, people generally focus on increased regulation. And this makes sense. In the medium term, greater regulation may stand in the way of cryptocurrencies and wider mainstream adoption. However, there might be a bigger threat further out on the horizon.
Much of blockchain’s allure arises from its security benefits. The tech allows a ledger of transactions to be distributed between a large network of computers. No single user can break into and change the ledger. This makes it both public and secure.
But combined with another emerging (and much hyped) technology, quantum computing, blockchain’s seemingly immutable ledgers would be under threat.
Like blockchain, quantum computing has been making progress and headlines too.
The number of quantum computing companies and researchers continues to grow. And while there is a lot of focus on hardware, many are looking into the software as well.
Cryptography is a commonly debated topic because quantum computing poses a threat to traditional forms of computer security, most notably public key cryptography, which undergirds most online communications and most current blockchain technology.
But first, how does computer security work today?