Nobel Prize-winning physicist John M. Martinis is known for his work at Google and currently serves as co-founder and technical director of Qolab. Martinis, who leads the US-based technology giant’s pioneering projects in the field of quantum hardware, made evaluations about the possible threats that quantum computers may pose for Bitcoin and similar cryptocurrencies.
Why are quantum computers considered dangerous?
In the latest scientific article published by Google, it is predicted that an advanced quantum computer can crack the encryption method used in Bitcoin’s security infrastructure within minutes. Martinis stated that the study in question should not be misunderstood,
“The possibility of this happening cannot be completely ruled out; the cryptocurrency ecosystem must confront this issue.”
he said.
Although quantum computing in cryptography is often discussed as a distant future, the transition to practical implementation may be closer, according to Martinis. According to these findings, the Bitcoin network publicly publishes users’ public keys during unverified transactions. It is emphasized that if a sufficiently powerful quantum computer comes into use, private keys can be easily obtained from these keys.
The elliptic curve-based cryptography used in the system behind Bitcoin is already considered resistant to classical computers. However, according to Martinis’ statements, this durability appears to be questionable with the computational capacity brought by quantum computers.
Bitcoin’s structural challenges and search for solutions
Financial institutions and banks can upgrade their existing encryption infrastructure to systems that are resistant to quantum computing. Martinis states that, due to the decentralized structure of Bitcoin, implementing such changes is more complex and long-term.
“Moving to quantum-resistant algorithms is relatively easy in other financial structures, but Bitcoin’s historically decentralized nature may hinder a rapid and consensual update.”
With his words, he underlines that software developers and investors need to start preparing.
Martinis draws attention to the security vulnerability that arises in the confirmation process of Bitcoin transactions. Each time a transaction is sent, the transaction’s public key remains temporarily visible on the network. Meanwhile, if a system that allows the use of quantum information is developed, it is warned that there may be a risk in redirecting the transferred funds.
Stating that there are still serious engineering problems in the construction of a full-fledged quantum computer, Martinis states that time interval estimates vary between five and ten years. However, he avoids giving a clear date on this issue.
