Although it remains unclear how far we are from having a full on Westworld, Artificial Intelligence continues on causing concerns. The latest one being the possibility to decrypt any blockchain network using quantum computers. Considering the giant leap ahead that is quantum computing, it is not a far-fetched idea to consider the possibility. Naturally, the White House is imposing sanctions on eight Chinese quantum computing companies. This is called as a threat to national security for a nation that claims quantum supremacy.
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The Biden’s administration is putting eight Chinese quantum computing companies on blacklist. The Bureau of Industry and Security (BIS) is adding the companies to the U.S. Department of Commerce’s Entity List. As dull as the process sounds, the justification is that these eight companies are a threat to the US national security.
Quantum computing at this point is much more than a plot saver for science-fiction movies. It could seriously support and develop military applications and cyber terrorism. Literally the only reason the Avengers were able to defeat Thanos was to use quantum computing. Joking aside, quantum computing does also possess a threat to any blockchain network. Apparently, with enough development, the computers will be able to decrypt the networks and take the “crypto” away from the “currency”.
Regulators Assemble!
The Commerce Department recently added 27 new bad boys to the blacklist as eight of them are Chinese quantum computing companies. The race for quantum supremacy is more intense than ever.
“Eight technology entities based in the People’s Republic of China (PRC) are being added to the list as part of the Department of Commerce’s efforts to prevent US emerging technologies from being used for the PRC’s quantum computing efforts that support military applications, such as counter-stealth and counter-submarine applications and the ability to break encryption or develop unbreakable encryption.” Said the Commerce Department in a statement.
Quantum computing expert Andrew Fursman has previously touched on this potential threat. He believes that future development in the technology can finally lead to the ability to hack into blockchain network.
The cryptographic nature of Bitcoin and other cryptocurrencies is the predominant reason for their popularity. In case of any breakthrough in decrypting them, there will be severe consequences.
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