The Impact and Challenges of New Breakthroughs in Quantum Computing on Blockchain

On December 10th, Google launched its latest Quantum Computing chip, Willow, marking another significant breakthrough since it first achieved "quantum supremacy" in 2019. Willow features 105 qubits and has reached the best performance in its class in both quantum error correction and random circuit sampling benchmark tests.

The Willow chip completed a computational task in 5 minutes that would take today's fastest supercomputer 10^25 years to accomplish, a number that even exceeds the age of the known universe. Willow is capable of achieving an exponential decrease in error rates, bringing them below a certain threshold, which is an important prerequisite for the practical application of Quantum Computing.

The head of Google's Quantum Computing team stated that Willow is the first system below the threshold and is the most convincing scalable logic qubit prototype to date, indicating that a large-scale practical quantum computer is feasible.

This breakthrough has had a profound impact on the fields of Blockchain and cryptocurrency. Although Willow's 105 qubits are still far from being able to crack the cryptographic algorithms used by cryptocurrencies like Bitcoin, it signals the direction of development for large-scale practical quantum computers. Once quantum computers reach a sufficient scale, they may be able to break widely used cryptographic algorithms such as ECDSA, thereby threatening the security of cryptocurrencies.

In response to this challenge, developing post-quantum Blockchain technology has become an urgent priority. Post-quantum cryptography is a type of new cryptographic algorithm that can resist quantum computing attacks, ensuring security even in the quantum era. Some institutions have already begun exploring this field, including building post-quantum cryptography capabilities for the entire Blockchain process, developing cryptographic libraries that support multiple NIST standard post-quantum cryptographic algorithms, and researching efficient post-quantum distributed threshold signature protocols, among others.

With the continuous advancement of Quantum Computing technology, the Blockchain and cryptocurrency sectors need to actively address potential security risks. Developing and deploying quantum-resistant technologies will be key to ensuring the long-term security and stability of Blockchain. This is not only a technical challenge but will also become a focal issue of concern for the technology and finance communities.