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September 22, 2020
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New quantum computer is closer to threatening Bitcoin

Honeywell announced that its newest quantum computer has reached a quantum volume of 64.

North Carolina conglomerate Honeywell has increased its stakes in the quantum computing race, announcing that its newest machine has reached a quantum volume of 64 – double the volume of quantum computers operated by IBM and Google.

Launched in March this year, Honeywell’s new quantum computer is “twice as powerful as the industry’s next alternative,” says the company. “This means that we are closer to the industries that take advantage of our solutions to solve computational problems that are impracticable to be solved with traditional computers,” he said in a statement.

“This one! Our scientists created the best performing quantum computer ”

What is quantum volume?

Quantum volume is a metric created by IBM that measures the resources and error rates of quantum computers. In comparison, IBM itself announced that its latest quantum computer, Raleigh, reached 32 points in January.

At the heart of Honeywell’s quantum computer is a vacuum chamber the size of a basketball. The sphere contains a vacuum with five times fewer particles than outer space and is cryogenically cooled by liquid helium to a temperature of just 10 degrees Fahrenheit above absolute zero – at which point the atoms practically stop vibrating.

“Inside the chamber, the electric fields levitate individual atoms 0.1 mm above an ion trap, a quarter-sized gold-covered silicon chip. Scientists launch lasers at these positively charged atoms to perform quantum operations, ”explained Honeywell.

“The era of quantum computing is here and ready to tackle some of the world’s most challenging problems”

According to the Forbes, after the successful launch of the quantum computer, Honeywell now plans to commercially lend its resources to other companies. The service can cost about $ 10,000 an hour, said Tony Uttley, president of Honeywell Quantum Solutions.

Although Honeywell did not reveal how many customers have already signed up to use their quantum computer, the company shared that it has a contract with JPMorgan Chase. The latter’s own team of quantum experts is likely to use Honeywell’s machine to perform huge calculations, such as building fraud detection models, Forbes added.

Uttley also said that the Honeywell achievement demonstrated that quantum computers are almost at the point where they are no longer a fascinating novelty in science fiction novels and are becoming a real solution to real-world problems.

In the future, Honeywell plans to increase the quantum volume of its machine by a factor of 10 each year, reaching a score of 640,000 by 2025, added Uttley.

Can quantum computers break Bitcoin?

According to a June 2017 article, a quantum computer would need to have about 2,500 qubits of processing power to break the 256-bit encryption used by Bitcoin. If that were to happen, it would theoretically be possible for the quantum computer owner to take control of the Bitcoin blockchain; in that case, the price of Bitcoin is likely to zero.

As we reported earlier, when Google achieved a breakthrough in quantum computing last November, blockchain experts claimed it would be at least ten years before this became a problem for the industry. Others predict that quantum computers may be powerful enough to threaten Bitcoin as early as 2022.

After Honeywell’s last announcement, this timeline may need to be revised.

Source: Decrypt

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