New Breakthrough in Quantum Computing: The Potential Impact of Google's Willow Chip on the Blockchain Industry

Recently, Google launched the next-generation Quantum Computing chip Willow, which is another major breakthrough following the first realization of "quantum supremacy" in 2019. The Willow chip has 105 quantum bits and has performed excellently in both quantum error correction and random circuit sampling benchmark tests.

Notably, Willow completed a computing task in 5 minutes that would take traditional supercomputers 10^25 years to finish. This astonishing achievement not only propels the advancement of Quantum Computing technology but also has far-reaching impacts across multiple industries, particularly in the fields of Blockchain and cryptocurrency.

Although the current number of 105 qubits of the Willow chip is not enough to directly threaten existing encryption algorithms, it indicates that the feasibility of large-scale practical quantum computers is gradually increasing. This undoubtedly sounds the alarm for blockchain technology that relies on cryptographic protection.

The Elliptic Curve Digital Signature Algorithm (ECDSA) and the SHA-256 hash function, widely used in cryptocurrencies like Bitcoin, may face challenges from Quantum Computing in the future. Theoretically, Shor's quantum algorithm could break ECDSA with only a million quantum bits, while Grover's quantum algorithm would require hundreds of millions of quantum bits to break SHA-256.

There are two main types of wallet addresses used in Bitcoin transactions: "Pay to Public Key" (p2pk) which directly uses the ECDSA public key, and "Pay to Public Key Hash" (p2pkh) which uses the public key hash value. Due to the transparency of Bitcoin transactions, attackers can theoretically obtain the public key in a short period of time and use Quantum Computing to crack the private key, thereby threatening asset security.

In the face of this potential threat, developing anti-Quantum Computing blockchain technology has become increasingly important. Post-Quantum Cryptography (PQC), as a new type of cryptographic algorithm that can withstand Quantum Computing attacks, offers a possible solution for the long-term security of blockchain.

Some research institutions have begun to explore this field. For example, a team has completed the construction of post-quantum cryptography capabilities for the entire process of Blockchain, developing a cryptography library that supports multiple NIST standard post-quantum cryptographic algorithms, and optimizing the storage expansion issue of post-quantum signatures. In addition, another team has developed a distributed key management protocol for the NIST post-quantum signature standard algorithm Dilithium, improving the efficiency of post-quantum distributed threshold signatures.

With the continuous advancement of Quantum Computing technology, the Blockchain industry faces a future that is both full of opportunities and challenges. How to ensure system security while maintaining innovation will become a key issue in the development of Blockchain technology. The industry needs to continuously pay attention to the latest developments in Quantum Computing and actively explore post-quantum cryptography technologies to address potential security threats.