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1. Decrypting Crypto: Cryptocurrencies and the Quantum Computer Threat

Author:
Arthur Herman and Daley Pagano
Publication Date:
04-2022
Content Type:
Special Report
Institution:
Hudson Institute
Abstract:
Cryptocurrencies are increasingly embedded in the global financial and economic mainstream. One reason is that its security encryption, distributed ledger technology, or blockchain, is largely impervious to conventional cyber-attack or theft. However, thanks to Shor’s algorithm, cryptocurrencies will be exceptionally vulnerable to a future quantum computing attack. What makes crypto vulnerable to Shor’s algorithm is elliptic-curve cryptography, which applies to all distributed ledger technology. Based on our research, the overall cost of a major hack and devaluation of Bitcoin alone would equal $3 trillion plus. Fortunately, solutions already exist: post-quantum cryptography and quantum computing. Cryptocurrencies are here to stay. However, supporting crypto security with post-quantum cryptography or quantum cryptography will enable cryptocurrencies to remain a mainstay of the global financial system for many decades to come.
Topic:
Science and Technology, Innovation, Cryptocurrencies, Information Technology, and Quantum Computers
Political Geography:
Global Focus

2. Advancing the Quantum Advantage: Hybrid Quantum Systems and the Future of American High-Tech Leadership

Author:
Arthur Herman
Publication Date:
11-2022
Content Type:
Special Report
Institution:
Hudson Institute
Abstract:
Quantum computers mark a transformational revolution in information technology. Whereas most computers process data using bits that consist of either a zero or one, quantum computers can use those digits simultaneously through superposition.1 The many resulting benefits will include the discovery of new drugs, new processes for carbon capture and advanced battery research, and a new exactitude in weather prediction, including in dealing with climate change.2 All in all, experts expect the global quantum computing industry to grow to $450–850 billion in value in the next 15 to 30 years.3 Yet because of the challenges of engineering qubits—the physical basis of quantum computing—most authorities push the timeline for full-scale quantum computer commercialization beyond 2040 and as far as 2050. Even some quantum experts do not expect any big breakthroughs until the 2030s at the earliest. The true path to the quantum future is the combination of quantum and classical digital technology, especially in computing, which will powerfully accelerate access to the potential benefits of quantum information science. While key players in the industry, including IBM and Microsoft, have recognized the potential synergy of hybrid architectures and applications, the federal government needs to expand its attention and resources devoted to this aspect of securing America’s quantum future and its leadership in the twenty-first century.
Topic:
Defense Policy, National Security, Science and Technology, Leadership, Innovation, and Quantum Computers
Political Geography:
North America and United States of America

3. Powering Innovation: A Strategic Approach to America’s Advanced Battery Technology

Author:
Nadia Schadlow, Arthur Herman, and Brayden Helwig
Publication Date:
10-2021
Content Type:
Special Report
Institution:
Hudson Institute
Abstract:
Changing consumer preferences and government policies point toward widespread future adoption of electric vehicles (EVs). Advanced lithium batteries are the primary power source for EVs. Unfortunately, China dominates today’s battery supply chain, from the extraction and processing of critical minerals like lithium to the production, packaging, and recycling of battery cells. In today’s era of great power competition, control of the supply chains for advanced technologies such as lithium batteries will have a direct impact on national power. Advanced battery technology will go a long way toward determining economic leadership in the EV market. The automobile industry is one of America’s largest manufacturing sectors and accounts for some 3% of US GDP. But EVs and advanced batteries also have important military applications. EVs will function as mobile energy nodes on the battlefield, providing power for unmanned systems, communication links, electromagnetic warfare systems and more. These capabilities will help the US military conduct more decentralized operations in contested regions.
Topic:
Science and Technology, Innovation, and Batteries
Political Geography:
North America and United States of America