Quantum Computing Threatens Blockchain Security & Anonymity

Regulatory Ramblings

Ep #53 with Kapil Dhiman, Co-Founder & CEO of Quranium
Mumbai-based Kapil Dhiman is the co-founder and CEO of Quranium. An entrepreneur to his core with a creative and artistic side – coupled passion for problem solving – Kapil is a seasoned leader with 12 years of diverse international consulting experience in dealing with enterprises, startups and funds.

He is also a former Web 3.0 leader at PwC India and an award-winning CEO who crafted the Metaverse Startup of the Year 2023 from scratch. A distinguished global speaker and author, Kapil has helped over 20 startups in the Web3 ecosystem with their go-to-market (GTM) and product strategies.

In this episode of Regulatory Ramblings, Kapil chats with host Ajay Shamdasani on how advances in quantum computing can compromise Blockchain transactional security and anonymity.

Much has been said about quantum computing and how it is going to revolutionize the world – and part of that is reflected in the new Cold War between the US and China, with Beijing constantly eager to tout its advances in the field and with the American and European mainstream press clamoring about how the collective West is falling behind – in a manner almost reminiscent of the US response to the USSR’s 1957 Sputnik launch.

Some, such as Kapil, contend that the security of cryptocurrency transactions can be breached by quantum computing, notwithstanding the much touted ‘National Security Agency (NSA)-level encryption’ that pollyannish virtual asset advocates say exists when using a Blockchain.

Kapil shares a little bit about his background and the challenges of growing up in a military family with a father he was very temperamentally different from. Recounting the challenges of starting his own firm – and the joys and hurts of following an entrepreneurial path – and what he envisages for Quranium.

The discussion proceeds to define what exactly quantum computing is, and if it should be regulated across the board or whether each industry availing itself of such computers should devise their own rules. Kapil concludes it something each country will have to decide for itself – in much the same way artificial intelligence is being regulated globally.

Kapil also shares his thoughts on the notion that AI will come alive once quantum computing reaches a mature state. He addresses the issues of whether there is a mismatch between computing power and the ability to use AI to its fullest potential.

A lingering concern is that AI in its current state is not ‘real AI’ and that the purest version of AI will require more advanced quantum computing.

The conversation concludes with Kapil remarking on what Web 3.0 means on a practical level, as well as dispelling the cliché that creative and artistic types such as himself are not practical and business savvy, stating that such things can be learned if one is diligent and motivated enough.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.