Since its inception Blockchain has managed to stay in limelight. Cryptocurrencies, wallets, security of these, and other mind-boggling topics have been researched and feasible solutions have been presented so that common folks can easily understand the technology that has potential to reform everything! And then, with the introduction of Quantum Computing, there came an imminent threat to this amazing technology! If you are wondering how, then you’re at one-stop destination to learn more. So, let’s get started!
What Is Quantum Computing?
According to definition, it’s a study of quantum computers (that were theoretical a few years back) which would make use of superposed and entangled quantum bits, so that operations can be made easily. The conventional systems fail at this because it encodes any given data into binary form. Quantum Computing uses qubits which can store huge chunks of data and use far less energy in doing so. With introduction of these systems, high computing speed, the problem-solving process will no longer be an uphill task. However, one should keep in mind that Quantum Computing will not replace the conventional systems, but enhance their performance by modernizing the procedure followed.
Also, we should not forget that these systems are still in testing phase and it will take a decade or two to develop such systems. If such is the case, then why are experts considering it a threat to Blockchain? Well, because the speed with which these systems are tested and tried in various case scenarios, breaking the encryption in a Blockchain will no longer be a hard nut to crack. Yes, Blockchain technology will transform our economy, but QC would make you more vulnerable to cyberattacks. And, if anyone can easily break into your wallet and steal your cryptocurrencies and other details, then this might hit the reputation of Blockchain, isn’t it? Quantum Computing is expected to break public key encryption by the year 2027 approximately. In long run, it can make 51% attack possible. For those, who don’t know, 51% attack is a potential attack on bitcoin network or on an organisation that has abundance of mining power. But good news fellas, we are not even close to develop such computer!
What The Are Experts Doing Now?
Well, we can always stay one step ahead if we work on the loopholes from the beginning. Blockchain professionals also believe in same and they’re deploying a plethora of tools to combat the threat that Quantum Computing may pose. In the process, they have given an upgrade of Bitcoin known as qBitoin. Irony to this is that the technology which might pose immense threat to the Blockchain has been used to develop this. However, there is a downside to this, that is if you need to transfer the quBits, then you’ll have to install the entire system which will not be easy on the wallet.
The professionals are working on many more projects such as Quantum Resistant Ledger by Dr. Peter Waterland, introduction of quantum secure messaging layer, and many others, but the struggle to find feasible and cheap solution is not ending soon.
See Also: Are Quantum Computers Dangerous?
The Final Verdict
Quantum Computing definitely has the potential to destroy the Blockchain industry, but it is too early to decide the fate of these two! Quantum Computing threatens computer security system which are in some way or another dependent on public key. But we cannot ignore the fact that Blockchain has taken the world by storm and we cannot let it go away, and thus we can prepare and upgrade our systems to fight the upcoming vulnerabilities. At this point in time, we cannot make any judgement if Quantum Computing will be potentially harmful for Blockchain because none of these is stable. We predict that with further advancement in Blockchain, our systems will be upgraded, but future is uncertain. We don’t know what it holds for us and these two technologies, but we ought to wait to see the fate of Blockchain when Quantum Computing hits the market!
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