Blockchain Technology and Quantum Computing

There is a fierce war brewing in the blockchain industry, which is mostly unknown to casual observers. This conflict is between blockchain adherents who believe in its security and others who fear that it isn’t secure enough to withstand attacks from quantum-enabled computers.

Currently, blockchain seems to be the “It” bride in the technology market. It is being incorporated into almost every industry that one can think of. But 2019 could deal a fatal blow to the technology when quantum computers are introduced to the market.

Let’s take a little lesson on quantum computers here.

These computers have the capacity to store more data while using less power than traditional computers. In other words, these futuristic computers can perform complex calculations at a lightning-fast speed.

What this means is that quantum technology is “tens of thousands to millions of times faster” than normal computers. And that’s not all there is to it.

Thanks to the huge power embedded in these devices, it will soon become so much easy to break encryptions. As a result, personal information, financial records, and other sensitive data could be at risk of exposure.

So how does this relate to blockchain?

Blockchain is a platform that is open to everyone. Virtually anyone can connect to the network and have access to all its records. Currently, all the data on the blockchain are safe because of encryption. But when it becomes readily cheap to get a quantum computer, blockchain data that are presently being stockpiled could experience huge leaks.

Thankfully, this potentially harmful risk has become a source of concern to experts in the industry. A solution would, however, require the collaboration of blockchain and quantum computing.

Hash-based cryptography, lattice-based cryptography, code-based cryptography, supersingular elliptic curve isogeny cryptography are some form of precursors already existing in blockchain technology that can be used to prevent attacks from quantum computers.

Right now, this might look impossible. After all, these technologies are constantly being pitted against each other in the technology industry. But if a case is made to combine their strengths into a stronger whole, the world will be better for it.

Do you see this joint collaboration working out? Do you have any other ideas that could see to the continued security if the blockchain? Let us know in the comments.

Nica Tudor

Blockchain, Smart Contracts, and cryptocurrencies enthusiast.

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