Blockchain against quantum computing is the latest point of discussion in the world of technology.
Quantum computing holds the ability to overpower the hashing feature of blockchain.
Satoshi Nakamoto, an anonymous individual or a group, introduced blockchain. A common myth surrounding blockchain was its synonimity with Bitcoin. With extensive investigation, blockchain received applications across numerous industries and made an identity way beyond bitcoins. Blockchain’s applications range from elite to everyday uses that can allow users to experience how blockchain can disrupt normal business operations. Blockchain’s enhanced security, improved transparency, and decentralization are features that have brought this technology into the limelight. On the other hand, quantum computing is a technology that is still in its infancy phase as experiments are still on to create fully operational system using the technology. Quantum computing uses the quantum-mechanical phenomena based on quantum bits. Blockchain against quantum computing is a comparison that can give blockchain a run for its money because quantum computing’s processing power can break into the technology using Shor’s algorithm.
Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
As new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order.
Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions.
Quantum computing harnesses the phenomena of quantum mechanics to deliver a huge leap forward in computation to solve certain problems.
< rel="nofollow"a href="https://www.cbinsights.com/research/report/quantum-computing/" target="_blank" rel="noopener">Source: CB Insights
Quantum computing is a phenomenon that empowers people with immense computing power that can solve problems cannot be solved using traditional computers. Quantum computing holds the power to run new algorithms that can holistically process information. This technology does away with the conventional form of processing information using bits. Instead, quantum computing uses qubits to process information. One of the several benefits of using this technology is that storing enormous information becomes possible with the use of minimal computing power. Industry pioneers are now working towards making this technology available for commercial usage, now imposing a severe challenge on the blockchain technology.
Blockchain uses cryptography to secure the ledgers stored on a network. This security feature stops any user from making unwanted changes to the ledger. Until now the security feature of blockchain technology is renowned and authorities respect it for making operations public as well as secure. But with the innovation of quantum computing, public key cryptography or blockchain’s esteemed security feature is under scrutiny.
Blockchain suffers from survival threats because with the quantum computing, public ledgers are at the risk of trespassing. Using the computational power of quantum computing, deriving a private key from the corresponding public key becomes easy for an entity.
One of the other reasons for quantum computing posing a threat to blockchain is because quantum computing can process more data than 0 or 1 ,which have been the only two ways for information processing for conventional computers. Current computers are unable to derive private keys due to the shortage of computational power, and even if they try, it takes a tremendous amount of time. But with quantum computing, things are going to change.
The imminent threat of quantum computing is inevitable. Developers know about the risks and are working towards the creation of a blockchain that can adapt to new processing powers. Authorities should now look for developers that can assist them in further securing their blockchain networks. Developer establishments can also learn on how they can improve security onn blockchain. Companies that do not wish for a private blockchain network can consult vendors to use the Blockchain as a Service option.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.