The primary thing that boosts the sales of BlockChain is the notion that the distributed ledger is not breakable under any situations.
BlockChain has widely been used in cryptocurrencies though it can be used in other sectors such as banking, agriculture as well as the transport sector.
In the current state of technology blockchain development companies will continue getting high profits, but if a shift of computing takes place, they may get huge losses. One of the threats to BlockChain development is quantum computing.
What is Quantum computing?
What is quantum computing? In these, a computer uses quantum principles as well as mechanics to carry out calculations.
In this, to store as well as useful information in regular computers, one uses binary units known as bits. The bits are a representation of only one or two states.
The quantum machines depend on the bits, which are between 0 and 1. These activities are known as superpositions, and the quantum machines are faster than the other bit based machines.
To maintain this state, there is a need for using microwave beams.
What is Blockchain?
The BlockChain is a great platform that has been prized of being transparent as well as hustle free transaction.
However, the new technological development, Quantum computing set for the upcoming generation of computing machines is a threat to the BlockChain as it is much easier as well as fast.
Quantum Computing Vs. Blockchain
Quantum computing is currently a threat to the BlockChain Development team as the new technology has various benefits that BlockChain does not have.
One of them is that Quantum computers are error-free. Besides that, Quantum computers can run algorithms faster than other computers.
The feature will render most of the encryption technique obsolete one of them being BlockChain technology.
Another challenge that is posing BlockChain technology at risk is that BlockChain relies on one-way mathematical functions.
The one-way mathematical functions that it relies on are those that easy to run but are hard to calculate. These functions are used by the BlockChain development consulting companies to come up with digital signatures as well as validate the ledger transactions.
As the mathematical functions that the technology uses are easy to run, a criminal who has a quantum device can reverse them.
As such if the developers do not deal with this, many individuals will move to quantum computing as it is more secure than the BlockChain technology.
The easy mathematical function also makes the BlockChain technology susceptible to fraud activities. A criminal can use the Quantum device to impersonate users as well as forge signatures.
In this venture of data mining, the criminal can go further and update the ledger as well as take advantage of the transaction history.
Therefore, most researchers, especially the Russian scholars, have proposed the developers of the BlockChain technology should begin taking precautions against the threat as quickly as possible.
One of the ways of doing this is coming together with the quantum computing developers and agreeing to replace the traditional digital signatures with the quantum cryptography.
These security algorithms have been highly developed so as to bear up any attack from all computers, including the most powerful computer, Quantum computer.
The other remedy that the scholars propose is said to only be available after the launch of the quantum Internet which may take several years.
The BlockChain developers can use the communication architecture from the invention of Quantum Internet to develop new BlockChain designs that are resilient to attacks.
Another proposal of this new development of quantum computing is that quantum cryptography should be foregone and the scientists should then come together and make BlockChain quantum-based.
A quantum-based BlockChain will not only be entangled in space but also time. However, the change of BlockChain technology to be quantum-based will still take more time since the scientists need to wait for the launching of a quantum Internet. Once it starts running the development should start.
There is a lot of research as well as development been done on quantum computing though its miles away from its launch. The experts working on it are having different views on the immediacy of the quantum threat.
Some of them are claiming that though Quantum computers have become dominant, they are not going to break the BlockChain technology in the short term basis.
They have argued that the nearest time that quantum computing can break the BlockChain technology is about ten years from now.
It is because there is a lot of technological trends that have come up, that people at first feared that they would break the technology, but they didn’t.
Those who support that quantum computing will break the BlockChain technology, in turn, argue that the development of quantum powered mining tools will lead to the dominance of the technology over the others such as BlockChain.
Besides that, they claim that there is a significant number of individuals who have been working on this new technology that has given it their best so that it can be the most incredible technology which will beat the others.
Other supporters of the dominance of quantum computing over BlockChain claim that it will beat it because the computers will redefine Cryptography not just BlockChain but other application such as online banking website.
The reshaping of these applications will make Quantum computing dominate.
Conclusion
In conclusion, BlockChain technology has been threatened by the upcoming technology, Quantum computing. The new technology is more secure, fast as well as easy to use compared to the BlockChain technology.
Therefore, the blockchain developers need to work on their technology to withstand the upcoming changes and to efficiently compete with quantum computing.
If that is not possible, they should come together with the Quantum computing scientists and develop an incredible technology which will withstand challenges such as been hacked by the criminals using a quantum computer.
The threat is real, and with just the launch of the quantum Internet, all will be set. Therefore, BlockChain developers should start working on the techniques to use in dealing with this issue.
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