Blockchain is the latest technology that is the driving force behind most of the cryptocurrencies in existence and is an efficient tool for data storage which provides a high level of security. But, there is another kind of technology in the tech industry already looking to obsolete the Blockchain trend, Quantum Computing. Blockchain already covers a market cap of over US $150 million, so the scale of the problem is identified.
How Blockchain and Quantum Computing Work
First of all, the working of Blockchain is the aspect that has brought it into the mainstream of the Crypto World and many cryptocurrencies rely on the encryption of it.
A blockchain is a chain of blocks linked to each other by cryptography. Each block is a record that stores the time stamp and information regarding a transaction. Blockchain is the form of encryption used for many cryptocurrencies including bitcoin and the creator of bitcoin, termed with the pseudonym Satoshi Nakamoto, used it lay down the base encryption for bitcoin. It has been very successful in encryption of such data as classical computing is unable to crunch numbers inhuman amounts of time.
Quantum Computing, on the other hand, is manipulation of quantum phenomena like superposition and entanglement for the purpose of computation. Quantum Computing, if fully developed, can be termed as the “Most Revolutionary Invention” of this century, if not of all time. The potential of a fully functional Quantum Computer will be life-changing and scientists are working hard to make it a reality. The ability of Quantum Computers to solve a large number of problems as a quantum phenomenon like superposition allows it to calculate many possibilities at a time. The scope of Quantum Computing is endless.
How Quantum poses a threat to Blockchain and Bitcoin
Quantum Computing is still in its early stages and big tech companies like Google and IBM are in a race of developing it first. However, Quantum Computers will pose a threat to Bitcoin and its underlying technology Blockchain, as the ability of Quantum Computers to solve a large number of problems will be able to break the encryption chains and access data remotely and through unauthorized means. Due to Quantum Computing, Blockchain won’t be a reliable source of encryption of data anymore. This means that the data of many banks, companies and any other institution that stores its data through Blockchain is not safe.
Ways in Data can be Saved
Quantum Computer technology portrays a grim future where no data can be encrypted online and in a twist of fate where data has to be stored physically like the older times. But, even Quantum Computing has its limits. Data can still be encrypted through enhanced encryption through Blockchain but with the help of Quantum Computing itself, which will make it more difficult for Quantum Computers to break down blockchains of data. In addition, the companies developing such technology will be responsible enough to not enable advanced computing technology to users with the help of which they break down encryption of private institutions.
In the end, Quantum Computing will become a necessity of the future, which will revolutionize the world. Similar to the internet, there will be provisions of protection from the harmful effects of Quantum Computing developing as the technology develops too, after all, the identification of the problem is necessary before finding the solution.