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Unraveling The Impact Of Quantum Computing On Blockchain

Data is the most crucial aspect of every business these days. Not only is having data essential but keeping it secure is equally necessary. As per a report, there is a hacker attack every 39 seconds. It is no wonder why businesses like banking, eCommerce, logistics, security services, defense invest a lump sum amount of money in security.

One of the key technology for data security is Blockchain. A blockchain is a database shared across various devices on the web. The information in a blockchain is challenging to change as it can consume a lot of time. Although Blockchain is an excellent technology in itself, these days, it is also vulnerable to hackers. Since the inception of 2017, hackers have stolen nearly $2 billion worth of cryptocurrency.

Now, as per the above information, Blockchain is also compromised, which means it needs to replaced or needs improvement. Let’s see how quantum computing affects Blockchain technology.

How Can Quantum Computing Affect Blockchain?

Quantum computing is one of the hottest trends in today’s world. All over the world, several tech giants like IBM, Google, and many others have been working on building a quantum computer. And in the last recent years, they have developed a computer of 49 and 50 qubits.

The basic concept of quantum computing deals with superposition and entanglement of bits. These concepts can be used in developing robust and hack-proof computer programs that are difficult to impeach. All that controls this is a quantum number generator.

Blockchain is a different yet powerful concept that stores data on the web in a decentralized manner. This means that no one has control over all the data, though users of the network can ask for data access. The data in a blockchain is difficult to change as if one tries, he or she has to change the whole chain. Which is a time-consuming task?

This is where quantum computing can exploit Blockchain. Hacking and getting information in a blockchain will become a cakewalk for a person with a quantum computer. This can do serious damage. But, if we see the other side of the coin. The combination of quantum computing with Blockchain will provide robust security systems.

Potential Benefits Of Quantum Computing In Blockchain?

The very concept of Quantum random number generator is readily applicable to the Blockchain for generating the hash codes. This will not only make the pattern of the code super complicated but will also boost the security.

Apart from this, quantum computing also has various other features like

  1. It is a technology that is platform and architecture-independent.
  2. The generated codes in a quantum computer have zero-correlation.
  3. Highly resilient from environmental fluctuations.

The concept of quantum computing is still new, so it is a bit difficult to say how it will help Blockchain. But, one thing is sure that it will transform the way we deal with the security of data.