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Development of Power Quantum Computers Could Render Blockchain Technology Useless Sooner than we Expected

Mar 04, 2018 Posted /  5780 Views

Development of Power Quantum Computers Could Render Blockchain Technology  Useless Sooner than we Expected

What Quantum Computers Are

Unlike the normal computers we all know of, Quantum computers uses a different principle and deploys quantum-mechanical components to analyze data. Quantum computers unlike the usual computers uses quantum quantum bits (qubits) instead of the binary digits which (bits) which is used in basic computers to store information. Classic computers data points have a state of combination of zero or one (Binary), qubits on the other hand have a superposition of state making it have multiple values at the same time instead of only zero and one.  This makes quantum computers to store huge amount of data and use less energy than classic computers. Computer analyst revealed that some quantum processors are more than 100 million times faster than normal computers.

Quantum computers are always adapted by use that demand for large amount of computer processing powers and data storage capacity. Organisations like NASA uses quantum computers to conduct sophisticated computer analysis and to solve complex mathematical equations. Other government agencies and organisations also deploy quantum computers for reliable data analysis, computations and storage.

Future Quantum Computers Poses a Threat to the Future of Blockchain Technology

Blockchain technology relies on two keys to maintain data security, a public key which is broadcasted on the whole blockchain and a private key which is only known by the user. Any technology that can generate the private key (a string of figures and letters) from the public key can compromise the current security of block chains.

At the moment normal computer would more than 100 years and a lot programing brilliance and creativity to be able to obtain the private key using the public key. Using existing quantum computers would still require more than 10 years of processing time to solve the complex mathematical equation that would produce the private keys from the public key.

However development of quantum computers is progressing at a rather faster rate and soon a computer powerful enough to generate the private keys from the public key within a short period of time would be available. Although when such powerful quantum computers would be available is not yet certain, quantum researchers in Europe expect to reach such targets by 2020.

This alone should be a threat to blockchain given the rate at which the global blockchain infrastructure is expanding and the rate at which it is being adapted for different purposes. Blockchain security researchers should beat the dateline when the most powerful computer is released with a new security protocol for blockchain.

How to Safeguard Blockchain systems from the increasing risk of an attack from a quantum computer

Blockchain mainnet developers have a list of options to deploy in order to escape the quantum attack. One of the available options is to change from a public blockchain type to a private one. This would mean no public keys are available where quantum computers can generate private keys from.

The problem which comes with private blockchains is that they are not decentralised and distributed in the saw way public blockchains are. Private blockchain uses tier structures which can allow a centralised control. This would be a direct violation of the philosophies behind cryptocurrencies and blockchain technology.

Cryptocurrency and blockchain enthusiast should trust that their development team uses works hard and keep all security protocols up to date. This would give a sense of security to the millions of blockchain users across the world.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain technology Future of Blockchain

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