The Quantum threat to Blockchain Technology
Dec 12, 2017 Posted / 890 Views
The media these days are flooded with the news of Bitcoin and the spectacular gains, which occurred, in last few months of the year 2017. Nevertheless, there is an existential crisis, which is threatening the supremacy of the tech geeks lovable- Blockchain technology.
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Even though the enthusiasts feel that Blockchain has far too much potential in comparison to much other technology owing to its futuristic applications and approaches yet there are some issues which are bothering the developers as well as the Blockchain corporations.
The initial thought that comes to mind for the existential threats to this revolutionary technology are the amplified regulations and government interventions on the cryptocurrency and use of Blockchain technology. However, there are there are some security threats which are troubling the Blockchain with the emergence of a new technology called Quantum Computing.
Quantum Computing is the latest computer chip, which guarantees rampant processing of data faster than the present supercomputers. Blockchain technology is protected and secured by mathematical algorithms, which depends on the assertion that contemporary computers are not able to process data swiftly enough. This makes the information 'hackproof' or it can also be termed as an aspect, which secures the identity of a Blockchain.
Consequently, quantum computing can exploit the possible weaknesses in the cryptography system that underpins and supports the security of a Blockchain. These Quantum chips can also abuse the model of the modern banking infrastructure, online payments, military and numerous different sectors.
The quantum scientists are experimenting with Peter Shor’s Quantum Algorithms that were formulated for integer factorization of the integer N to find its prime factors. Cryptographers are worried that if the researchers ultimately develop a quantum computer, which outperforms the contemporary supercomputers, with the help of Shor’s algorithm, it might possibly breach RSA encryption which is basically a tool developed to secure the data diffusion on the Internet.
Moreover, it is predicted that the quantum computing may perhaps hack the digital signatures employed by Bitcoin and other cryptocurrencies to secure the private databases, which means that hackers might easily forge transactions.
Although classic computers utilize information in bits, for example as 1s and 0s, similar to a two-dimensional world, a quantum computer employs qubits that can denote both values concurrently in an extensive range of “superpositions” of the two states.
Another factor that these qubits inherent is instability, which makes assessment progress in the field less candid. Nonetheless, as the majority physicists will acquaint you with their greatest error rate, (as this is what they are mainly pompous of), those who develop systems for a livelihood recognize that it these errors might make you miserable someday. Ultimately, you can only hope to get qubit error rate down to some diminutive number.
Nonetheless, much of the popularity gained by blockchain is the product of its immutable and reliable characteristics, it will be interesting to see how it will cope with this new technology called Quantum Computing.
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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