- In a general sense, quantum computing refers to the computation performed considering the quantum phenomena like superposition and entanglement. It is a subfield of quantum information science.
- The computers which perform these tasks are termed quantum computers. These are potent to solve computational issues such as integer factorization comparatively quicker than any classical system.
- Over the decades of being introduced to this concept, there has been continuous evolvement in the applications driven by quantum computing.
- In recent years the research has gradually accelerated in this field majorly considering the partnership of Google AI with the U.S. National Aeronautics & space administration (NASA) which on 23 October 2019 claimed to have performed a computation based on quantum principles which any classical computers were not able to.
- Presently there are two main approaches to implement quantum computation – analog & digital.
- The analog approach gets further divided into quantum simulation, quantum annealing & adiabatic quantum computation whereas digital quantum considers the quantum gate logic to perform computation.
- In both cases, qubits are used ye there are certain problems associated with the qubits as they are prone to decoherence and lack error correction protocols.
- The potential of cloud computing has certainly given a better vision to fields where the concept can actually be put to practice in Cryptography where the ability of quantum computing to solve complex equations has paved its way in the crypto world as well where it can be used to code public & private keys contributing to security in the system. Including quantum search, solving linear equations and etc.
- The quantum holds the ability to completely transform the world towards a better future by scaling up the quantum system. It is believed to push the boundaries of computing towards exceptional possibilities in the days to come.
- It is a shared, perpetual ledger for recording transactions, shadowing assets, and building trust and is managed by a cluster of network nodes, no single entity owns it.
- The term was coined by Satoshi Nakamoto in the year 2008 to adhere to the transactional ledger of Bitcoin for which it solved the double-spending problem without the requirement of any central authority.
- The three pillars of blockchain technology that made it gain acclamation are Decentralisation, Transparency, and Immutability.
- As the technology works on decentralized phenomena by storing transactional data in the form of a crypto hash algorithm which significantly has grown its global reach.
- Blockchain technology has its multiple applications in domains like financial services, video games, energy trading, supply chain; smart contracts building, crowdfunding, and governance yet the most significant role of this technology can be seen in cryptocurrencies where it is widely put to use.
- Currently, there are four types of networks in blockchain namely Public (with no restriction to become validators), Private (access is backed by permission), Hybrid (a combination of centralized and decentralized outlook), and Sidechain (runs parallel to the primary blockchain).
- Blockchain has completely revolutionized the digital ecosystem by bridging the insecurity and inconvenience gaps up to a great extend.
- As per the report of the World Bank, there is a gradual rise in the transaction through blockchain and demand for blockchain developers.
Why & why not to Quantum Computing & blockchain?
- Considering the conventional reservations of the crypto world to the idea of unmatched security and immutability of blockchain technology backed by the underlined trust which has the widest mass acceptance and adoption.
- Quantum computing seems potent to dominate public-key cryptography, which is the essential element of blockchain.
- The famous Shor’s algorithm which is the ace of quantum computing is relevant to the blockchain and cryptography and is expected to make the crypto algorithm run fast and accurately presuming to obsolete the contemporary encryption techniques.
- Blockchain security works on one-way mathematical functions which make it prone to risk stemming from the expected invasion of quantum computing in the market with several layers of security-based algorithm owing to its characteristic of quantum supremacy.
- Apart from the major scope of improvement, quantum is functionally equipped in the way that it can perform reverse calculations which in turn can create a space for forgery in digital signatures and unwanted access to crypto assists. This will account for criminal indulgence if not sincerely considered before the execution
- Thus, the unsuccessful attempts to adhere to the loophole in quantum mechanics, the researchers are attempting to overlook the complete introduction of quantum computing.
- The integration of selective beneficial features of quantum computing with the existing system of blockchain technology is being looked forward to & making it a quantum-based system itself.
The continual findings and analyses towards the enhancement of the crypto ecosystem and the overall betterment of the digital world have been appreciable.
Inarguably there has been the existence of alternatives for almost all concepts in Information Technology but the compelling concern to choose the best with the highest security and convenience to the users of the technology is constant.
Thus, owing to the pros and cons associated with both Quantum computing and blockchain made researchers consider the integration of both with required elements from each and making it a hybrid system.