Quantum Computing (QC) has the power to solve problems that are computationally too difficult for a classical computer, which can only process information in 1s and 0s. In the quantum universe, those 1 and 0 bytes can exist in two states (qubits) at once, allowing computations to be performed in parallel.
Quantum Computing (QC) is a wonderful technological advancement enabling fourth industrial revolution, with far reaching consequences for many sectors where computing power is becoming a limitation. With more companies moving quantum computers from the lab to commercial activities, a quantum computing is about to become a reality and likely heading for a multi-fold growth in the high-end computing market. IBM, Google, Microsoft and Nokia Bell Labs currently have the best quantum computing pipelines..
Quantum computing threatens all computer security systems that rely on public key cryptography, including blockchain. Hence all security systems, including blockchain, need to consider post-quantum cryptography to maintain data security for their systems. But the easiest and most efficient route may be to replace traditional systems with blockchain systems that implement quantum-resistant cryptography.
With the advent of Quantum Computing, encryption methods used by today’s blockchains could become vulnerable. The Quantum Resistant Ledger (QRL) is attempting to address this threat with its distributed ledger project. Few unique value propositions of QRL project is the use of stateful XMSS signatures to secure addresses, the Ephemeral messaging layer, and custom hash-based proof-of-stake (POS) algorithm generating randomness using hash-based PRF and iterative keyed hash-chain. Quantum Computing collusion with Blockchain in future endeavors may may progress both the technologies further close to reality in creating unprecedented value.
Refer to the blog link below for my initial thoughts on Quantum Computing. Follow this space for my further research and viewpoint on QC.