Some industry professionals are worried. Others not at all. Opinion is split, generally, but that makes it all the more exciting.
Quantum computing (QC) is a discipline of computer science that is slowly emerging from the shadows. Using the quantum phenomena of superposition, entanglement and qubits, quantum computers are able to achieve calculations much faster than even the most up-to-date computers.
And what does this actually mean for the industry, and further down the food chain, the average person on the street?
Well, quantum computers will likely be able to crack encryption methods currently used for blockchain technology. This is worrying because the blockchain is the backbone of many things in our everyday lives, like decentralized cryptocurrencies, cross-border transactions, smart appliances, supply chain sensors, and countless other things that make life mostly hassle-free. But you can breathe a huge sigh of relief because at the moment quantum computers are not commercially available and probably won’t be for quite a while.
Yet, that doesn’t mean we should be complacent about the threat which will be very real one day.
Guesses are by industry experts and think tanks alike that the menace is still a decade away. Nevertheless, you never really know. It seems every other week TQD reports on a new breakthrough in quantum information science and QC, from Google’s announcement in 2019 of achieving Quantum Supremacy to the release of Honeywell’s H1 trapped-ion quantum computer with ten connected qubits and an overall quantum volume of 128 not a month ago.
All these developments are good for business and great for the overall spirit of innovation; however, they are not so advantageous for technology that could be compromised by the power of qubits.
The mission now is for smart individuals and companies to take stock of the threat and counter it with similar innovation.
One startup in Poland, Quantum Blockchains Inc, intends to develop proprietary technology to counter the rising threat of quantum computers. It wants to achieve this by utilizing the latest advances in quantum cryptography (bypassing post-quantum algorithms) to fashion solutions which boost security in data protection, using quantum key distribution (QKD). This will be the team’s first step in building a secure quantum blockchain.
The technology springs from the founders’ previous scientific investigations and research papers.
The six papers’ core focus — with a contribution by non-founder Quanlong Wang too — is the Quantum Blockchain. A Simple Voting Protocol on Quantum Blockchain, published in the International Journal of Theoretical Physics in 2018, as per its title, it proposes a voting protocol for the quantum blockchain.
Provably Secure Solutions For The Next Generation of Distrubuted Ledgers
— Quantum Blockchains Inc
It is clear Quantum Blockchains Inc IP is heading in the right direction, and that the team behind the ingenious idea, CEO Dr Mirek Sopek, chief scientist Dr. Xin Sun, chief researcher Professor Piotr Kulicki along with other team members in finance and marketing, respectively, know exactly what they have to achieve before the age of practical quantum computers is upon us.
The clock is ticking, boys — you better get your brains into gear, and fast!