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Decentralization is a pretty neat concept and, at present, is being approached by people of all classes and even business enterprises who want to be part of this digital financial revolution. The stance of people might not be too positive for blockchain technology at the moment, but this consistent adoption points towards a time in the future where the conventional financial system would either be overthrown completely by blockchain technology or would be working in a similar capacity side by side. But before that could happen, the security-wise aspects of this whole deal need to be airtight and to handle the security of blockchain users and entities, nothing less than a quantum computer will do.
There is this news that two distinctive Chinese teams have achieved quantum advantage. This is a technical term that corresponds to a computer that can perform tasks with much more efficiency and resilience than a classical computer; this revelation compels us to think that we are truly in a new technological era. The early-stage quantum computing was coined by Google with its 54 qubit quantum processor Sycamore.
Standard Security and Quantum Security
Blockchain is known to function as a digital ledger that records information of the transactions taking place in real-time in the form of small blocks. The recording process is carried out by various trust nodes which collect information, process it, and make a consistent impression of it on the blockchain like a continuous bead of different blocks. But with this new quantum technology made available, wouldn’t it be possible to crack the security or standard blockchain units and compromise the transactions along with the information that these carry.
Quantum advantage can process information in a way that no standard computer can, and if this news of achieving quantum advantage is true, then the future of blockchain technology certainly looks bleak. Just think for a second such immersive quantum technology in the hands of cybercriminals and the devastation that they can incur to the people, crypto markets, and in doing so to the conventional financial markets as well. Therefore a need for quantum security arises, which should be as efficient and strong as a standard quantum computer to protect these blockchain entities scattered around trusted nodes to carry out their function without any interruption.
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