Quantum computing and blockchain, the true conversion

Communities are created around technology. These communities train the experts of the future, and undoubtedly help to innovate, indirectly creating the entrepreneurs who will lead complex projects of great international significance. Anyone who cannot see this, does not yet understand how new societies are developing on the internet thanks to blockchain and the game theory that encourages honest participation in their construction and maintenance. I am very concerned that those responsible for managing our resources are not doing so according to the future that we must face. They must be able to neutralize biases in order to make the best decisions of its citizens.

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What is Q.C.?

Quantum computing is a technology that uses subatomic particles (called qubits) to perform calculations. The big difference with the technology we currently use in our computers is that they use bits to perform calculations. Let’s say that the superpower that Q.C. gives us, is that qubits can be in multiple states at the same time, which allows them to perform calculations much faster than classical computers.

Will Q.C. help improve the properties of blockchain?

Quantum computing and blockchain are two technologies that will undoubtedly work together in the future, as blockchain is a technology that enables the secure storage and transfer of information without the need for an intermediary. At this point, and under the great responsibility we all have as custodians, quantum computing will bring greater security and a better user experience.  For example, the generation of user keys in blockchain relies on the use of random numbers, and quantum computing could generate random numbers that are more secure and harder to predict, as well as helping to improve our investments and personal finances by having devices capable of solving complex mathematical problems in real time, being able to execute transactions on one or several blockchains at the same time without data latency.

In short, if QC is a way of making very fast calculations using small quantum particles, and blockchain is a way of storing information securely and transparently thanks to the distribution of that information, in the not too distant future we will be able to make incredible financial transactions without worrying about hackers, because the information would be very well protected.

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Real risks from Q.C. to Blockchain?

Yes, quantum computing can also help to break the cryptographic codes currently used in blockchain, which motivates, drives and accelerates the need for an even more secure system in the future. 

Mathematician Peter Shor demonstrated more than twenty years ago that breaking this type of encryption (such as the RSA asymmetric encryption algorithm), would be feasible in practice if quantum algorithms were used. Therefore, there is a risk that quantum computing could overcome any traditional encryption method, and compromise the security of blockchain.To address this problem, solutions are being developed, such as the creation of a quantum blockchain that can resist any attempt to manipulate the information thanks to its ability to interweave the past with the present to make it immutable. Companies such as IBM, Microsoft, Google, Alibaba, Amazon and Accenture are working on implementing quantum technology in blockchain. Several emerging start-ups are also exploring the application of quantum technology in blockchain, such as Quantum Resistant Ledger, the Hyperledger Foundation and Bitcoin Post Quantum. These companies are already working on the creation of new cryptocurrencies and blockchain technologies. While it is believed that the combination of quantum computing and the Blockchain could improve the speed and security of transactions, it is important to note that they are not a silver bullet for all cybersecurity threats.

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And why conversion? It’s simply because of the incredible transformative capacity that the mixture of both technologies will give us at the same time. It will totally change the perception we have as human beings of all the things we know and interact with. It is still too early to say anything (I don’t think we will even see it in practice), but for the rest of the century we will have to readjust in order to be able to adapt and enjoy something that does not even have a name yet.

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