The technology behind computers is evolving at a rapid pace. Quantum computers, the next generation of computing is already within reach. Many leading companies have so far demonstrated varying degrees of success in the development and trials of quantum computing machines. As the world inches, close to using these devices, there are various concerns raised from different industry segments.
Cryptocurrency industry members are also a concerned lot as they believe that quantum computers may render the cryptographic algorithms used by various blockchain protocols useless. However, there have been speculations about quantum proofing the blockchain, and researchers at the Russian Quantum Center have done just that.
According to recent media reports, a leading Russian bank Gazprombank has announced that it has successfully tested a quantum-safe blockchain. The development comes as good news for the banking and financial sector across the world, as most of them are fast-tracking the research, development, and implementation of blockchain technology for their operations.
The Russian Quantum Center is said to be working on implementing the same or an improvised version of quantum-safe blockchain solution in other banks across and beyond the country.
The new blockchain is said to incorporate a combination of quantum key distribution and post-quantum cryptography to render the algorithm virtually un-hackable. These quantum keys replace the traditional digital signatures to ensure the blockchain is future-proof.
The Bitcoin community is also contemplating the implementation of a similar quantum proof cryptography to its blockchain. However, given the current circumstances where the developer community is taking ages to implement scalability solutions, there is no definitive timeline for the much-required upgrade of Bitcoin blockchain.
The quantum key distribution networks are already becoming prevalent in many countries, especially in China, Europe, and the United States. These quantum networks are being used for smart contracts, financial transactions, and other highly sensitive digital transfers. If the quantum-safe blockchain is made open source, then there is a high probability of widespread implementation of the new age technology across industries.
Ref: Finextra| Image: NewsBTC