Introduction
In terms of the future path that computers will take over the course of the next few decades, blockchain technology and quantum computing are two of the most interesting and hotly debated topics in the industry. Blockchain technology was developed to record and verify transactions digitally. Despite the fact that the actual applications of blockchain technology are significantly more advanced than those of quantum computing, such as the creation of cryptocurrencies and cryptography that can be utilized by both individuals and businesses, the industry of quantum computing is also expanding at a dizzyingly fast pace. This is due to the fact that quantum computing is becoming increasingly popular. Quantum computing is a decentralized form of technology, which is why this is the case. When considering the growth rates of the sector as a whole, quantum computing is possibly only second to blockchain. Between the years 2022 and 2027, it is anticipated that the market will expand at a rate equivalent to 25 percent each year on average.
Certain experts in the field believe that breakthroughs in quantum computing might signal the beginning of the end for blockchain technology. This view is held by some industry professionals. This is because even the most advanced blockchains might potentially have their encryption broken by quantum computers. Blockchains are a kind of distributed ledger technology. Alternately, quantum computers could be able to perform the same functions as blockchains, but in a manner that is much more advanced and would be suitable for protecting the data of the future.
There is a chance that Bitcoin's potential success in the future might be jeopardized. This came about as a direct result of Google's announcement that it had developed a quantum computer, which has the potential to quickly break bitcoin as well as the encryption that the internet is based on, and which is also capable of completing mathematical computations that are mathematically impossible. New research, on the other hand, argues that quantum supremacy will not have any influence whatsoever on bitcoin. Despite this, what exactly separates bitcoin from quantum supremacy in the first place?
Quantum Computing vs Blockchain
The main difference between Blockchain and Quantum computing is that the former describes the potential of a quantum computer to carry out operations that traditional computers are unable to handle. Quantum computers are programmed to operate following the principles of quantum physics. Blockchain, on the other hand, is a type of distributed database that keeps an ever-expanding list of blocks, which are simply organized records in chronological order.
This refers to the capability of a quantum computer, which is powered by and operates per the principles of quantum physics, to carry out tasks that traditional computers are unable to. In place of bits, which are used by conventional computers, a quantum computer makes use of qubits, also known as quantum bits. The development of a quantum computer would signify that humans have attained a level of physical control over the material that exists across the cosmos. Despite how incredible this may seem, it would endanger the safety of the data that is stored online.
According to the information provided in Blockchain for Dummies, the method by which Blockchain maintains transaction data—in blocks that are connected together to form a chain—is where the technology got its name. The size of the blockchain expands according to the total number of transactions. Within a separate network that is governed by rules that have been agreed upon by the participants in the network, blocks are used to record and confirm the time and sequence of transactions. These details are then stored into the blockchain.
Each block includes a hash, which can be thought of as a digital fingerprint or a unique identification, as well as timestamped batches of recently valid transactions and the hash of the block that came before it. The previous block's hash serves as a connection between the blocks and prevents any block from being changed or another block from being added in between two existing blocks. In principle, the method makes it impossible to tamper with the blockchain.
Difference Between Quantum Computing and Blockchain in Tabular Form
| Parameters of Comparison | Blockchain | Quantum computing |
| Definition | A blockchain is a type of distributed database that keeps an ever-expanding list of blocks, which are simply organized records in chronological order. Cryptography is used to bind together these individual chunks. Along with a date and transaction data, each block also includes a cryptographic hash of the block that came before it. | This refers to the capability of a quantum computer, which is powered by and operates by the principles of quantum physics, to carry out tasks that traditional computers are unable to. In place of bits, which are used by conventional computers, a quantum computer makes use of qubits, also known as quantum bits. |
| Method of Functioning | transactions for cryptocurrency platforms like Bitcoin | Quantum Supremacy works as a logbook for all the transactions of bitcoins. |
| Ownership | Has open ownership, nobody has any control over bitcoin ownership | Google owns Quantum Supremacy |
| Control | It is solely controlled by google. | No one controls it. |
What is Quantum Computing ?
The experimental proof of a quantum computer's domination and advantage over classical computers is known as quantum supremacy. This is accomplished through the quantum computer's ability to execute computations that were previously impossible at rates that cannot be matched. Computer scientists need to demonstrate not only that a classical computer could not have ever solved the problem, but also that a quantum computer can perform the calculation much more quickly than a classical computer could have. Only then will it be possible to say for certain that quantum supremacy has been achieved.
Computer scientists have high hopes that the development of quantum supremacy will lead to the decryption of Shor's algorithm, a calculation that is currently impossible but serves as the foundation for the majority of modern cryptography, as well as improvements in the fields of drug development, weather forecasting, stock trades, and material design.
The field of quantum computing is always making advances, but classical computers have not yet been surpassed by quantum computers to the point where the former can demonstrate their superiority. The vast quantity of quantum bits, also known as qubits, that are essential for carrying out significant operations on quantum computers is mostly to blame for this situation. The error rate rises in proportion to both the number of required gates and the total number of qubits. If the error rate rises to an unacceptable level, the quantum computer will no longer have any advantages over the conventional computer.
A few million qubits are required to effectively execute meaningful computations, such as identifying the chemical characteristics of a material. To do this, a quantum computer must be designed. The Google Bristlecone quantum computer, which was first made public in March 2018, has a 72-qubit quantum processor and is currently the most advanced design for a quantum computer.
What is Blockchain?
The blockchain is a decentralized ledger that is used to record transactions in cryptocurrencies such as Bitcoin and Ethereum. A blockchain is a list of transactions that can be viewed and verified by anybody. This is its most fundamental function. For example, the blockchain used by Bitcoin stores a record of every transaction in which someone sends or receives bitcoin. The use of cryptocurrencies and the blockchain technology that underpins them enables value to be transferred digitally without the requirement of a third party acting as an intermediary, such as a bank or credit card firm.
A peer-to-peer network functions as the basis for a blockchain, which is a distributed ledger that records all transactions. Participants can confirm transactions independently using this technology, eliminating the need for a central clearing body in the process. Transferring funds, settling deals, voting, and a whole host of other uses could all be possible implementations of this technology.
A distributed database or ledger that is shared among all of the nodes of a computer network is referred to as a blockchain. A blockchain can be thought of as an electronic database that holds information in a digital format. Blockchains are probably best recognized for their vital function in cryptocurrency systems like Bitcoin, in which they are used to keep a public ledger of transactions that is both safe and decentralized. By decentralizing data storage and verification, blockchains represent a significant technological advancement over previous systems, eliminating the need for a trusted third party.
One of the key differences between a blockchain and a conventional database is in the manner that information is structured. Blocks are collections of data in a blockchain, and each block might have its own unique set of data. When the data in a block has been sent, the block is closed off and connected to the one before it. The resulting sequence of records is what we now call the blockchain. The storage capabilities of different types of blocks vary. When a new block is generated, it contains all the data that has come in since the last block added to the chain, and after it is complete, it is also added to the chain.
Main Differences Between Quantum computing and Bitcoin in Points
- Blockchain, on the other hand, has open ownership, which means that nobody specifically owns any bitcoins. Quantum supremacy is held by Google.
- Google maintains control over quantum supremacy, but no one entity is in charge of blockchain.
- The term "quantum supremacy" refers to the capability of a quantum computer, which is powered by and operates following the principles of quantum mechanics, to execute tasks that classical computers are unable to. Blockchain, on the other hand, is the digital money that is validated by using a significant amount of computational power.
- When it comes to quantum computing and blockchain, one of the most significant concerns is that quantum computers could be able to break the encryption used by blockchain, which would mean the end of safe cryptocurrency as we know it. If quantum encryption proves to be more powerful than blockchain cryptography, this might result in the theft of vast amounts of cryptocurrencies as well as substantial disruption, if not the complete collapse, of the cryptocurrency sector as a whole.
- Others believe that quantum encryption can be combined with blockchains to create blockchains that are exponentially more secure than the protocols that are currently in use, even though some people believe that quantum computing has the potential to destroy blockchains and cryptocurrency as we know it. In principle, these blockchains would be very resistant to hacking attempts made using conventional computers as well as those made using quantum computers.
Conclusion
Quantum computers pose a huge threat to the authenticity of the blockchain, which is the underlying technology that supports the digital currency Bitcoin. At present point, around 25 percent of the Bitcoins that are currently in circulation are vulnerable to being compromised by a quantum attack. This number is expected to continue to rise over the next several years.
The blockchain technology is itself a relatively recent discovery that paves the way for participants to engage in peer-to-peer transactions in a system that is not overseen by a centralized authority. A trust framework that is allowed by the features of cryptographic algorithms is provided by blockchain technology as an alternative to placing faith in a centralized authority.
Activities that do not adhere to the rules, such as illicit bitcoin transactions, are disregarded as long as these algorithms are considered secure, which incentivizes actors to behave honestly and promotes the integrity of the cryptocurrency network. It is presumed that they are safe from threat posed by extremely powerful supercomputers, both now and in the foreseeable future.
This assumption, however, is in jeopardy of being proven incorrect as quantum computers continue to advance, which may leave tens of hundreds of billions of dollars worth of cryptocurrencies vulnerable to the hands of clever cybercriminals.
References
- https://supraoracles.com/academy/quantum-computing-and-blockchain-what-you-need-to-know/
- https://www.coindesk.com/learn/quantum-computers-vs-crypto-mining-separating-facts-from-fiction/
