The basic assumption of blockchain technology, as well as the cryptocurrencies, non-fungible tokens (NFTs), and smart contracts developed on top of it, is that distributed ledgers are extraordinarily secure and cannot be hacked by modern computers. To be acknowledged by the blockchain, more than half of the computers on the network that share the blockchain must agree that the laptop claiming to be the new owner of crypto assets is the legitimate owner. And the network will only accept claims with a proof of work (PoW), which is effectively a gigantic multiplication of numerous huge numbers.

A new token or coin is created by submitting a PoW for a new cryptocurrency. A new block is added to the chain once such a PoW has been presented to the blockchain network and accepted by more than 50% of the computers, and the longer blockchain is regarded as the actual blockchain. Similarly, filing a PoW establishes a contract that confirms ownership of certain assets without relying on centralized databases or potentially corrupt government employees.

Imagine being able to churn out these PoWs faster than all of the machines in a network can verify their veracity. Then you could consistently beat the verification process and create new blocks in the blockchain before the rest of the network could check them. You might effectively “hack” the system because all blockchain technology thinks the longest blockchain is real. All other computers would simply accept your blockchain as the standard against which any new PoW would be measured.

Also, read – Honeywell Adds Granularity to Aircraft Parts Blockchain

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It is just impossible to develop a so-called 51 percent hack with today’s processing capability. Quantum computers, on the other hand, will be so much quicker than they will eventually outrun any network of ordinary computers. In truth, speed will be merely one of their advantages.

Traditional computers use transistors to distinguish between two binary states — known as “bits” — 0 and 1. Quantum computers, on the other hand, can take on both 0 and 1 at once and superimpose these “Qbits.” Think about an old computer that encodes characters or numbers as a series of eight bits if that sounds strange. These eight bits can be used to encode 256 different letters or numbers, and a transistor in a conventional computer will be in one of these 256 states at any given time. A quantum computer with eight Qbits, on the other hand, could take all 256 states at once and use them for computations at the same time. As a result, the benefit of quantum computers grows exponentially as the number of Qbits increases.

This means that quantum computer algorithms will have to be totally rebuilt in order to take advantage of these new computational capabilities. Quantum computers, on the other hand, will be far more powerful. Within the universe’s remaining lifetime, they will readily tackle issues that traditional computers could not.

Assume you’re the first person or corporation to construct a fully operational quantum computer. Because all of the world’s networks are built on traditional computers, you could take control of every blockchain in the world in seconds. The blockchain will be safe again only when the majority of computers in a network become quantum computers.

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Even if quantum computers haven’t attained what’s known as a genuine quantum advantage, they still have a benefit. All blockchains in the world will be hackable by anyone with a quantum computer once the problem-solving capacity of standard computers is exceeded sufficiently by their quantum counterparts.

As a result, when quantum computers become a reality, blockchain technology will have to be rebuilt from the ground up or risk losing all of its decentralization and security benefits.

Quantum computers, on the other hand, are still science fiction, aren’t they? They are, indeed. However, they are currently being developed. According to Moore’s Law, a single quantum computer will be able to hack the bitcoin blockchain by 2045 if current improvements in computing power are extrapolated into the future.

IF legitimate, this is one of the most mind blowing articles I have ever read. Intel / CCP guy (Dr. Winston Wu) making incredible claims about Chinas Quantum-Computer capabilities.

Article https://t.co/ArqLrQfcyG

Check out this list of claims regarding Quantum Computers… pic.twitter.com/OOuaXDWRnU

— Project Unity (@TheProjectUnity) April 12, 2022

This calculation is based on two assumptions: Quantum computing is progressing at the same rate as classical computing. However, we know that new technologies advance far more quickly than older ones. Second, the year 2045 refers to the bitcoin blockchain, which is by far the most complicated and computationally intensive. (This is why bitcoin can’t compete with the world’s PayPal and credit card networks as a payment method.) Other blockchains, such as Ether, and the networks that underpin commercial applications, use significantly smaller networks. According to a new study on the benefits of quantum computing, quantum computers could be able to exploit such blockchains as early as 2023.