Google recently took the financial and technical world in a blow through its announcement related to the breakthrough achievement in the field of quantum computing.
According to the recent news, Google, while using a quantum computer, managed to perform a complex calculation in merely three minutes time. This calculation, when performed by the world’s most powerful supercomputer, would have taken 10,000 years.
Google described its achievement as a “milestone towards full-scale quantum computing.” The firm stated that this development would work as the stepping stone for them as they progress towards full quantum computing. It was known that Google has been testing a 71-qubit device names Bristlecone to achieve quantum supremacy. However, the initial report from the Financial Times revealed that the supremacy test was performed with a 53-qubit processor named Sycamore instead.
This news has come as a shock for the blockchain technology which fears that the successful advent of quantum computing is likely to discard the encryption standards of the blockchain network. Quantum computing has become one of the favorite niches for the tech-heads and computer enthusiasts in recent times. However, it has been skulking in the background of the decentralized sphere for an array of potential reasons. The news has turned out to be a panic alarm for the blockchain industry as it stands at the risk of elimination and complete wipe-off.
Quantum Computing Challenges Blockchain Security
With the help of quantum computing, the concerned individuals plan to get complex equations and problems solved at a much higher pace than they are being addressed to in the current scenario.
Quantum supremacy implies to the moment when a quantum computer outperforms the best classical computer in the world in a particular test. Though, this is the first step but indeed is a strong one. It brings the blockchain arena together to think about a counter to the new-age technology which can decode its cryptographic algorithms in no time.
As per the news, blockchain builders have been putting out quantum-resistant chains such as E-cash inventor, David Chaum, and his cryptocurrency, Praxxis.
Johann Polecsak, CTO of QAN stated in response to the Google news that:
The CTO revealed that,
Despite all this, blockchain has evolved as one of the fastest-growing industries with its arms proliferating into every possible domain one can think of. The music industry has been at forefront to explore the merits of blockchain in bringing about a revolution in its sphere. Transparency, privacy, security, and reliability are some of the prominent reasons for the acceptance of decentralized network in the music space. Blockchain helps to resolve copyright issues and royalty payout conflicts easily.
