At the time this article was written, not much has been known about quantum computing and the full potential of blockchain technology hasn't been uncovered.

This article explains quantum computing, blockchain technology and gives ideas and theories of what may happen when web 3.0 gets entangled in quantum spookiness.

Blockchain Technology

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The term blockchain was first used in a conversation between the inventor of bitcoin Satoshi Nakamoto and a bitcoin developer Hal Finney.

Hal Finney wrote:
> it is mentioned that if a broadcast transaction does not reach all nodes,
> it is OK, as it will get into the block chain before long.
Original Email

Read the full conversation here

Blockchain is an immutable accounting system of a growing list of records and transactions called blocks linked with a cryptographic (chain), thus it derives its name "blockchain" each block contains some information from the previous block that helps in identification. According to Merriam-Webster blockchain technology is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”

Properties

• Immutability: Blockchains are built to resist data modification from external parties this helps in making it secure.

• Decentralization: Blockchains are decentralized, this means that a user can run his/her own personal node of the blockchain, thus preventing hacking because it has no central database. This does not apply to most blockchains like ripple.

• Open Source: Blockchains are open-source this means that the code can be modified by anyone who has knowledge of the technology.

• Transparency: Blockchain transactions are open anyone can see and monitor transactions on the network. This doesn't apply to private blockchains.

Types

• Public Blockchain: This type of blockchain allows open participation to all as users, miners, developers, or community members. This aids in the decentralization of the network. All transactions that take place on public blockchains are fully transparent and can be accessed by anyone via a block explorer. Examples: Bitcoin, Ethereum.

• Private Blockchain: This is the direct opposite of the public blockchain because participants need consent to join the network and run nodes, transactions are kept private and only accessible to participants of the network.

• Consortium Blockchain: Consortium blockchains are governed by a group rather than a single entity.

• Hybrid Blockchain: This blockchain combines the privacy benefits of a permission and private blockchain with the security and transparency benefits of a public blockchain. Example Dragonchain.

Uses

There are several uses of the blockchain ranging from real-world uses to on-line uses:

• Digital ID: There are about a billion people with identity challenges but currencies such as Validity. This would give users a way to control their digital identities. This would help people worldwide to get access to financial services and this would promote digital integrity to help in businesses.

• Digital assets: Digitalized assets stored on the blockchain are some of the most powerful.

• Currencies: Decentralized currencies built on top blockchains are borderless, fast and resistant to censorship.

• Digital Voting: Due to fraudulent voting activities, voting can now be carried out online on a decentralized open blockchain with the source code of the contract open to the public for transparency.

Our knowledge of blockchain technology if perfected can be integrated with IoT devices to help improve the use of smart contracts in real-life cases.

Quantum Computing

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Quantum Computing is the use of quantum-mechanical phenomena such as superposition and entanglement to perform computation.
Wikipedia

Quantum computers are divided into Analog and Digital Computers. Analog computers are further divided into quantum simulation, quantum annealing, and adiabatic quantum computation while Digital quantum computers use quantum logic gates in computing.

A quantum computer is not a better classical computer but a new kind of computer built on the basis of quantum physics

Quantum computers make use of qubits instead of the classical bit, this makes them more powerful than a classic computer.

Quantum computing can be traced back to the early 1980s, when physicist Paul Benioff proposed a quantum mechanical model of the Turing machine then in 1994, Peter Shor developed a quantum algorithm for factoring integers that had the potential to decrypt all secured communications.

Properties

• Superposition: Superposition is a fundamental principle of quantum mechanics which simply means that a particle can be in two or more states at once, this means that unlike bits that must be either 0 or 1 a quantum bit can be 0, 1 or 0 and 1.This makes a qubit up to 9 times stronger than a bit.

• Quantum entanglement: This is a phenomenon which means when particles are identical and linked to each other in such a way that if one particle is altered it affects the other no matter the distance between the two particles.

• Quantum Uncertainty: This property is also known as the Heisenberg uncertainty principle or indeterminacy principle states that we can never know the exact position or velocity of an object at a certain point in time.

This was defined by an Austrian physicist Erwin Schrödinger in his famous theory; the Schrödinger cat where he stated:

If a cat is kept in a box with an object that has a 50/50 chance to kill it, at the particular time before the box is opened it is said that the cat is in a state of superposition because we don't really know if the cat dead or alive before the box is opened.

that also applies to quantum bits. Schrödinger later became biologist after he found quantum physics philosophically disturbing.

Uses of Quantum Computing

• Cryptography: Due to quantum uncertainty and superposition it will be impossible for a hacker to bypass the private key generated by a quantum computer for information exchange, if the do the will break the laws of quantum physics, this level of encryption is already being tested by banks and financial institutions

• Quantum Simulation in Medicine: Designing and analyzing the molecules of drug development because calculating the atoms of the molecules is a computationally difficult task even for our supercomputers, but quantum computers can operate on the same level of the atoms in the molecules this makes drug development much easier.

• Teleportation/ Quantum Tunneling: Due to quantum entanglement, the fluid identities of a particle can get entangled across space and time so when a property of one particle is changed it affects the other, this can create a channel for teleportation.

Quantum Blockchain Possibilities?

A quantum blockchain could be our Web 4.0 after the dawn of the blockchains Web 3.0. A quantum blockchain if built somewhat like Ethereum would support the use of smart contracts. Quantum entanglement will make hard forks of the network take lesser time because when particles are entangled once something about one is changed it affects the other. The security of blockchains either decentralized or centralized would no longer be an issue because of quantum uncertainty, no hacker can properly copy or bypass the keys used to secure a transaction or information. Quantum Tunneling will enable the fast and efficient transfer of information across nodes on a blockchain. A quantum blockchain could be a blueprint for new internet that is faster, more, secure and reliable.

what do you think about this quantum blockchain write up? Leave a comment.

Posted from my blog with SteemPress : http://blockspill.com/quantum-blockchain-a-decentralized-quantum-network/

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