The recording of transactions between individuals anonymously is with the passage of time becoming the order of the day and that is thanks to the insurgence of blockchain technology that is currently taking the world by storm. There is much talk moving around regarding how secure it is. However, it shouldn’t catch anyone by surprise in case at some point in time someone finds a way to tap into the coded messages.
Victoria University of Wellington has lately become a subject of great talk and that follows the move by a number of its researchers to come up with their own concept for a quantum blockchain. It was fundamentally the sort of concept which from a theoretical perspective would be barring anyone from unknowingly fiddling with the electronic ledgers of any given user.
The thing that has put Blockchain technology to the limelight for over quite sometime is the role it has been playing in cryptocurrency, which many understand as systems of economics. One distinguishing attribute about a payment Mechanism such as Bitcoin (BTC) is the point that it basically depends on a decentralized network of encrypted transactions.
The blockchain technology is quite reliant on a relative transparency to the general public but that is not something to be excited over without some second thoughts. The point is that the attribute ends up making it rather vulnerable to exploitation.
At the moment, most of the transactions are happen to be pretty locked up with heavy magnitudes of encryption and a person conversant with the matter says that even the fastest supercomputers would find it quite a challenge to crack even when some reasonable amount of time is provided.
Might quantum computing be what is needed to turn things around? One point worth noting is that by making good use of the algorithms with basis on the fuzzy guessing-game of undecided quantum states any moment from now the various computers might end up crunching through traditional forms of encryption in a relatively short time.
It was in the previous year that that a number of researchers came up with as well as put to test a mechanism, to replace traditional encryption with a quantum form.