Hacking crypto wallets would be impossible with this blockchain solution
A theoretical solution has been proposed by the researchers from Victoria University of Wellington, New Zealand which would secure cryptocurrency futures for decades to come! What’s exciting is that this solution is made using blockchain!
A blockchain is essentially an online ledger that has the ability to store data and make sure that it isn’t tampered with. In simple words, it stores an immutable record of events.
The solution to store a blockchain in a quantum era (or the future) requires a quantum blockchain. This is facilitated using a series of entangled photons. To put it in simple words, the quantum blockchain can’t be altered by anyone because the photons that it contains technically do not even exist. However, they are readable and extant.
Meaning, the blockchain is visible, but cannot be tampered or even ‘touched’. Researchers say, “In this spatial entanglement case, if an attacker tries to tamper with any photon, the full blockchain would be invalidated immediately.”
An author expressed his views about the technology that could come into existence soon. This is what he had to say,
“Our novel methodology encodes a blockchain into these temporally entangled states, which can then be integrated into a quantum network for further useful operations. We will also show that entanglement in time, as opposed to entanglement in space, plays the pivotal role for the quantum benefit over a classical blockchain. As discussed, all the subsystems of this design have already been shown to be experimentally realized. Furthermore, if such a quantum blockchain were to be constructed, we will show that it could be viewed as a quantum networked time machine.”
Spectrum writes: “Essentially, current records in a quantum blockchain are not merely linked to a record of the past, but rather a record in the past, one that does not exist anymore.”
The photons belong to the state of ‘temporal GHZ’. These photons do not co-exist simultaneously. This mere fact could add as a huge advantage as any changes to the blockchain would not be permitted.
However, for the technology to come to reality, a lot of development is still on the cards. Also, this is just in the theories and the work is still in progress.
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