Cryptocurrencies have been experiencing extreme lows and the market is not holding up to the expectations of the investors and crypto users. While crypto is already down, now, blockchain is expected to face some serious challenges as IBM announced recently that the world’s first integrated quantum computing system for commercial use is ready for the launch. IBM also revealed that they will be opening an IBM Q Quantum Computation Center for commercial clients in Poughkeepsie.
The latest announcement by IBM gives birth to some intense concerns for the blockchain. Blockchains, used in different ways by different companies, hold a signature trait i.e security with them. Blockchain enthusiasts consider blockchains to be very safe and secure. People, who support bitcoin blockchain, regard the underlying blockchain to be unhackable with today’s technological advancements. Up till now, their perception has not been disproved and weakened, but it is surely up against a test now because IBM Q Systems have changed the dynamics substantially.
The probability of hacking bitcoin (BTC) i.e to find a bitcoin address is extremely low. When the extremely low, yet possible, steps against the likes of a quantum computer, capable of processing and analyzing infinite bits of information at the same time at extremely high speeds, certain theories and views open up. One of them suggests that even if it’s possible, it’s not easily achievable. Either a nation or enterprise who possess both, extremely high budget and a lot of possible space, is theoretically capable of breaking the blockchain. So for now, crypto and blockchain are safe from the likes of the quantum computer.
At the moment, the quantum computer is taking its first step in the world. Its features and specifications are expected to evolve over time and with advancements and modifications, it is expected to transform into a much stronger technology then it has been previously. The possibility of a quantum computer breaking the blockchain has more chances of becoming a reality in the future due to IBM’s latest announcement but until then, we can expect both spaces, blockchain and quantum computing, to keep growing and evolving.