BlockChain and Quantum Computing Warning

Insider Brief

• Quantum computers could potentially break current blockchain encryption, risking billions in cryptocurrency assets, according to a quantum policy expert.
• Quantum-resistant cryptography and quantum random-number generators are emerging as vital solutions to protect blockchain networks from quantum attacks.
• Companies are already developing quantum-secure blockchain technologies to counter these future threats.

Cryptocurrencies are maturing.

Quantum computing is maturing.

Both crypto and quantum are earning attention from Presidential candidates and global policymakers, eager to tap into both the power of these new technologies, as well as the extensive communities of advocates.

Taken separately, practitioners of those fields may be excited about this developments. However, the two deep techs are on a collision course.

Quantum computing is poised to disrupt a wide range of industries, and the world of cryptocurrencies is no exception, points out Arthur Herman in a recent op-ed in the Korea Herald. Herman, Senior Fellow at the Hudson Institute and Director of the Quantum Alliance Initiative, writes that the same technology that could unlock immense computational power might also render existing cryptographic systems, including those that secure blockchain networks, vulnerable to attacks.

This alarming possibility, he argues, should be a wake-up call for the cryptocurrency industry and for anyone relying on blockchain technology.   READ MORE...

Blockchain Development Companies

If you have been following banking, investing, or cryptocurrency over the last ten years, you may be familiar with “blockchain,” the record-keeping technology behind the Bitcoin network. And there’s a good chance that it only makes so much sense. In trying to learn more about blockchain, you’ve probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger.”

What is Blockchain?
If this technology is so complex, why call it “blockchain?” At its most basic level, blockchain is literally just a chain of blocks, but not in the traditional sense of those words. When we say the words “block” and “chain” in this context, we are actually talking about digital information (the “block”) stored in a public database (the “chain”).

“Blocks” on the blockchain are made up of digital pieces of information. Specifically, they have three parts:

Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for illustrative purchases; Amazon retail does not work on a blockchain principle as of this writing)

Blocks store information about who is participating in transactions. A block for your splurge purchase from Amazon would record your name along with Amazon.com, Inc. (AMZN). Instead of using your actual name, your purchase is recorded without any identifying information using a unique “digital signature,” sort of like a username.

Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code called a “hash” that allows us to tell it apart from every other block. Hashes are cryptographic codes created by special algorithms. Let’s say you made your splurge purchase on Amazon, but while it’s in transit, you decide you just can’t resist and need a second one. Even though the details of your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes.  READ MORE...

Blockchain Technology

A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

One key difference between a typical database and a blockchain is how the data is structured. A blockchain collects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.

A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible time line of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this time line. Each block in the chain is given an exact time stamp when it is added to the chain.

The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT).  TO READ MORE ABOUT THIS TECNOLOGY, CLICK HERE...

Technology Trends for 2021

According to Rohit Sharma of UpGrad.com, there are 8 Technological Trends for 2021 of which we should be or become aware...  

These are:

1. Artificial Intelligence
2. Data Science
3. Networking Devices
4. Electronic Ledger Blockchain
5. Robotic Process Automation
6. Virtual Reality
7. Edge Computing
8. Intelligence Applications

Of course...  UpGrad is offering courses in each one of these areas, in case you want to move towards a career in any of these areas...  however, Community College and Technical Institutes are offering the same courses and probably for a substantial reduction of enrollment fees...   I'm just saying...

With this said...  most if not all of these 8 areas are predicated upon cloud computing or storing data in the cloud so that the proximity to the user is closer thus reducing time...

Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. The term is generally used to describe data centers available to many users over the Internet.