It’s like a quantum networked time machine. Blockchain technology has taken the world by storm in recent years as a way to anonymously record transactions between individuals.
As safe is it is currently, it’s only a matter of time before somebody finds a way to tap into those coded messages. While quantum computing potentially opens the way to some serious safe-cracking power for hackers, the delicate nature of entanglement might also provide the solution to keeping data secure – by reaching into the past and erasing its own history.
A pair of researchers from Victoria University of Wellington in New Zealand have developed their own concept for a quantum blockchain that would theoretically prevent anybody from unknowingly fiddling with your electronic ledgers. Blockchain technology is best known for its role in systems of economics known as cryptocurrency.
Where your traditional pounds and dollars are tied to a state-owned banking system, methods of payment such as ‘Bitcoin’ depend on a decentralised network of encrypted transactions. This publically available ‘bank-book’ has the advantage of doing away with any kind of human authority by using a set of algorithms to time-stamp and evaluate each currency-based exchange across a series of computers on the internet.
This distributed form of decision making makes blockchain technology perfectly suitable for virtually any democratic process, from a publically owned banking system to building companies that don’t have a CEO. But this system is reliant on a relative transparency to the general public, something that also makes it vulnerable to exploitation. Read more from sciencealert.com…
thumbnail courtesy of sciencealert.com