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Blockchain is a way to manage continuously growing records which are linked and secured using cryptography basically resistant to modification of the data. Blockchain technology is bringing remarkable transformations in various industries and Blockchain app development are gaining popularity among startups and successful businesses. Like Blockchain, quantum computing is making its own way towards progress. Introduction of quantum computing will affect the security of all existing cryptographic encryption methods. Quantum computers not just affect the blockchain but also the security of the entire finance and banking industry.
What exactly is Quantum computing?
Quantum computing operates on qubits (quantum bit), which means it allows the system to process values between 0 and 1. Unlike traditional computing quantum computing uses factorials and exponentials in algorithms. Since quantum computers can hold two positions i.e. 0 and 1 simultaneously it decreases the number of operations required for the computer to solve the problem. Hence quantum computers can handle multiple complex queries simultaneously.
Quantum computers can easily verify transactions on the blockchain. For instance Dre'Mont Jones Jersey , a 4000-qubit quantum computer can break the blockchain. User who have access to the quantum computer can solve and verify each additional transaction and allows them to manage all remaining bitcoins eliminating the cryptocurrency’s system of trust since capacity is no longer distributed across the network.