Quantum Computing and its potential to make today’s blockchain redundant
Background:Quantum Computing is on the radar with big banks like Barclays working with IBM to test the next generation of computing for risk management and trading. The encryption methods of Quantum Computing will leapfrog today’s methods, and could wipe out the developments around current encryption methods, including all cryptocurrencies and blockchain developments.
We say could, and are delighted to welcome Dr. Peter Waterland, founder of the Quantum Resistant Ledger (QRL), to present us with his views on how these next generation technologies will impact what we are doing today.
QRL is a high security blockchain that uses a quantum computing resistant encryption method. The encryption methods used by today’s blockchains could become vulnerable to quantum computing within the next 10 years. QRL aims to create a blockchain with long term stability through hash-based signatures.