Proposed by researchers at the Victoria University of Wellington in New Zealand, blockchain-based data storage could ensure that hackers will not be able to crack cryptocurrencies once the quantum era starts. This would secure cryptocurrency futures for decades using a blockchain technology that is like a time machine.
A blockchain stores every transaction in a system on what amounts to an immutable record of events. The work necessary for maintaining and confirming this immutable record is what is commonly known as mining. But this technology — which the paper’s co-author Del Rajan claims will make up “10 percent of global GDP… by 2027” — will become insecure in an era of quantum computers. Therefore the solution to store a blockchain in a quantum era requires a quantum blockchain using a series of entangled photons.
Our novel methodology encodes a blockchain into these temporally entangled states, which can then be integrated into a quantum network for further useful operations. We will also show that entanglement in time, as opposed to entanglement in space, plays the pivotal role for the quantum benefit over a classical blockchain.
– Report Authors
In short, the quantum blockchain is immutable because the photons that it contains do not exist at the current time but are still extant and readable. This means the entire blockchain is visible but cannot be “touched” and the only entry you would be able to try to tamper with is the most recent one.