The challenges of quantum computing for blockchain technology

Representing a major transformation in information processing, quantum computing deviates from the binary bit dependence of classical computing. Quantum computers utilise qubits, capable of existing in several states simultaneously. This ability allows for massively parallel computations, providing unprecedented computational prowess and furthermore, qubits can entangle, enabling complex task handling that surpasses traditional bits. The advent of quantum computing, which uses qubits capable of existing in multiple states at once due to superposition and entanglement, is transforming information processing. This revolutionary change offers immense computing power but also presents substantial risks to blockchain technology. Blockchain relies on robust cryptographic security to maintain transaction integrity, yet quantum computing could potentially undermine these cryptographic protections, posing a threat to blockchain's security foundation. Indeed, Deloitte posed the question in a re…