Quantum mechanics have ignited a transformational change in the way we envision the world and utilize technology. Economics is one of the prominent fields throughout which Quantum mechanics can be deployed. Quantum mechanics can be utilized to create a novel class of blockchains. A new paper has just been published exploring the possibilities of building blockchains on the basis of Quantum mechanics. It discusses how Quantum mechanics can be ideally deployed to build a new class of blockchains.
Quantum based blockchains, known as K-Chains, have a group of advantages over classical blockchains including communication of transactions at a Faster-Than-Light (FTL) speed, unlimited capacity of the network and an innovative offline blockchain that needn’t be connected to the internet for transactions to be executed. Extrapolation of these possibilities can lead to the creation of Quantum Turing Machines that rely on the Quantum Blockchain (K-Chain) technology. Real time data and communication protocols that span across distances of “light years” will be possible.
Important Definitions Related To Quantum Mechanics:
Quantum superposition represents one of the fundamental principles of quantum mechanics, which states that, just like waves in conventional physics, any two or more quantum states can be “superposed”, or added together, and this will result in another quantum state. Oppositely, every quantum state can be alternatively represented in the form of two or more distinct quantum states.
Quantum entanglement represents a Quantum mechanical phenomenon. It takes place when groups or pairs of particles are created or interact in a way so that the quantum state of any of the particles involved cannot be explained independently of other particles, even if a large distance separates the particles. On the other hand, a quantum state should be defined for a given system as a whole.
Quantum Decoherence denotes loss of quantum coherence. Particles, such as electrons or photons, behave similarly to waves, so they are defined using a wave function. Waves interact with each other yielding quantum particles’ strange behavior. Whenever a definite phase relationship exists between various states, the system is described to be coherent.
Quantum teleportation refers to the process throughout which quantum information, i.e. the precise state of a photon or an electron, can be communicated from one location to the other, with the aid of conventional communication and previously shared quantum entanglement between the sending and receiving locations.
A quantum Turing machine (QTM), or a universal quantum computer, refers to an abstract device that can be utilized to simulate quantum computer’s effects. It represents a simple explanation that summarizes all power forms of quantum computation.
Characteristic of K-Chain Blockchain Protocol:
As the K-Chain blockchain protocol is based on the principles of quantum mechanics, we can expect the following:
1- Transactions between all wallets will occur simultaneously.
2- All transactions will exist in a state of superposition, i.e. all transactions will have been executed and not have been executed at the same time.
3- When transactions are to be recorded on the K-Chain, or the quantum blockchain, only one transaction will have been executed, while the others will be automatically invalidated. In other words, the superposition of transactions will be reduced into a single valid transaction.
4- Accordingly, the transaction that goes through can be considered to have been “automatically verified”.
5- If a payer A tries to double spend, or even multiple spend, and a billion wallets exist, the probability of the funds being sent to the predestined receiver will be 10-9. Consequently, if A tries to perform a double spend, he/she would be penalized as he/she will lose his/her funds, so double spends are penalized whenever attempted.
6- Transactions with zero amount of money won’t be allowed, so spam transactions will be eliminated.
7- Only a single transaction per device at a given time will be permitted.
8- Queuing of transactions will be allowed in the K-Device.
9- A transaction will be recorded on the K-Block (Kuantum Block) only if a definitive ‘1’ is indicated by the Fourth Register.
The following represents the difference between classic blockchains and K-chains:
|Classical Blockchain||K-Chain (Kuantum Blockchain)|
|Utilizes solid state electronic principles, i.e. bits are used for functioning||Utilizes the principles of Quantum mechanics, i.e. uses qubits for functioning|
|Double spending can be eliminated via broadcasting||Broadcasting isn’t needed. Quantum entanglement promotes automatic broadcasting.|
|Double spending and 51% attack can happen||Double spending is impossible to occur|
|Block confirmation time represents a finite value||Block confirmation time is zero|
|For transactions to be executed, an internet connection is mandatory||Transactions can be executed without connection to the internet.|
|Conventional encryption is used||Quantum encryption is used|
|Limited network capacity as the block confirmation time represents the primary restraint||Theoretically, there is an unlimited network capacity|
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