The intersection of quantum computing and blockchain technology is a captivating field that promises to revolutionize various industries. In a interview recentlyJane Lo from MySecurity Media sitting together Paul Griffin, Associate Professor of Information Systems at Singapore Management University, who shared his insights on the fusion of these two new technologies. With his background in quantum computing and extensive experience in the financial industry, Griffin provides a unique perspective on the potential of quantum to enhance blockchain protocols.
Blockchain Trilemma & Quantum Networks
Griffin started the discussion by highlighting the Blockchain Trilemma, which shows that scalability, speed, and decentralization are difficult to achieve simultaneously in a blockchain system. He proposed that quantum technology could overcome this challenge by increasing security through the use of quantum networks.
“Quantum networks are very secure channels through which you exchange these qubits with each other,” said Griffin. Unlike classical networks, quantum networks instantly detect any attempts to penetrate the system, ensuring communication security.
Increase Consensus & Speed
Expanding on the potential impact of quantum on blockchains, Griffin describes his experiment involving three interconnected nodes on a quantum chip. By leveraging entanglement, he demonstrated that consensus, the essence of decentralized blockchains, can be accelerated.
“We can have a lot more nodes, the quantum scale increases very nicely by two to the power of the number of nodes. So we can have more nodes, more information,” he said. This scalability in quantum technology allows blockchains to handle big data, facilitating consensus on a larger scale.
Solving Security Issues
Lo raised concerns that quantum technology could also empower hackers, but Griffin replied confidently, “If a hacker reads it, you know it’s been read. So, yeah, we still have to be careful to make it as safe as possible so people don’t read it.”
The ability to detect breaches in real time is a significant advantage of quantum systems, enabling rapid action to mitigate security risks. Griffin emphasized the importance of maturing the technology and maintaining a high level of security as blockchain protocols evolve.
Quantum, Blockchain & AI
The conversation then shifted towards the integration of artificial intelligence (AI) with quantum and blockchain technologies. Griffin envisions a future where quantum sensors, quantum networks and quantum computers work in harmony to deliver transformative results. He also highlighted his research on quantum neural networks, where qubits act as artificial neurons, demonstrating training speeds up to 10 times faster than classical methods. This meeting of quantum, blockchain and AI opens up possibilities for exponential progress across multiple domains.
The interview with Paul Griffin provides valuable insight into the combination of quantum technology and blockchain. Griffin’s research and expertise highlights the potential of quantum networks to enhance security, scalability, and consensus mechanisms in blockchain protocols. While acknowledging the need for caution regarding security vulnerabilities, he expressed optimism about the overall progress that quantum can bring to the blockchain industry. As this technology continues to develop, the future holds exciting prospects for quantum-enhanced blockchain systems and their integration with artificial intelligence.
Featured image: MySecurity Media TV