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Cryptocurrencies have experienced extreme lows and the market has not taken into account the expectations of investors and crypto users. While crypto is already inactive, now the blockchain is expected to face some serious challenges, as IBM recently announced that the first integrated quantum computing system for commercial use is ready for launch. IBM also revealed that it will open an IBM Q Quantum Computing Center for commercial customers in Poughkeepsie.
IBM's latest announcement gives rise to some intense concerns about the blockchain. Blockchains, used in different ways by different companies, have a distinctive feature with their security. Blockchain enthusiasts consider blockchains very safe and protected. People, who support bitcoin blockchain, consider the underlying blockchain inaccessible to today's technological advances. Until now, their perception has not been denied and weakened, but it is certainly against a test now because IBM Q Systems has substantially changed the dynamics.
The probability of hacking bitcoins (BTC) to find a bitcoin address is extremely low. When the extremely low but possible steps against a quantum computer, capable of processing and analyzing infinite bits of information at the same time at extremely high speeds, certain theories and views are opened. One of them suggests that even if it is possible, it is not easily achievable. Either a nation or a business that possesses both an extremely high budget and a lot of space is theoretically able to break the blockchain. So for now, cryptography and blockchain are safe from quantum-caliber computers.
At the moment, the quantum computer is taking its first step in the world. It is expected that its characteristics and specifications will evolve over time and with innovations and changes, it is expected to turn into a technology much stronger than it was previously. The possibility of a quantum computer breaking the blockchain has more chance of becoming a reality in the future because of IBM's latest announcement, but until then, we can expect both spaces, blockchain and quantum computing, to continue to grow and to evolve.
