While Blockchain technology is a relatively new innovation, it has been steadily gaining recognition recently. According to Gregory Shannon, Chief Scientist of Carnegie Mellon University, Blockchain is a technology that has now found its way out of the encryption community and into other sectors as well.
He states that it will be ideal for the economic systems around the world and also the healthcare and medical industry.
Quantum computing effects
Although encryption of data is a rather safe mode of transferring data through several networks, quantum computing could allow a third party to break through the encryption which can be an actual threat to encryption technology such as Blockchain technology.
However, Shannon believes that by the time quantum computing can be used for breaking encryptions, they would have already made a quantum-resistant protocol.
To do this, they must also make use of quantum computing. As long as the encryption is kept secure by the development of these security measures, data can be transferred without much risk of a breach.
With Blockchain technology impacting so many parts of the globe, it is essential to make sure that the technology is very secure and safe because it contains information and important data of many people from around the world.