K-Chains – Blockchain Protocols Based On Quantum Mechanics
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 higher 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:
- Transactions between all wallets will occur simultaneously.
- 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.
- 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.
- Accordingly, the transaction that goes through can be considered to have been “automatically verified”.
- 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.
- Transactions with zero amount of money won’t be allowed, so spam transactions will be eliminated.
- Only a single transaction per device at a given time will be permitted.
- Queuing of transactions will be allowed in the K-Device.
- A transaction will be recorded on the K-Block (Kuantum Block) only if a definitive ‘1’ is indicated by the Fourth Register.
(by TAMER SAMEEH on February 14, 2017)
Recently, Australian engineers have shown that quantum computer code can be written and manipulated in a silicon microchip, as reported by The University of New South Wales, Australia. The report adds: “The quantum code written at UNSW is built upon a class of phenomena called quantum entanglement, which allows for seemingly counterintuitive phenomena such as the measurement of one particle instantly affecting another – even if they are at opposite ends of the universe.”
Financial institutions such as Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc, CME Group Inc., and Guggenheim Partners are already studying the possible business applications of quantum computing, reports Bloomberg, adding:
“WALL STREET IS TURNING ITS ATTENTION TO QUANTUM COMPUTERS, AN EMERGING TECHNOLOGY THAT AIMS TO EXPLOIT THE PROPERTIES OF SUBATOMIC PARTICLES TO MAKE EXTREMELY COMPLEX CALCULATIONS AT UNPRECEDENTED SPEEDS.”
To enjoy the immense benefits that quantum computing promises, banks, businesses, and the whole society will have to undergo profound paradigms shifts and re-engineer all of the business processes. By using quantum computing, the Internet of Things, and the blockchain as the enablers of the reengineering effort, we may be able to obtain an unimaginable new economy.
Indeed, to truly benefit society, the new economy will have to be based on an international, secure, and decentralized digital currency, which permits the performance of transparent, cashless, fast, frictionless, and efficient financial transactions.