The future internet, built on blockchain: Decentralisation, security and privacy

In the latest episode of FinancialFox, Crypto Guru Stefania Barbaglio connects with Jared Tate, founder of DigiByte and author of Blockchain 2035: The Digital DNA of Internet 3.0. Aimed at both professionals and the layperson, the book explores the possibilities of the new blockchain-powered internet age.

The DigiByte founder has long talked about the power of decentralised technologies and “blockchain’s ability to recreate the architecture of the internet.” In this book, co-authored with Andrew Knapp, founder and CEO of VESTi, Jared dives deep into the world of blockchain and its potentiality.

Blockchain is one of the most innovative technologies to have surged in adoption over recent years. The industry has received substantial investment and is rapidly developing its products and services to fit the demands of an ever-more digital world. The applications of blockchain are diverse, ranging from financial services to healthcare to digital identities.

Blockchain 2035 addresses exactly this. “It’s a very dynamic book,” defines Jared Tate, highlighting that his work combines explanations about the technology and its applications, as well as geopolitics and the digital economy. The book is a first of its kind, detailing the pivotal role of blockchain in the future of the internet and digital systems.

Jared discusses the challenges inherent in blockchain development, such as scalability, and how DigiByte has evolved to address vulnerabilities and improve its structure. DigiByte is one of the most secure and decentralised UTXO blockchains available on the market due to its constant updates and enhanced features.

Blockchain has immense industrial and technical value and the industry is highly capable of reinvention and improvement.The purpose of deploying blockchain is to enable faster, more secure user-centric systems.

On the issue of quantum computing, Jared debunks some myths around the subject and explains its potential impact on blockchain services. He questions the feasibility of quantum computers becoming mainstream in the near future, while acknowledging that it is a powerful technology with interesting applications. In terms of the challenge it could pose to blockchain technology: “We already have projects working to quantum-proof their blockchains, like DigiByte. This industry has been on the cutting edge of security innovations and I believe this will continue to happen,” Jared comments.

Discussing the current issues in data management and privacy, Jared believes blockchain has an important role in protecting data as he outlines DigiByte’s work with digiassets, a system built on DigiByte technology that allows for the application of decentralised technologies to digital identity and safe management of digital assets.

“By 2035, our world will have changed substantially, and decentralised blockchains will have been a big part of that. Blockchains will serve for everything we use in our day-to-day lives, from being a source of trust for businesses to working as a check on advanced AIs. New monetary alternatives that blockchain supports will impact governments, large corporations, and banks, especially in an era defined by overwhelming debt and quantitative easing.”

You can order Blockchain 2035 here:

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Quantum Computing: dawn of a new tech era?

Much has been said about quantum computing since Google revealed that it has achieved ‘quantum supremacy’. Last month, the search giant reported its quantum computer, called Sycamore, was able to solve a mathematical calculation in 200 seconds — a similar task would take a supercomputer 10,000 years.

Although the concept of quantum physics originated in the early 20th century, we have not yet seen any practical applications of this technology as scientists are still studying its structure and examining its potential. Quantum computers, if they become a reality, could operate well beyond the limits we know today and offer exponential gains in computing power.

Quantum computers use quantum bits, or “qubits”, instead of “bits”, which are the currency of classical computers. While a classical bit has a value of either 0 or 1, a qubit can be both and everything in between: based on the quantum principle known as superposition. Unlike classical computers, quantum computers can many calculations simultaneously, meaning that a quantum computer‘s capabilities increase exponentially.

“Quantum computing represents an emerging technology where the performance could be exponentially better than what is capable today from a classical computer. The hope is that with this technology, in about 10 to 12 years, we have a quantum computer capable of doing something that no computer on earth can do in any amount of time,” said Jim Clarke, Director of Quantum Hardware at Intel, in an NBC interview in 2018.

The race to conquer quantum technology is already taking place: iIBM and Google are leading way the in the US, while D-Wave in Canada is another main player. Meanwhile, China is heavily investing in quantum research and development to achieve its goal of being a global leader in innovation by 2035, Japanese companies like Toshiba and Hitachi are getting involved in the quantum space, and the European Commission has made quantum technologies a priority in the digital single market.

Quantum technology is indeed powerful and promising: once fully developed and harnessed, it could allow for new systems to take over virtually any industry. However, it is still early days, so it might still be some time before we see any day-to-day applications of quantum computing. There are limitations to be overcome, like the fact that qubits are fragile and require a highly controlled physical environment with temperatures close to absolute zero. Some of the most immediate applications of quantum power would be for machine learning development, communication and cryptography.

The calculation carried out by Google’s Sycamore used 53 superconducting qubits and is not useful in daily life. At the moment, quantum machines can perform very simple algorithms. Experts say that a realistic time frame for quantum computing to have a measurable impact is about 10 to 15 years from now, but growing investment and government incentives could accelerate this process.

“Sometimes people think: okay, it went fast with mobile phones, it went fast with this and that, so maybe in a few years I will have my own quantum computer in a mobile phone. I think this is simply not realistic.” Kristel Michielsen, a Quantum Information Processing professor and researcher at Jülich Forschungszentrum, in Germany, told DW in an interview.

A threat to blockchain technology and crypto?

The announcement of Google’s quantum breakthrough set tongues wagging in the blockchain and crypto community. Could the reality of quantum computing end up wiping out the developments and benefits of blockchain technology?

Blockchain is made of encrypted nodes interconnected on a chain, which currently makes it almost impossible to hack, whereas Quantum computers in fact represent a risk to all encryption systems. The way to break into an encrypted system is to calculate a private key using the public key — a very difficult feat for conventional computers, but achievable by quantum machines.

According to the MIT Technology Review, quantum computing would be able to hack the cryptography hash that universally secures the blockchain and the internet in general. This could enable quantum computers to perform fraudulent transactions and break down internet security as we now know it. The massive calculating power of quantum computers will be able to break Bitcoin security within 10 years, said security experts to MIT Technology Review.

Compared to other emerging technologies, such as blockchain and artificial intelligence, funding for quantum computing is relatively low. This is because the impact of AI and blockchain is much more immediate and we can see the applications right now. But this reality coulds change as the impact of quantum power become more evident.

Is blockchain able to resist against quantum computers?

PR Crypto Guru Stefania Barbaglio will be speaking with blockchain experts Jared Tate and Jean-Phillippe Baudet, and Quantum Physicist Andre Xuereb along with Frank Dumas about what the emergence of quantum computing means for blockchain and the tech scene. Full episode releasing soon. Stay tuned!

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