IBG CEO White: Blockchain should embrace quantum advancements

LOS ANGELES, USA, November 18, 2019 /EINPresswire.com/ — The blockchain community should embrace the latest quantum advancements instead of fearing it, says blockchain investment expert, Harris White.

White, Chief Executive Officer at leading crypto asset management firm Inter Blockchain Group, published an article recently, calling on the blockchain community to stay up to date about the progress being made on quantum computers.

While asserting that developments in quantum computing are “remarkable,” White championed that blockchains will have to adopt quantum innovations to enhance its leading status and stay relevant in light of emerging alternatives.

As such, White outlined three major directions on how blockchain can smooth the transition process, which is the integration of “quantum-enhanced” cryptography, cryptographic agility and blockchain governance.

Integration of quantum-enhanced cryptography
According to White, the first direction is a process to the integration of quantum-enhanced cryptography as it develops. White stated that quantum-enhanced cryptography tech has already been initiated by IBG, to a large degree of success.

Stressing the need for early adoption, White wrote: “Developing and implementing capabilities specifically designed to complement quantum computers will be key for the future of blockchains, as well as their survival. Blockchain supporters and developers should therefore closely monitor the implementation process and prepare to integrate the results into existing and future blockchain projects.”

Cryptographic agility
Next is cryptographic agility. Simply put, this involves the developers’ ability to quickly implement quantum-enhanced upgrades to existing blockchain networks.

The expert emphasized the importance of blockchain platforms being able to regularly upgrade their systems due to the large number of projects that depend on them, citing the Ethereum network as a prime example of prioritizing adaptability and technological relevance.

Blockchain governance
The third important issue is blockchain governance. According to White, blockchain projects must set up clear procedures to define when and how to deploy “quantum-powered” upgrades to their networks.

Given the obstacles blockchains have faced in establishing optimal governance structures, the expert asserted that the blockchain community should start seriously conjuring ideas and experimenting with “ways to ensure governance is not a hindrance to the improvement of technology.”

He concluded: “There is no doubt that quantum computing is coming, and it will have major effects across the technology space. But those who believe that it will be detrimental and a threat to blockchain fail to consider that the latter will grow and evolve alongside quantum computing. There is much that can be done to make blockchains more dynamic and robust — and the sooner we start embracing quantum technology, the better off blockchain will be in the future.”

On Oct. 25, Ethereum co-founder Vitalik Buterin delivered his opinion on the issue of quantum supremacy, saying: “My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things.”

The full impact of quantum advancements is yet to be realized but the signs are promising. Blockchain as a community would do well to heed the advice of cryptography experts such as White and embrace the impending technological shift – sooner rather than later.

Jess Jameson
Global News&Media
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Source: EIN Presswire