It’s another initiative for standards in Australia that works on building

guidance on architecture and taxonomy, security and privacy, smart

contracts, governance, and interoperability between Blockchains.

20.4 Quantum Computing, The Fear Factor

Just like Blockchain, Quantum Computing is another emerging

technology that uses special devices called quantum computers to

performs complex. Quantum computing uses quantum bits or qubits,

which is also represented as a 0 or a 1 or as a mixed state called a

superimposed state. With additional properties as interference, and

entanglement etc., it can perform calculations millions of times faster

than the traditional computers. With such high speed, there is a

possibility that the quantum computers of the future would be able to

break the encryption that is the key of Blockchain technology. This is

especially more problematic for the public Blockchains as anyone

can join and participate in the transactions, and this has raised fear

among the crypto users lately. Hence, many public Blockchains are

researching to upgrade to a quantum resistant version in the future.

As per Anthony Day, Blockchain leader at IBM, “Number of

Blockchain and Crypto users is growing at the EXACT same speed

as the Internet did”.

It’s astonishing that the industry started Blockchain adoption only

since 2015 mostly with ICOs. Once the crazy rush of ICOs waned

down, most organizations started investing in private permissioned

DLTs that resulted in hundreds of such DApps running in production.

As this space slowly got into saturation, new trends as NFT, CBDC,

and Decentralized Identity emerged in the DLT space. Private

clouds, decentralized web, integration with drones etc., are also

some of the spaces that need to be researched for a possible

implementation in the future. Blockchain is here to stay, perhaps in a

new name and with new features.

20.5 Summary

In this chapter, we covered the following topics: