23 Pages Posted: 20 Jan 2017

Date Written: January 13, 2017

Abstract

Quantum Mechanical principles have brought about a revolution in the way we perceive our world and use technology. One of the possible impacts and usage of Quantum mechanics is in the field of economics. Quantum mechanics can be applied to build a new class of Blockchain systems. This paper explores that possibility. It deals with how Quantum Mechanics can be best implemented to bring into existence a new class of Blockchain systems. These Quantum Blockchains (called K-Chains) will have several advantages like possible Faster-Than-Light (FTL) communication of Transactions, Unlimited network capacity and the revolutionary prospect of an Off-line Blockchain which will not need to be connected to the internet for transactions to occur. Extrapolation of this likelihood can lead to the designing of Quantum Turing Machines which are based on Quantum Blockchain (K-Chain) Technology. Real time information and communication systems spanning distances across light-years will most likely be probable. This can allow Mankind to instantly exchange value and information across vast distances of space almost instantly.

The paper starts by briefly explaining the basics of Blockchains, cryptocurrencies and relevant Quantum mechanical concepts. Then we discuss how Quantum mechanics can be amalgamated with Blockchain Technology to achieve K-Chains. Later we will delve into the various impediments that make achieving a Quantum Blockchain (K-Chain) difficult with present day hardware technology. The paper concludes by discussing the various aspects of Quantum Technology, Blockchain Systems and the possibilities of constructing a Blockchain based Quantum Turing Machines.