The Cold War seems like a distant nightmare, one which pitted two global superpowers in an arms race that put the world in danger for many decades. The period was marked by extreme distrust, where billions of dollars and rubles were pumped in a show of one-upmanship.

Today, the arms race has given way to a technological race. Today, the nation that controls emerging technology, is at an advantage. Quantum computing has taken the fancy of the world. While there are many companies that are spending resources into perfecting this transformative technology, nations, per se, have not jumped in. Until now. Russia has joined the quantum race to compete with other organizations who are building this technology, in a bid to pump in state-sponsored resources into the development of this tech and gain an upper hand.

What is Happening?

In an announcement made by Maxim Akimov, the country’s deputy prime minister on December 6 at a technology forum held in Sochi, it was revealed that Russia is to invest about 50 billion rubles (US$790 million) into basic and applied quantum research that is to be carried out in the country’s major laboratories, over the next five years.

This project is only a part of a larger one — a program of 258 billion rubles which is aimed towards research and development in digital technologies. The program has been hailed as indispensable for the growth of Russia’s economy.

Aleksey Fedorov, who is a quantum physicist at the Russian Quantum Center (RQC), said that if this project gets carried out according to the plan, the Russian quantum science would meet world standards in no time.

Elsewhere

Russia’s project is only one among a series of projects that several countries and institutions across the world have taken up to secure a position in the quantum race.

For instance, as early as 2016, the European Union announced a program worth €1-billion (US$1.1-billion) to produce things like a quantum processor on a silicon chip. Not to mention the American, Chinese and German governments which are nowhere behind in this race — a single country spending billions on quantum related projects.

Why talk only about countries when institutions across the globe are also very much ahead in gaining the quantum lead?

Only some weeks ago Google announced having achieved ‘quantum supremacy’, sparking worldwide speculations and debates. Another well-known company, IBM, is also pushing towards enhancing quantum technology.

What Does This Mean?

Perhaps the most foreboding are the words of a Russian engineer, Ilya Besedin, who says that at present, no single entity is close to putting the quantum technology into practical use. However, he says, that despite these technical challenges, scientists have been looking for ‘new avenues to explore’. He said that government support would further aid such research.

Emphasis is to be laid on the fact that when governments like that of Russia, step in to support a technology, not only does its growth accelerates but the act itself implies the importance of that technology. With several national governments coming to give state aid to quantum projects it is very likely that the technology shall gain momentum in no time and practicality would soon be achieved.

Are Emerging Technologies in Jeopardy?

While this may be good news for technology in general, the dark shadow that quantum computing puts on blockchain darkens further. Experts have said that quantum computing will be able to hack blockchain-powered systems with ease, something that was unthinkable of considering the extremely high level of security blockchain provides. Cryptocurrency wallets are at risk of being hacked and all kinds of security breaches that were only imagined are seeming like reality, if commercial quantum computing becomes a reality. As many experts believe, the question of “when” and not “if.” This sounds ominous enough to ring alarm bells in the crypto community.

But There is Hope

This is where platforms like QUUBE Exchange come into picture. Using state-of-the-art technology, QUUBE Exchange is creating a quantum computing hack resistant blockchain platform that will host the world’s most secure STO Launchpad and cryptocurrency exchange.

Because, if blockchain technology does not improvise, and is strengthened, with innovative ideas like QUUBE Exchange, it is in serious danger of dying down well before the true potential of this technology has been explored. It is in the best interests of the members of the blockchain community to act and improvise, instead of panicking about the looming quantum threat.

To know what we are building at QUUBE, visit us at https://quube.exchange

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