qBitcoin: A Peer-to-Peer Quantum Cash System
This addresses the security and efficiency issues in decentralized cash systems like Bitcoin, offering a novel quantum-based solution that could impact digital currency and blockchain technology.
The paper tackles the double-spending problem in digital cash systems by proposing qBitcoin, a peer-to-peer quantum cash system that uses quantum teleportation and a quantum chain to eliminate double-spending and enable faster payments than Bitcoin, with security guaranteed by quantum information theory.
A decentralized online quantum cash system, called qBitcoin, is given. We design the system which has great benefits of quantization in the following sense. Firstly, quantum teleportation technology is used for coin transaction, which prevents from the owner of the coin keeping the original coin data even after sending the coin to another. This was a main problem in a classical circuit and a blockchain was introduced to solve this issue. In qBitcoin, the double-spending problem never happens and its security is guaranteed theoretically by virtue of quantum information theory. Making a block is time consuming and the system of qBitcoin is based on a quantum chain, instead of blocks. Therefore a payment can be completed much faster than Bitcoin. Moreover we employ quantum digital signature so that it naturally inherits properties of peer-to-peer (P2P) cash system as originally proposed in Bitcoin.