1

(Title page)

🡪 Name, roll no, subject, course instructors, etc.

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Table of Contents

Table of Figures 4

Abstract 5

1. Introduction 5

2. Problem Statement 7

3. Objective 8

4. Literature Review 8

5. Methodology 9

6. Introduction to the Classification of Currencies 10

i. Fiat Money 11

ii. Commodity Money 11

iii. Representative Money 12

6.1 Significance of Fiat Money 13

6.1.1 Forms of Fiat Money 13

6.2 Some Major Terms Related to Fiat Money 13

6.2.1 Digital Money 14

6.2.2 Quantum Money 14

6.3 Financial System 15

6.3.1 Types of Financial System 16

i. Digitally Operated Financial Systems 16

ii. Quantum Money based Financial System 17

7. Preference of the Quantum Money over other forms of Money 17

8. Introduction to Blockchain 18

8.1 Definition 18
 3

8.2 Scalability 19

8.3 Types 19

8.4 Platforms 20

9. Quantum Money based System Makes the Blockchain Scalable 21

10. Stock Exchange Platform 21

10.1 Anti-Money Laundering 22

10.2 Token Economics 22

10.3 TokenomicsSTO Marketplace 22

11. Relation of Artificial Intelligence to Quantum Money Blockchain 22

11.1 Introduction 22

11.2 Advantages of Using AI and Blockchain Together 23

12. Conclusion 24

References 25
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Table of Figures

Figure 1 Benefits of Blockchain 6

Figure 2 Cryptocurrency in Simple Words 7
Figure 3 Arm-chair Approach 10
Figure 4 Examples of Fiat Money 11
Figure 5 Japanese Commodity 11
Figure 6 Examples of Commodity Money 12
Figure 7 Relation between the Fiat and the Representative Money 13
Figure 8 Flow of Digital Money 14
Figure 9 Representation of Quantum 15
Figure 10 An Overview of Financial System 16
Figure 11 Steps Involved in the Process of Blockchain 18
Figure 12 Scalable Blockchain 19
Figure 13 Advantages of AI and Blockchain 23
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Quantum Money based System Proofing Scalability of Blockchain

Abstract
As it is clear from the topic that this research paper will be concerned with the quantum
money-based financial system that will be proofing the scalability of blockchain, therefore, the
scalability is going to be positive in this regard. Likewise, it will also be concerned with a simple
description of cryptocurrency that is being used widely all around the world now, and people
have become so fond of it that the life, trade system, business, and a lot of other things cannot
actually run on the large scales. Therefore, for today's world, globalization (global interaction)
has become more and more important, and so the world has become a global village. However,
the most important aspect of this phenomenon is that it cannot work without money. Thus,
digital money (i.e., cryptocurrency) was invented in order to make transactions online without
any sorts of delays. In addition, a thrilling measure that is also considered side by side the
economic and business concerns is called the blockchain that protects one’s personal and
extremely important information from being hacked or stolen by intruders. Later on, the quantum
money was also introduced in 1983 that was to be used in the form of qubits (somewhat the bits).
Furthermore, the coding of them could never be possible by the counterfeits, and so the scientists
have concluded that quantum money (let us say a handful of money in the form of qubits) is
more reliable in the coming years. In this regard, "Blockchain" can be proved very helpful in
helping getting rid of the success of the counterfeits. However, the scalability of the blockchain
is thus a very required thing.

1. Introduction
The world has been going on with digital money since 2008. And it has always proved to
be very significant in making transactions with a huge amount and with the maintenance of
security of sender's and receiver's privacy. This phenomenon is called "Cryptocurrency."
However, it was only possible to be done in the same country but not worldwide effectively. So,
the term "Quantum Money" was introduced in 1983 by Stephen Wiesner, and most people did
not believe it, and it had shown that it could not be that significant to be used in the future.
However, now this quantum money is considered significant for the new era. And a lot of
scientists are putting their efforts into making it possible to be used by the people.
 6

Moreover, blockchain, the widely used and comprehended technology in the world, is
getting improved day by day. People are supporting it a lot. It helps in increasing the value of
cryptocurrency, where the coding of the digital money and the private information of the users
and their accounts is protected and hidden from intruders or counterfeits. The following figure 1
provides some benefits of the blockchain that are to be considered before moving on to the main
topic:

Figure 1 Benefits of Blockchain

According to Zhu et al. (2020), the technology of blockchain is very helpful in

empowering cryptocurrency, whether it is on mobile applications or on the web. Cryptocurrency
is considered a standard for exchanging U.S. dollar around the world whereas, some other
technologies like the Diem (i.e., per day expenses), Libra (i.e., a security and economically stable
global basket), and Ripple (i.e., XRP or the peer to peer powered currency) are also invented till
now, but they are not considered any stander. So, they are not actually known or noticed like
cryptocurrency (Oliveira et al., 2020).

Cryptocurrency is actually the basis of online business or the utilization, transfer, or

receiving of money online. It can be explained well by the following figure:
 7

Figure 2 Cryptocurrency in Simple Words

This paper will draw some conclusions with the help of pieces of evidence from different
authors' work and with my own interpretations of the facts that will show that quantum money
can actually be proofing the scalability of the blockchain. It is a fact that with the increasing
demand of one quantity, the demands of the neighboring factors are also increased. Likewise, if
the use of quantum money is increased or made common, then the blockchain or the privacy
concerns related to the users of quantum money would also be enhanced or made better in order
to keep everything secure. Therefore, the quantum money and the positive scalability of the
blockchain have a direct relation.

2. Problem Statement
It is believed that a quantum money-based system can be better to be used in the modern
world so that it could decrease the number of issues that arise during online transactions on the
blockchain. However, it makes the blockchain able to handle a huge amount of work, i.e.,
scalable. What could be the reasons behind this interpretation?
 8

3. Objective
The objective of this paper is primarily to find the reasons those can lead to making the
quantum money-based system proofing the blockchain scalable. However, it can then be
categorized into the following parts:

● Major terms related to money

● What can actually be a blockchain?
● A conclusion that would indicate that the quantum money-based system makes the
blockchain scalable.

● How can the blockchain work with the artificial intelligence?

4. Literature Review
The term “Quantum Money” has been introduced to the world a lot of years ago, i.e.,
around 1893 by Stephen Wiesner. It was technically introduced to limit or just to block the
illegal process of cloning the money (i.e., preparing the copies) in order to reduce the risk of
fraud. Therefore, the technology of blockchain was introduced to keep a record of all the
transactions with a provision of security and transparency. This technology of blockchain cannot
be actually altered by the local individual.

However, the researchers have done so much work to improve the blockchain-related
applications and systems so that the application's transactional procedures should become more
proficient. Basically, the blockchain network was introduced in mobile computing concept
introduced and tried to solve the problems related to the virtual currency transactions with the
help of some IoT (i.e., Internet of Things) devices (Iansiti and Lakhani, 2017). Through this, the
mobile could handle all the transactions with the task offloading operations. It was able to work
with the data, not with the scalability (Qiu, Zhang, and Gao, 2019). Later on, the concept of task
offloading and data handling was replaced with the computational offloading that was termed
"mobile edge computing" (Ghosh, Gupta, Dua, and Kumar, 2020).

Likewise, it was something better that could effectively manage the harmonious
processes. After the thorough and deep learning of this technology of blockchain, some models
were employed to train the systems for a better and efficient workflow. With the advancement in
 9

technology, these models were even modified according to the requirements and made more
accurate (Shahid et al., 2020). With further detailed work and analysis, the perception of
quantum computing came into existence. Quantum computing is configured to make the
transactional procedure very high and speedy. It also made the digital signature systems very
efficient (Salimitari, Chatterjee, and Fallah, 2020). However, the description of the research
showed the traditional work with pre-defined standards of blockchain. The demand for the
innovative use-case arises in the upgrading applications (Singh and Vardhan, 2020).

Moreover, it is still not successful now because it has no successful storage options.
Ultimately, it is due to the fact that the quantum money can only be stored in quantum memory
and that memory stores anything in it for a very short duration of time (Lo, Spiller & Popescu,
1998). My research will draw some deductions to the facts that would show that the quantum
money-based system could be used to prove the scalability of the blockchain.

5. Methodology
Since I had done research on the topic of general knowledge that I might invest in my
future work to teach others or might become able to present it to a large audience, I used the arm-
chair approach to do the research on it. It had to surf a number of sites, and I have read a lot of
articles by other authors in order to do a thorough study about the topic. It helped me a lot in
learning about the minute things I had seen in real life, but I missed them. As I had to do find
about the factors that will lead to the scalability of the blockchain with the presence of a quantum
money based system, I had made a very thorough research on both the terms; quantum money
and blockchain utilizing the qualitative approach of the study. Likewise, I had found that
quantum money will be considered very significant in the coming years, and it will be proofing
the positive scalability of the blockchain.
 10

Figure 3 Arm-chair Approach

6. Introduction to the Classification of Currencies

The coins or the banknotes are considered a currency. Currency is any form of money,
specifically when it is in usage, or it is being circulated among the people. Furthermore, it is
classified into the following three monetary systems (Wikipedia):
 11

i. Fiat Money
This is also a type of money that is approved, authorized or given value by the
government. Examples of such money include Euros, U.S. dollars, Rupees, Riyals, etc. Some of
the examples of notes of such money are given in the figure below (Wikipedia):

Figure 4 Examples of Fiat Money

ii. Commodity Money

The money whose value comes from the commodity that creates it. For example, the
Japanese commodity portrayed by the following figure (Wikipedia):

Figure 5 Japanese Commodity

 12

The other examples of such commodity include silver, gold, rice, grains, nails, etc. the
following table illustrates them (Wikipedia):

Figure 6 Examples of Commodity Money

iii. Representative Money

It is a way of exchanging something often printed on a paper that would have some value
in intrinsic. It is not like fiat where the government gives value to money, but it is the
representative money that has some intrinsic value of its own that defines it, and that value is
considered when the fiat money is used in exchange with the representative money (Wikipedia).

However, all three of them are significantly being used all around the world, but fiat is
considered more reliable because it is authorized or given value by the government. It is so
because the main authorized body of a state is its government.

For example, expenses metals like gold, silver, platinum, etc., can be exchanged with fiat
money. The following figure provides a relationship between fiat and representative money:
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Figure 7 Relation between the Fiat and the Representative Money

6.1 Significance of Fiat Money

Since Fiat money is the most trusted version of the financial exchange between the
people of the whole world, it is has changed its forms in order to make the financial exchange
system more effective.

6.1.1 Forms of Fiat Money

Fiat money is actually the currency that comes in the form of coins or paper notes of each
country recognized and given value by its own government. It varies with each country’s
currency. Therefore, it comes in the following forms (INVESTOPEDIA, 2019):

i. U.S. dollar (i.e., the currency of U.S.A.)

ii. British pound (i.e., the currency of Great Britain)
iii. Indian rupee (i.e., the currency of India)
iv. Euro (i.e., the currency of some states of the European Union)

6.2 Some Major Terms Related to Fiat Money

The major category of fiat money can be real money and virtual money. Real is the one
that exists in reality whereas, virtual money is the one that is imaginary or created in the virtual
 14

environment followed by any electronic device. Virtual money includes the following terms
(WORLD FINANCE – THE VOICE OF THE MARKET, n. d.):

6.2.1 Digital Money

Digital money is also a form of currency. It exists in electronic forms, with the major fact
about it is that it is not tangible or existing in three dimensions, like the bitcoin or the dollar. It is
simply a form of money or just the digits or expressions that are worth like money, and they are
transferred from one person to another by means of electronic devices. Such electronic devices
mean the mobile phone, computers, etc. Digital money is the form of money that ensures
cryptocurrency effectively (WORLD FINANCE – THE VOICE OF THE MARKET, n. d.).

Digital money can be sent simply to any receiver who is far away from the sender. The
following figure gives an idea of the digital money and its transfer system (WORLD FINANCE
– THE VOICE OF THE MARKET, n. d.):

Figure 8 Flow of Digital Money

6.2.2 Quantum Money

Quantum money is a very significant term in today’s world that draws a connection
between finance and physics. Likewise, we have been familiar with the term “quantum” from the
 15

past few years from our school physics that it is related

to “quanta” the smallest packets of light and money is
obviously something that we know is worth value for
people today. So, collectively, the term "quantum
money" can be defined as money that is in the form of
light. It can be represented in figure 9. This can also be
signified as virtual because it is not like the paper
money that we can use as we do in our daily life. It is
money but can be considered an advanced version of
fiat money (WORLD FINANCE – THE VOICE OF
THE MARKET, n. d.).

6.3 Financial System

Something that is responsible for any country's economic success is called its financial
system. Therefore, the financial system can be defined as a system of exchanging funds with the
seller and the buyer. These prove to be significant when the buying and selling rate is equal to
some extent. The financial system of any country provides the people with the necessary funds
for the preparation of goods in order to sell them and to make money. The bonus in each case is
kept under consideration so that it can be used for the betterment and welfare of the people.
Thus, the financial system, or we can say the economic system of any country, is highly
important for survival. Therefore, with the passage of time, it has been improved a lot in order to
remove the hurdles that arose in making it defective in some way (eStartIndia, n. d.).

The following figure gives a brief idea about the functioning of a financial system:
 16

Figure 10 An Overview of Financial System

6.3.1 Types of Financial System

The financial system can be helpful in exchanging funds online or by hand. Therefore,
the online exchange of funds is categorized in the following types of financial systems:

i. Digitally Operated Financial Systems

The financial system that is running with the help of digital money (already talked about
it in section 4.2.1), where digital money has used a source of payments, funds, etc., is called a
digitally operated financial system. It uses the aid of electronic devices in order to make
transactions (i.e., send or receive money) (Kambale, (n. d.).

It uses the following major types of digital currency:

1. Cryptocurrency: it is a kind of virtual and digital money, i.e., used for making
transactions online with the help of electronic devices like cellphones or the web, etc.
(Frankenfield, 2020).
 17

2. Bitcoin: it is also another reliable kind of virtually electronic money that is used for the
online financial system. It is being used by the world since 2008 as a peer-to-peer
technology that would assist instant payments (Frankenfield, 2020).

ii. Quantum Money based Financial System

This system of exchanging funds is controlled by quantum money only. And its major
transactions are also made online as it is also a form of virtual money.

7. Preference of the Quantum Money over other forms of Money

Counterfeits are the people who have always been a trouble for the money no matter in
what forms does it come. They always had some ideas that would help them get all the necessary
coding of the money or the bitcoin to make copies on their own. This is an illegal act that
infuriates the government, and it disturbs the global financial system of exchanging funds.
However, these people usually get caught while committing this crime, but most of the time, they
are not caught. So, the government or the authorities demanded a different sort of money that
could not be cloned (i.e., something the copies of what are produced).

Therefore, after decades of the proposal of the idea of quantum money by Stephen
Wiesner, it is now being considered as one of the most reliable forms of money that the
counterfeits will not be or will hardly be able to make clones of. When quantum money was
introduced to people in 1893, people almost denied accepting it because of the fact that quantum
physics that is almost considered incomprehensible for a lot of people up till now, was related to
something worthy of value, i.e., "money."

Since cybercrime has become a very tactful thing for trapping people in order to hack
their personal information so that the criminal can use them for his own advantages, i.e., usually
done to steal money. In order to overcome this, scientists have come across "quantum money."

According to Shor (2020), the problem with money is that one can make copies of it (i.e.,
cloning). Since quantum states follow the rule of the no-cloning theorem, and so make the
quantum money. He also stated that one could not make copies of any unknown state of
quantum. So, it can be considered that we can immediately think of the fact that we can use such
 18

states for money in order to make sure that people do not clone them. It would result in a safe
system of finance that would be considered trusted globally.

8. Introduction to Blockchain
Blockchain technology is widely being used for many years for cryptocurrency, and it has
proved to be significant in every regard of protecting the privacy and personal concerns of any
system (EUROMONEY LEARNING, n. d.).

8.1 Definition
Blockchain is defined as a technology or software that keeps the digital record of
transactions that are made online. It is not limited but actually distributed transversely within the
entire network of computer systems on the blockchain, ensuring that they are all interlinked, and
whenever the transaction is made, it is stored as a record in the blockchain. Blockchain has some
compartments such as blocks to store the ledger of the participant whenever he makes any
transaction. Therefore, it is a sort of database that stores the history of transactions. The process
being occurred in blockchain technology is briefly described in the following figure
(EUROMONEY LEARNING, n. d.):

Figure 11 Steps Involved in the Process of Blockchain

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8.2 Scalability
The property of a system in which it is given some more resources in order to handle
more and more work is called "Scalability." It is often positively enhanced when some system is
considered more significant in any regard. This could be the fact with blockchain too. Till now,
scalability has been the most important problem being concerned with the blockchain. A scalable
blockchain can be considered the one that can handle a growing amount of the work, and that
work is done when it can undergo a high rate of transaction per second. This is called the TPS,
i.e., the transactions per minute done by the blockchain. The following gives an idea of the
scalable blockchain. In this figure, the dots can be considered the number of transactions that are
being done every second and are being stored in their respective block of the blockchain (Ren
and Zhou, 2019):

Figure 12 Scalable Blockchain

8.3 Types
The blockchain can be classified into the following 4 types (Ren and Zhou, 2019):
 20

8.3.1 Scaling POW

It includes the solutions those work under Nakamoto's agreement framework. And it is
even considered to achieve a higher amount of transactions per second (TPS) than that of
Bitcoin's POW algorithm that is done by modifying the algorithms (Ren and Zhou, 2019).

8.3.2 Scale-out Blockchains:

It includes the solutions that are considered to reduce the requirement of having indorsing
or the mining nodes in order to check the history of the whole transaction. It is done so that the
amount of work to be done on the system would grow as the size of the network grows, and
consequently, this makes it attain better scalability than the other types of scalable systems (Ren
and Zhou, 2019).

8.3.3 SB:

SB, often called Scaling Bitcoin, includes the solutions to improve the amount of Bitcoin
by increasing the size of its block or with the help of decreasing the break between the blocks
without altering the POW agreement procedure of Bitcoin (Ren and Zhou, 2019)

8.3.4 SBFT (Scaling Byzantine Fault Tolerance) Procedures:

SBFT Procedures include the solutions based on BFT procedures. Moreover, it has a
compact message complexity than PBFT (Ren and Zhou, 2019).

8.4 Platforms
Hypothetically, it is obvious that blockchain technology uses some platforms like
websites or applications (apps) for it to work. They are a number of them. Some of these are
listed below:

i. Brave (web browser)

ii. Chainlink (the network that provides a successful feed to help in accessing data
and payments)
iii. EOS Dynasty (a game that is based on blockchain)
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9. Quantum Money based System Makes the Blockchain Scalable

On the consideration of the above discussion, it can simply be concluded that if the use of
quantum money is made normal, then the threats of the counterfeits would decrease as they will
not be able to clone it that easily. Therefore, it can also be deliberated that if quantum money is
made common in use, then the scalability of blockchain will also be increased accordingly
(Trade Reporting Frequently Asked Questions, 2020).

10. Stock Exchange Platform

Digital or quantum money can be helpful in resolving a lot of issues that arise during the
system of the stock exchange. Here, blockchain can be considered a major platform to provide
success in the feed of data payments. Since blockchain uses virtual money, therefore, it really
should be tokenized to virtual money (Trade Reporting Frequently Asked Questions, 2020).

The issues that arise in the stock exchange manual platform are listed below with their
resolution (Trade Reporting Frequently Asked Questions, 2020):

● With real money (i.e., coins or paper money) stock market can be considered almost
broken because it cannot be sent to the seller effectively and with full security. Therefore,
real-world stocks (i.e., money) can be replaced with digital stocks that can be easily
transferred (sent or transmitted) with the help of peer-to-peer connections. Such digital
stocks are the same as is a digital currency whose price is valued in reality and varies
according to the time period (Trade Reporting Frequently Asked Questions, 2020).
● Moreover, stocks that are totally exchanged within a peer-to-peer connection would be
able to resolve many of today's issues being faced by the stock market. Some of them
include a high rate of trade and short-sales. It ensures that the stocks can be transferred
with the help of the blockchain from one peer to the other (Trade Reporting Frequently
Asked Questions, 2020).
● The market stocks and their settlements are under the consideration of the blockchain’s
owners even though it allows peer-to-peer transactions. It ensures a very smooth system
of selling and buying with equality between the traders. There does not lie a need for
third-party to come in between the traders. It helps in reducing the cost of transactions for
all of the trades. Moreover, it would be done with proper transparency and security.
 22

Therefore, the traders use this system very often with complete trust. (Trade Reporting
Frequently Asked Questions, 2020).
● The digital stock exchange system is very easy and cheap to use as it does charge a huge
for any transaction. And so, it has become helpful for people to trade globally (Trade
Reporting Frequently Asked Questions, 2020).

10.1 Anti-Money Laundering

Laundering is a process of stealing money from the bank accounts online illegally. It
requires few procedures and requirements. However, anti-money laundering can be considered
as some sort of relief for the people that their money would be safe no matter. It has some set
rules, laws and policies those demand the financial institutes to keep a check on their customers
(i.e. clients) so that the illegal cases like money laundering (stealing money online) could be
minimized or almost prevented (arXiv, 2018). It actually deals with the prevention of frauds.

10.2 Token Economics

Token economics is a new form of economy. It is not actually any economy but a
ecosystem (i.e. block) of any blockchain.

10.3 TokenomicsSTO Marketplace

The tokenomicsSTO are introduced as an innovative function in the configured system.
This will be able to offer the buying, sending, and account functions. These functions are
included into the system with more extendable functions. Users can buy their tokens from any of
the currency suitable to them. In sell function users can effortlessly update, delete, add new
offers, review previous or existing offers with the support of the marketplace providing through
the anticipated system.

11. Relation of Artificial Intelligence to Quantum Money Blockchain

11.1 Introduction
Artificial intelligence and blockchain technology have been under the consideration of
man for years, and they are what are being discussed all around the world. However, if we look
at the definition of the tow, blockchain is a technology that saves encrypted data, where artificial
intelligence is the artificially induced intelligence in machines. Since the two are extremely
 23

different technologies, therefore, they have different impacts on the same data. But, the scientists
are working on the two technologies to find any significant reason to use them together (Banafa,
2019).

Since the two technologies are extremely different on the basis of their function and
companies, yet they are said to be beneficial in the exploitation of data into new levels when they
are used together (Banafa, 2019).

11.2 Advantages of Using AI and Blockchain Together

Figure 13 Advantages of AI and Blockchain

According to figure 13, the following advantages can be enjoyed when artificial
intelligence and blockchain are used together (Banafa, 2019):

● It would provide the smart computing power to the system that would be proved more
reliable than the intelligence of a normal human. And, therefore, AI technology can be
proved an intelligent and efficient way of storing a large amount of encrypted data.
● It can also help in creating diversified sets of data that can be accessed by anyone in the
world.
● When a large amount of data is provided to AI, it is said to improve itself with more
information, technical knowledge that would be considered its intelligence. This amount
of data is provided to it by blockchain. AI will help in storing and managing the data in
this way.
● Data monetization, i.e., collection of data as a huge revenue source for a lot of
companies. It is also a result of the combination of AI and blockchain.
 24

● Since AI is considered more efficient and reliable than real intelligence, therefore, the
decision-making of AI would also be far more beneficial. So, AI would know how
blockchain works, and it would try to make the best decisions for it.

12.Conclusion
Summing up the discussion with the simple fact that technology is never harmful. We
just need to understand to use it in the right way. However, the paper started with a simple
introduction to the currency that is the banknotes or the coins that have some value. Later on, it
was described that currency, i.e., money, can be classified into three types, namely, fiat,
representative, and commodity money. It was also concluded that fiat money is the most
significant among all of these because it is given value by the government of the country.
Moreover, fiat money is further classified into digital and quantum money, with some examples
of fiat money. In this paper, more attention was given to the financial system that would use
quantum money and is called the quantum money-based system that would be considered
important in the coming years. And quantum money will be used commonly for making online
transactions effective. It is believed to be significant because it exists in some quantum states and
these states are hard to be cloned by the counterfeits. There, the quantum money-based system
will make the technology of blockchain scalable, i.e., proficient in handling a high rate of
transactions in a second. In the end, the effect of digital money on stock exchanging platforms
and the effect of AI on blockchain were also discussed.

Word Count: 4596

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