Will wearing a backpack on my chest make any difference on my health? It's commonly acknowledged that wearing a stuffed backpack during cycling is somewhat bad for your back. 
I see a lot of people saying they have back problem because of the usage of backpacks during cycling over the years. 

Will wearing a backpack on your chest make any difference on the effect of a backpack weight on one's back?  (picture below)
I am not aware that wearing a backpack is bad for your back when cycling. I've been doing it every weekday for the past 8 months without ill effect. Perhaps if the backpack is very heavily loaded it's different. I do know that a lot of people just don't like wearing backpacks when riding.

Wearing the backpack in front seems like it would put loads on about the same points on your skeleton as wearing it in back, with the added problem that it would interfere with your legs' movement unless you're in a very upright position.