Blockchain technology has transformed data storage, sharing, and protection across various industries. But why is the future security of blockchain networks questioned?
While the quantum computing era could be one reason, the question remains the same. Well, quantum computers have immense processing power that holds the potential to crack encryption standards. However, these might not lead to quantum computing as a threat; they make blockchain even more secure.
Before we move on to understanding how quantum computing threatens blockchain security, it is essential to know how blockchain networks work.
Blockchain networks rely on cryptography to secure transactions and ensure data integrity. Moreover, the system is encrypted with algorithms like RSA and elliptic curve cryptography (ECC), which are complicated to crack with traditional computers.
Hence, it would take a modern supercomputer billions of years to crack a 2048-bit RSA key. Moreover, quantum computers are more than your average supercomputers because they can process complex calculations exponentially faster than classical computers.
According to an IBM study, a quantum computer with 4099 qubits has the potential to break the RSA algorithm within 10 seconds. This same factor raises a concern: if quantum computers can easily crack the encryption on blockchains, the security of everything from financial transactions to healthcare data could be at risk.
This same concern raises another question: Can blockchain survive in a quantum world? While solutions are explored to protect blockchains from the quantum threat, it was also determined that quantum computing could make blockchains more secure.
One of the most promising solutions is “ post-quantum cartography,” a new set of encryption algorithms designed to resist quantum attacks. Cryptographers at companies like Google and IBM are currently developing and testing these algorithms, aiming to create cryptographic standards that quantum computers cannot easily break.
Another solution is quantum key distribution ( QKD), which uses the principles of quantum mechanics to distribute encryption keys between parties securely. Primarily, QKD is unbreakable, as any attempt to intercept the key leads to an instant alert to the parties involved. Moreover, several organizations have already tested QKD for securing communication channels. For example, in 2020, China used QKD to secure a 2,000-kilometre-long network, transmitting data across various cities without any breach.
Knowing these solutions, we can say that quantum computing does pose a threat to blockchain security, but it could also enhance it. This could result in quantum computing being more efficient in managing blockchain transactions, solving complex puzzles, and verifying transactions faster.
Moreover, quantum random number generation (QRNG) could produce truly random cryptographic keys, making blockchain networks even more secure.
In conclusion, quantum computing holds the potential to both challenge and enhance blockchain networks. Hence, quantum computing can crack the cryptographic foundations that blockchain relies on today and could also make blockchain even more secure in the future.