Quantum Computing vs. Blockchain – A Complete Guide
Quantum computing unlocks unprecedented speed, and blockchain ensures secure, transparent transactions. Learn more about quantum computing vs....
Quantum computing unlocks unprecedented speed, and blockchain ensures secure, transparent transactions. Learn more about quantum computing vs....
Because of the new, faster way of performing computation, quantum computers can be extremely beneficial to scientific developments. However, once available, they have the potential to break current cryptography and undermine the protection of personal data. Obtaining quantum supremacy is one of the monumental breakthroughs that will change the course of history. But how will this affect blockchain? Will crypto vanish in the war of quantum computing vs. blockchain?
Due to owners using un-hashed public keys or reusing BTC addresses, four million Bitcoin (BTC), or 25% of all BTC, are vulnerable to a quantum computer attack. Let’s have an in-depth look at the war of quantum computing vs. blockchain.
You may know “what is blockchain technology?”, but maybe you can not say the same for quantum computing. So before we continue discussing who wins in the blockchain vs. quantum computing debate, let’s first know what quantum computing is.
Quantum computing is a method of solving problems that are too large or complex for traditional computers by employing the laws of quantum mechanics. This branch of computer science employs quantum theory principles. Quantum theory explains how energy and matter behave at the atomic and subatomic levels. Qubits, or quantum bits, are the fundamental unit of information in quantum computing. In traditional computing, this is analogous to a binary bit.
Whereas traditional computers use bits with either 0s or 1s to store information, quantum computers use qubits. Qubits carry information in a multidimensional quantum state.
Quantum computers and cryptography have a bittersweet bond. Public-key cryptography, also known as asymmetric encryption, is a method of encrypting data using algorithm-based cryptographic protocols. It necessitates the use of two distinct keys, one private and one public. Asymmetric cryptography’s security is based on a mathematical principle known as a ‘one-way function.’ According to this principle, the public key can be easily derived from the private key but not the other way around.
Peter Shor, a mathematician, published a quantum algorithm in 1994 that can break the security assumption of the most common asymmetric cryptography algorithms. This was a significant point in the war of quantum vs. blockchain. Public-key cryptography systems would be jeopardized if adversaries possessed a sufficiently powerful quantum computer capable of performing decryption without prior knowledge of the private key.
Many of today’s classical cryptography can be broken by quantum computing, putting IT security at risk. The threat extends to basic internet security protocols. Almost all current systems requiring security, privacy, or trust would be impacted. It is widely assumed, for example, that highly sophisticated quantum computers will one day be able to crack current encryption, making security a major concern for blockchain users. But do crypto owners actually have little time to safeguard their interests in this potential war of blockchain vs. quantum computing?
The emerging security threat stems from differences in computing approaches between what we use today and the promise of quantum mechanics, a branch of physics that studies how the physical world works at a fundamental level. Quantum computers can exist in both 0 and 1 states simultaneously. They can perform calculations based on the probability of an object’s state before measuring it, which means they can process exponentially more data than traditional computers. Let’s take an example. The 54-qubit Sycamore processor developed by Google completed a computation in 200 seconds. It would have taken the world’s most powerful supercomputer 10,000 years to complete the same computation.
This ability to dramatically accelerate certain types of computations poses a challenge to much of modern cryptography. Fortunately, the threat is only theoretical at this point. Today’s quantum computers are incapable of breaking any commonly used encryption methods. Significant technical advances are required before they will be able to break the strong codes in widespread use around the internet.
The post-quantum cryptography technologies can be used to solve the quantum computing problem. Post-quantum cryptography, also known as quantum-safe cryptography, is cryptography whose security is thought to be unaffected by quantum computers. This is accomplished by employing very different mathematical building blocks that include operations that quantum computers cannot solve more efficiently than other computers. Currently, post-quantum cryptography research focuses on six major approaches:
Let’s have a look at some significant blockchain projects working on quantum-safe cryptography:
The Quantum Resistant Ledger (QRL) is a fully functional quantum-resistant blockchain network. The eXtended Merkle Tree Signature Scheme protects it (XMSS). XMSS is a NIST-approved hash-based secure digital signature scheme that protects the platform from quantum attacks. The key features of the QRL are:
Quantum computing still has a very long way to go before it can be considered a real threat to blockchain technology. The field of quantum computing has reached a tipping point. Venture capitalists are pouring money into the technology, and public initiatives are picking up steam as they investigate its potential role in our society.
Quantum computing has the potential to help solve many of our time’s most pressing scientific and technological problems, advancing technology in ways we cannot yet imagine. As it advances, quantum computing will push existing technologies into uncharted territory, perhaps none more so than blockchain.
Furthermore, by the time quantum computers become widely available, blockchain technology will most likely have evolved to address the issue of quantum security. There are already cryptocurrencies, such as IOTA, that use quantum-resistant directed acyclic graph (DAG) technology. Blockchain networks, such as the QAN Platform, make use of the technology to allow developers to create quantum-resistant smart contracts, decentralized applications, and digital assets.
If cryptography advances to create increasingly quantum-resistant encryption methods, or if quantum encryption is integrated into blockchains, the marriage of these promising technologies could aid in the creation of a more secure, democratized internet. Quantum Key Distribution (QKD) uses quantum mechanics laws to allow two parties to exchange secure data for detecting whether a third party is attempting to eavesdrop on their exchange. Using quantum keys in conjunction with a blockchain network could help protect against attacks from both classical and quantum computers.
Future research into post-quantum cryptography will eventually bring about the necessary change to enable the development of robust blockchain applications.
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