Is Quantum Computing a Threat to Blockchain Technology?
Blockchain is a way to manage continuously growing records which are linked and secured using cryptography basically resistant to modification of the data. Blockchain technology is bringing remarkable transformations in various industries and Blockchain app development are gaining popularity among startups and successful businesses. Like Blockchain, quantum computing is making its own way towards progress. Introduction of quantum computing will affect the security of all existing cryptographic encryption methods. Quantum computers not just affect the blockchain but also the security of the entire finance and banking industry.
What exactly is Quantum computing?
Quantum computing operates on qubits (quantum bit), which means it allows the system to process values between 0 and 1. Unlike traditional computing quantum computing uses factorials and exponentials in algorithms. Since quantum computers can hold two positions i.e. 0 and 1 simultaneously it decreases the number of operations required for the computer to solve the problem. Hence quantum computers can handle multiple complex queries simultaneously.
Quantum computers can easily verify transactions on the blockchain. For instance, a 4000-qubit quantum computer can break the blockchain. User who have access to the quantum computer can solve and verify each additional transaction and allows them to manage all remaining bitcoins eliminating the cryptocurrency’s system of trust since capacity is no longer distributed across the network.
Blockchain weakness regarding security:
In case of blockchain, it consists of encrypted nodes connected on a chain is currently almost impossible to hack. The order entries fixes to the blockchain protocol making it clone resistant. For someone to hack blockchain successfully, they have to alter both the targeted block and all of the blocks connected. Here blockchains are synced completely through a peer-to-peer network. To penetrate into the network hacker have to simultaneously alter at least half of the blockchain. This is the case where blockchain fails. It seems impossible now for altering half of the blockchain but the potential of quantum computers can easily crack the system and have the deal with such a timed attack.
Blockchain technology uses cryptographic techniques that are unbreakable except by brute force attacks requiring huge computing powers. Quantum computer because of its huge computational power break todays public key cryptography which is a threat to blockchain. Blockchain users use digital signatures, which is the sole method of defense to keep their information safe. Blockchain user’s public key can be easily generated from their private key but doing opposite of it requires extremely difficult calculations but quantum computers can manage them.
Quantum computers are next generation computing machines which significantly use less energy when compared to present-day computing devices. But quantum computers are currently in the elementary level and has lot to come through to become capable enough to hack blockchain or crypto-currency. Quantum computing will not only reproduce blockchain security protocols but also the majority of other digital security protocols which are in use today.
Also read: How to Secure your Data in the Cloud?