Blockchain, often touted as the next generation revolutionary technology can face the risk of quantum attacks, says a group of quantum computing scientists.
Can Quantum Attacks Endanger Blockchains?
Blockchain’s decentralized behavior is the major USP (unique selling proposition) of the technology. Meaning, the blockchain digital ledger is highly secure as it doesn’t have a central point of failure. Unfortunately, the research purports that quantum computers can soon turn powerful enough to break the blockchain code.
Blockchain technology is progressive as it contacts a few business verticals and ventures over the globe. Additionally, notwithstanding the money related segment, blockchain has valuable applications across healthcare, logistics, gaming, and other sectors yet to misuse it.
Blockchain's decentralized conduct is the major USP (one of a kind offering suggestion) of the innovation. Which means, the blockchain advanced record is profoundly secure as it doesn't have a main issue of disappointment. Unfortunately, the examination indicates that quantum PCs can before long turn ground-breaking enough to break the blockchain code.
There is a lot of talk about the fact that blockchain can’t be hacked, it is impossible to change, and so on. There is much talk about such problems as slow transactions, energy-intensive mining. But few people speak about such problem as the insecurity of blockchain. Meanwhile, the problem exists, and there is a high probability that there will soon be stolen all the money of Satoshi Nakamoto, Vitalik Buterin, etc. This moment we call “Quantum Apocalypse”. Useful info on this topic here https://dapcash.org/quantum-apocalypse/
Alexander Lvovsky, an experimental physicist at the University of Oxford, talked with Gizmodo on this matter.
“Quantum computers pose a risk to any kind of security where public key cryptography is involved. However, blockchains are especially at risk, because they’re completely anonymous. They’re only protected by public key cryptography, whereas banking has human tellers, plastic cards, and ATMs. You have to be a human to use a bank, but you don’t have to be human to use the blockchain,” he said.