All blockchain networks that use public key encryption will be potentially vulnerable to quantum computers, which will be able to hack them using mathematical brute force.
As part of the Ripple Insights series, a report was published by Massimiliano Sala, Professor of Mathematics at the University of Trento, with whom Ripple is collaborating as part of the University Blockchain Research Initiative (UBRI) program. The report is devoted to the issues of blockchain security in the context of quantum computing development.
According to Dr. Sala, quantum computers pose a potential threat to all existing public key cryptosystems, as such encryption methods can be easily cracked using quantum computing. At risk are potentially all user assets on blockchain networks that use public keys for digital signatures, such as Bitcoin. The scientist says these systems should be replaced with quantum-resistant alternatives, as quantum computing will enable public key encryption to be cracked using mathematical brute force.
The threat is currently hypothetical, but it’ll become quite real once quantum computers become powerful enough and available in the open market. Moreover, it’s not just the crypto sector that will be at risk, but also the safety of any data stored on blockchains with public key encryption.
At the moment, active research and development in quantum technologies are underway, so computing systems based on them may appear in the market within a few years. However, in the report, Dr. Sala notes that he’s satisfied with the progress made in the development of post-quantum cryptography systems and recommends that blockchain devs continue working in this direction.
One of the leaders in the Web3 industry who also emphasizes the need to prepare for the advent of accessible quantum computers is Vitalik Buterin, Co-Founder of Ethereum.
