Quantum Computing Threats To Blockchain Security

Source

INTRODUCTION

Quantum computing, which can be said to be simply the process of performing computing activities or actions with the use of a quantum computer, a quantum computer is theoretical, it is one such computer that uses quantum bits (qubits) for calculation, qubits is based on the laws of quantum mechanics which allows it to be able to solve complex calculations at a very faster speed.

When compared to our present computers of today, the quantum computer out matches it in all aspects therefore, if applied to the blockchain network and cryptocurrency ecosystem we can be sure that the quantum computer will facilitate very significant advancement however, if used against the network it has the potential to significantly compromise the security of the blockchain network.

With all that been said, in this post today, I am going to be explaining and discussing some of the significant threats in which quantum computing poses to the blockchain network and to the cryptocurrency economy

• COMPROMISING PUBLIC KEY CRYPTOGRAPHY

The blockchain network, practically rely and depend quite a lot on public key cryptography to ensure security of transactions, ensure user anonymity, and maintain the integrity of the network therefore, the public key cryptography will be one of the first to be attacked and compromised in an attack propagated with a quantum computer.

Even with algorithms such as the elliptic curve cryptography or the digital signature algorithm the quantum computer is still able to compromise the public key cryptography and stop the effective functioning of the network, with the use of the shor's algorithm hence, leaving the network vulnerable to any attacker who is able to get his hands on a quantum computer.

The shor's algorithm mentioned in the paragraph above basically operates by taking advantage of the quantum's computer to efficiently factorize large integers, it then now combines the quantum fourier transforms with classical number theory to enable the discovery of prime factors at a pace very much faster than that of the classical algorithms, as a result posing significant risks to the cryptographic systems.

• UNDERMINING HASH FUNCTIONS

Another way in which quantum computing is threatening blockchain networks is by undermining the hash functions of the blockchain network, and because the role in which hash functions play is very essential to the security of the blockchain network which includes, ensuring the integrity of data and facilitating the effective functioning of the consensus mechanisms.

Source

Additionally, quantum computers can use the grover's algorithm to significantly reduce or diminish the robustness or complexity of the blockchain's security protocols of hash functions, as a result increasing the chances and possibility for quantum computers to find collisions or preimages and therefore, threatening and undermining the reputation of blockchain records be immutability and trustworthy.

• IT IS ABLE TO COMPROMISE SMART CONTRACTS

Smart contracts can simply be defined as a contract with stated terms, conditions and agreement which is able to execute and follow through on the contract automatically or on its own when the terms and conditions as stated or programmed into its algorithm and code are met.

The smart contracts since its introduction has become a very important aspect of some blockchain networks, like ethereum and as such are facilitated by the blockchain network's cryptographic security algorithms and protocols however, with the use of quantum computers attackers can undermine the robustness of the cryptographic algorithms hence, making the smart contracts vulnerable and prone to malicious attacks.

Additionally, if the cryptographic security algorithms and protocols used for securing smart contracts are compromised and undermined and the Smart contracts left vulnerable and susceptible to attacks, attackers could exploit these vulnerabilities whi

• UNDERMINES CONSENSUS MECHANISM

Undermining consensus mechanisms both the proof of work consensus and the proof of stake consensus, is another way in which quantum computing threatens the blockchain networks, and owing to the fact that the importance of consensus mechanisms can not be over emphasized because of how fundamental the nature of the role they play in blockchain network is

The consensus mechanisms ensure that there is agreement between the different nodes of the network either the miners or the validators on the state of the blockchain network, however with the use of quantum computers this consensus or agreement can be undermined or totally destroyed.

What do I mean? Well, in blockchain network operating on the proof of work consensus mechanism, one of the miners could use quantum computers to solve the complex cryptographic puzzles required to mine or mint new cryptocurrencies and because of the superiority of quantum computers to other computers, there would be also a superiority in the mining process hence introducing centralization.

Source

CONCLUSION

In conclusion, although quantum computer is still theoretical it is important to consider their possible repercussions to all aspects of digital security including blockchain networks and if possible begin finding solutions to these possible and potential blowbacks that could come from the introduction and completion of quantum computers.