Is Quantum Computing Threat To Blockchain?

Blockchain and Quantum Computing are both brand-new and cutting-edge technologies in their own right. Quantum computing is the next generation of computers that will make all tasks simple and quick, whereas Blockchain is a platform for conducting transparent and hassle-free transactions.

The emergence of computers that process data in accordance with quantum mechanics’ laws rather than those of classical physics and probability is predicted by technological breakthroughs. This foreshadows a sharp rise in processing power for particular issues, such as function and factoring very big numbers into prime factors.

Digital currencies are only one of the many intriguing uses for the open, public, distributed ledger that is provided by the computational data structure known as a blockchain.

The security of this ledger hinges on how hard it is to crack particular cryptographic codes, which is made possible by quantum computing. Hash values used to sign blocks of the ledger, as well as any public/private key scheme that depends on the alleged hidden subgroup issue, are particularly vulnerable to compromise.

One of the most secure networks out there is said to be blockchain. It is due to two factors, chief among them the decentralized character of the system and the cryptographic techniques that are used to protect the data for encryption and decryption.

Subatomic particles are used in quantum computing. At any given time, these particles will exist in more than one state.

The computing process is significantly quicker than the ones we use now because of this special characteristic. Quantum computing not only speeds up computation but also consumes less energy than existing computer devices.

Things can get complicated now that we have quantum computing. The most powerful machines now in use have computational limits, which are taken into consideration while designing cryptographic algorithms. Everything will change, though, thanks to quantum computing.

Modern blockchain-based systems may struggle to maintain data security in the face of quantum computers’ superior speed.

Stability of Quantum Computers

Although interesting, quantum computers are also challenging to maintain. Performance is produced by the state of superposition, but these results are unstable. Physics experts use a variety of techniques, such as microwave or laser beams, temperature control, or making sure that no kind of contact interacts with the working environment, to stabilize and manage them properly.

Quantum computers have a poor environmental tolerance, making them difficult to maintain. The procedure can be destroyed by a little change in one of the components. Decoherence is the mechanism via which dissipation occurs.

Simply, the more processing power is produced the more stable the qubits are. However, the environment gets increasingly unstable and challenging to sustain as we increase the number of qubits.

Threat to Blockchain

We are faced with two features of blockchain’s promises being invalidated in the setting of quantum computing. It is first believed that hash inversion is a computationally challenging operation. The legitimacy of the upstream blockchain can no longer be guaranteed, and the authenticity of entries in the blockchain is undermined if this can be drastically simplified by a quantum computer. Grover’s approach, which finds the pre-image to a function value, may do it far more quickly than the traditional brute force search, which isolates the generating input by producing each output and comparing them.

The blockchain may be attacked using Grover’s algorithm in two different methods.

The first, and most obvious, benefit is that it can be used to look for hash clashes, which can be used to alter existing blocks without compromising the blockchain’s integrity. The second is that it can hasten the generation of nonces, perhaps to the point where whole records chains might be swiftly rebuilt with consistently changed hashes, undermining the chain’s integrity.

The approach is utilized in both situations to discover the pre-image of a given value under a challenging to-invert function. A quantum computer may be able to compromise the security of the encryption in any portion of a blockchain implementation that employs public/private key cryptography, including information flow between participants and digital signatures.

Blockchain Weaknesses

Blockchain is based on the concept of interconnected nodes that may communicate with one another to reach important choices. The absence of a central authority creates a wide range of choices. Numerous protocols, including the consensus algorithm, are used to assure the security of the blockchain. These consensus techniques ensure that the network as a whole is resistant to counterfeiting.

The current generation of blockchain networks can often withstand a 51% attack, but they may not be able to do so if quantum computing enters the picture.

Blockchain systems blatantly lack quantum-proof cryptography methods. Only the present processing capacity is taken into account by consensus algorithms or cryptographic methods.

Bottom Line

Dr. Gavin Brennen, a quantum physicist, claims that quantum computing poses no risk to the cryptographic algorithms that underpin blockchain security in its current form.

According to some studies, Shor’s algorithm will likely require 10,000 qubits to execute. The most potent quantum computer currently in use, built by the Canadian company DWave, has 512 qubits of quantum computing capacity but a very high failure rate. Microsoft, IBM, and Google are engaged in a race to develop 50 qubit processing capabilities.

According to experts, it will take 20 to 30 years for quantum computing to reach 4,000 qubits, meaning 10,000 qubits are still a long way off. Quantum computing may never truly be a danger to blockchain since blockchain developers are actively working on protocols to reduce the risk quantum computing poses to distributed ledger security.