Highly advanced quantum computers will be able to decode current encryption methods and thereby put blockchain technology and its security in jeopardy, claimed an expert at a recent lecture hosted by Ripple, a crypto enabled solutions firm.
Professor Massimiliano Sala from the University of Trento, Italy, recently spoke during a lecture hosted by Ripple wherein he highlighted concerns about the impact of quantum computing on blockchain security.
Sala emphasized that upcoming quantum computers could potentially decode current encryption methods, endangering blockchain platforms.
Sala discussed the concept of “Q-day,” marking the moment when quantum computers could break traditional encryption. This could jeopardize data security across vital sectors like emergency services, banking, and cryptocurrency.
Sala said, “Quantum computers could easily solve problems that are foundational to digital signatures, thus potentially undermining the mechanisms that protect users’ assets on blockchain platforms.”
Professor Sala demonstrates the critical roles of algebra and coding theory in building quantum-resistant cryptographic systems, emphasizing global collaboration’s significance in developing robust blockchain security against quantum threats through initiatives like the U.S.NIST standardization process.
Sala advised replacing existing public-key encryption systems with quantum-resistant alternatives to protect against potential quantum attacks. Although practical quantum computers capable of such feats don’t yet exist, global efforts are underway to prepare for this eventuality.
While acknowledging progress in quantum technology, Sala recommended collaboration between blockchain developers and encryption experts to fortify systems against future threats.
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