Ripple published a message by mathematician Massimiliano Sala expressing his fear of the dangers quantum computing poses to blockchain encryption.
Sala, a professor at the University of Trento, discussed the problem during Ripple’s university lecturer series, stressing the importance of creating robust and quantum-secure cryptosystems.
Also read: Quantum Computing’s Impact on Digital Security
Potential Risks by Quantum Identified by Mathematician Sala
Prof. Sala asserted that quantum computers can somehow solve digital signature-based problems easily, an opportunity that could cause a platform security breach in blockchains. This advancement, dubbed “Q-day,” will likely render present public key cryptosystems vulnerable to quantum attacks. The most likely consequence is compromised user assets and data integrity.
Sala proclaimed that quantum computers can break encryption standards safeguarding blockchain systems. This implies that the security of digital assets would be greatly compromised.
Development of Quantum-Resistant Cryptography
Sala highlighted the immediate need to develop and apply quantum-resistant crypto methods to protect against forthcoming quantum attacks with blockchain technologies. This change is necessary to ensure the security and integrity of blockchain services amid the increased prevalence of the new generation of quantum technology.
Sala reiterated the need to take the transition towards quantum-facing cryptosystems seriously to ensure the well-being of digital structures and cautioned that catastrophic threats of failure might affect many industries heavily dependent on blockchain.
Also read: The Race to Quantum-Proof Blockchain Technology
Global Efforts to Address Quantum Threat
Globally, governments and scientific entities attentively accept the threat of quantum computing and are actively developing plans to mitigate its effects. Recent advances in quantum algorithms and hardware have increased the pace at which useful quantum systems are being employed, thus presenting a more challenging and immediate threat, Sala noted.
Sala proposes to continue working with blockchain developers and encryption experts, including the current standards and innovations in quantum-safe cryptography in the designed technology. Such a preventive method is no longer a choice as risks should not be taken with digital assets, and there is a need to maintain the reliability of blockchain systems.
Cryptopolitan Reporting by Emman Omwanda