‘Public Key Cryptosystems Must Be Replaced’
Professor Massimiliano Sala of the University of Trento in Italy recently discussed the future of blockchain technology in relation to cryptography and quantum computing as part of the company's university lecture series at Ripple.
Sala's discussion focused on the potential risks posed by quantum computers as the technology develops. According to the professor, existing encryption methods could be easily broken by tomorrow's quantum computers, putting the entire blockchain at risk.
For Hall:
“Quantum computers can easily solve the problems that are the basis for digital signatures, so they can undermine the mechanisms that protect users' assets on blockchain platforms.”
The professor is referring to a hypothetical example called “Q-day,” the point at which quantum computers become powerful enough and available to bad actors to break classical encryption methods.
Although this would be of great importance in any field where data security is important – including emergency services, infrastructure, banking and defense – it could theoretically disrupt the world of cryptocurrency and blockchain.
In particular, Sala warns that “all classical public-key cryptosystems should be replaced by counterparts protected against quantum attacks.” The idea here is that a future quantum computer or quantum attack algorithm could use mathematical brute force to crack the encryption on these keys.
Bitcoin, the world's most popular cryptocurrency and blockchain, falls into this category.
Although there is currently no practical quantum computer capable of such a feat, governments and scientific institutions around the world have been preparing for Q-day to mark the occasion. Sala, for his part, said such an event may not be imminent. However, physicists in dozens of academic and commercial laboratories have made discoveries that lead many in the field to believe that such systems are within a few years.
Finally, Sala says he's excited about the progress being made in the sector and recommends that blockchain developers continue to work with cryptographers who understand the standards and innovations surrounding quantum-proof modern systems.
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