Quantum computers: A potential threat to public key cryptography on blockchain

In a report in the Ripple Insights series, Professor of Mathematics Massimiliano Sala from the University of Trento, who is collaborating with Ripple on the University Blockchain Research Initiative (UBRI) program, highlights the issue of blockchain security in the context of develop quantum computers.

According to Professor Sala, quantum computers pose a potential threat to all existing public key encryption systems, as these encryption methods can be easily cracked using quantum computing, at the same time. This means that user assets on blockchain networks that use public keys for digital signatures, such as Bitcoin, are at risk of being hacked.

He argues that these systems should be replaced with quantum attack-resistant alternatives, as quantum computers would allow cracking public key encryption using mathematical brute force methods.

Although the threat is currently hypothetical, it will become very real once quantum computers are powerful enough and commercially available. Furthermore, not only the cryptocurrency sector, but the security of any data stored on blockchain with public key encryption will also be at risk.

Currently, research and development of quantum technology is actively underway, so computer systems based on this technology may appear on the market in the next few years. However, Professor Sala is satisfied with the progress made in the development of post-quantum cryptographic systems and recommends that blockchain developers continue research in this direction.