Professor Massimiliano Sala, from the University of Trento in Italy, recently engaged in a discussion with Ripple about the future of blockchain technology and its relation to encryption and quantum computing. The discussion primarily focused on the potential threat that quantum computers pose as the technology advances. According to Sala, current encryption methods could easily be solved by tomorrow’s quantum computers, which would put entire blockchains at risk.
The professor referred to a hypothetical scenario called “Q-day,” which is the point at which quantum computers become powerful enough for malicious actors to break classical encryption methods. This would have profound implications for various fields that rely on data security, such as emergency services, infrastructure, banking, and defense. Cryptocurrency and blockchain, in particular, could face devastating consequences.
Sala specifically warns that all classical public-key cryptosystems should be replaced with counterparts that are secure against quantum attacks. The concern is that a future quantum computer or quantum attack algorithm could use mathematical brute force to crack the encryption on these keys. It’s worth mentioning that Bitcoin, the world’s most popular cryptocurrency and blockchain, falls into this category.
While there currently aren’t any practical quantum computers capable of such feats, governments and scientific institutions worldwide are preparing for the eventuality of Q-day. Sala acknowledges that such an event may not be imminent, but breakthroughs demonstrated by physicists at numerous academic and commercial laboratories have led many experts to believe that these systems could become a reality within a few years.
Overall, Sala is satisfied with the progress being made in the sector and advises blockchain developers to continue working with encryption experts who understand the standards and innovations required to quantum-proof modern systems.
In related news, Harvard has successfully built a hacker-proof quantum network in Boston using existing fiber cable.