Quantum Resistant Cryptography: A Stitch in Time to Save Blockchain?
By: Quube Exchange
Tags: Cryptocurrency, Quantum Computing, Bitcoin, Blockchain, Crypto

Quantum Resistant Cryptography: A Stitch in Time to Save Blockchain?

Recent developments in the field of quantum computing have been welcomed cheerfully by some while it has sparked concerns in others. Google’s claim to have attained quantum supremacy, whether exaggerated or not, marks a new beginning in the world of science and technology. While surely a move up the ladder, it threatens the other — thriving and essentially useful technology — the blockchain.

Threat Exists

Google’s achievements have indeed been given excess applaud. After all, just achieving quantum supremacy is not synonymous with overpowering the blockchain. If examined technically, what Google has achieved is not precisely a dent in the universe. However, it is an acknowledged fact that quantum computing carries in itself the potential to hurt the blockchain in the future. Therefore, it is only wise that the blockchain community keeps track of the progress made by quantum computing.

Google’s claim is not the zenith of this technology, however, as it has room for giant improvements. As it grows, the blockchain must pace too, so that it is not choked by the progress acquired in the field of quantum computing. There are steps to be taken immediately by the blockchain community to counter the looming threat. And when is the right time to begin?

Now.

Playing it Safe Already

The National Institute of Standard and Technology (NIST) has already initiated the process of standardizing quantum-resistant cryptography. It has been universally acknowledged by now that the sole way for blockchain to survive and thrive further in the future is by developing quantum-resistant cryptography.

Organizations like QUUBE Exchange, with far-sightedness, have already begun the development of such projects to save the blockchain from getting smothered. The blockchain community should, without further ado, keep a close watch on the standardization process and use the results for updating the existing blockchain models.

Furthermore, the blockchain community should also pre-decide when to start the process of up-gradation, keeping in mind the time-frame around which quantum computers would start getting built on a bigger scale. This would demand great governance. The community, therefore, should not forestall making plans to safeguard the blockchain from the quantum threat.

Additionally, the blockchain community should keep its focus on cryptographic agility. This means that blockchains should be developed in such a way that there is room for quantum-resistant features to be integrated into it once it is operational.

Change is the Law, Growth is Optional: Choose Wisely

The maxim is not just witty, but very true, and more so now when the blockchain faces the threat of quantum computing. Technology is bound to change and advance: new things would come up, those obsolete would suffer the fate of death. In order to grow, technology must keep up with the change, or die.

Such are the options before blockchain technology which must avoid being overtaken by the onslaught of upcoming technologies. And in order to do so, it must start adapting quantum-resistant cryptography; for another wise maxim says that a stitch in time saves nine. And much more.

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