Blockchain technology has really transformed the way of transacting and storing digital values with the advent of decentralized, secure data. Blockchains give security, based upon crypto-graphic principles and techniques, almost impossible in most instances to even use present-day computing in such attacks. This has now shifted the game altogether due to unprecedented processing powers and rather peculiar methods of computation when utilizing quantum computers. On the theoretical level, the problem-solving capabilities of any given mathematical problem in respect of a quantum computer stand as an order of magnitude ahead of a traditional or a classical computer and thereby present an impending threat that promises to compromise the cryptography algorithms underneath the blockchain systems.
In this article, we discuss the implications of quantum computing on blockchain security. Here, we take you through how it is likely to alter the face of digital currency, affect data integrity, and transform the structure of cybersecurity defenses. We explore how blockchain and cryptographic algorithms work at present, why quantum computing is a novel threat, and what solutions are proposed against such risks.
However, before even commenting on how quantum computing is going to affect blockchain security, one must first understand how blockchain security actually functions. A…
