Professor Massimiliano Sala from the University of Trento in Italy recently had a discussion with Ripple about the future of blockchain technology in relation to encryption and quantum computing. Sala focused on the potential threat that quantum computers could pose as the technology advances. He believes that current encryption methods could be easily solved by future quantum computers, which would put entire blockchains at risk.
Sala referred to a hypothetical scenario called “Q-day,” which is when quantum computers become powerful enough for malicious actors to break traditional encryption methods. This would have significant implications for fields such as emergency services, infrastructure, banking, defense, and especially cryptocurrency and blockchain.
Sala warns that all classical public-key cryptosystems should be replaced with counterparts that are secure against quantum attacks. He explains that a future quantum computer or quantum attack algorithm could crack the encryption on these keys using mathematical brute force. This includes Bitcoin, the most popular cryptocurrency and blockchain.
While practical quantum computers capable of such feats do not currently exist, governments and scientific institutions worldwide are preparing for Q-day as a possibility. Sala acknowledges that this event may not be imminent, but breakthroughs in the field have led many to believe that such systems could arrive within a few years.
Sala is satisfied with the progress being made in the sector and advises blockchain developers to collaborate with encryption experts who understand the standards and innovations regarding quantum-proofing modern systems.
In a related development, Harvard University has successfully built a hacker-proof quantum network in Boston using existing fiber cable.