Ripple is raising awareness about the need for quantum-resistant cryptography to secure blockchain systems against potential future threats from quantum computing.
Professor Massimiliano Sala is a famous mathematician from the University of Trento in Italy discussion The future of blockchain technology, cryptography and quantum computing with the Ripple team as part of their ongoing university lecture series.
According to Sala, current encryption methods used by current blockchain networks could be easily hacked by quantum computers in the near future, putting the entire blockchain at risk:
“Quantum computers could easily solve the fundamental problems of digital signatures, potentially undermining the mechanisms that protect users’ assets on blockchain platforms.”
Sala points to a theoretical event known as a “Q-day,” the point at which quantum computers become powerful enough and readily available for malicious individuals to use to hack existing encryption methods used to secure data.
Such a scenario would be devastating for every field where keeping data secure and tamper-proof from third parties is of fundamental importance, especially emergency services, banking, national security, and medical fields. Likewise, the entire cryptocurrency and blockchain space could be plagued by the exposure of vulnerabilities in smart contracts, digital wallets, and underlying blockchain infrastructure.
The research also warns that all classical public-key encryption systems should be replaced with counterparts that are secure against quantum attacks. The idea being conveyed here is that the next quantum computer or quantum attack algorithm can easily solve the encryption keys using brute computational power.
It is also possible that Bitcoin, the world's leading cryptocurrency and blockchain, will inevitably fall if attacked by future quantum computers.
Current cryptographic algorithms, such as those used in Bitcoin, rely on mathematical problems that traditional computers cannot solve computationally within a reasonable time frame. However, quantum computers, thanks to their enormous processing power, can break these algorithms.
While there is currently no practical quantum computer capable of such a task, governments and scientific institutions around the world have been anticipating the global day. However, Sala alluded to such concerns, saying such an event may not be imminent.
He also discussed technical challenges, such as higher computational requirements and larger data amounts for secure transactions. However, Sala remained enthusiastic about ongoing research to improve these applications for practical use.
Sala praised international cooperation initiatives, including the standardization process of the National Institute of Standards and Technology (NIST) in the United States, which is developing quantum-resistant encryption standards.
He stated that a collaborative method could ensure that new schemes are rigorously evaluated across the community, thus improving their reliability and security.
Sala also advised integrating current coding methods into traditional academic courses of education, focusing on sector development issues.
“The possibility of quantum threats may not be imminent,” Sala said. “But they are important enough to warrant proactive action.”