World’s first Quantum proof blockchain

Quantum computers, although still a concept, have always presented long term issues to cryptographic security measures. This is also the case for blockchain based technologies that relies on cryptographic encryption. However, a Russian team successfully tested a supposedly ‘quantum proof blockchain’ with the Russian bank Gazprombank. And what does this mean?

In short, the current blockchain technologies are secured via digital signatures represented by a sequence of bits with a binary value of 0 and 1 attached to a transaction to authenticate themselves. With the computing power of a quantum computer a potential intruder would be able to guess the digital signature and fake transactions without anyone noticing. The ‘quantum proof blockchain’ gets rid of digital signatures all together.

“In our quantum-secure blockchain setup, we get rid of digital signatures altogether. Instead, we utilise quantum cryptography [a technology that uses photons to communicate between two parties] for authentication,” Alexander Lvovsky, the group lead for quantum optics at the Russian Quantum Center and co-author of the paper, told IBTimes UK.

You can read more about the quantum proof blockchain here.

If you are interested in the white paper it is available on Cornell University open database here.