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.