When – If Ever – Quantum Computing Arrives, Could it Kill Blockchain?
The introduction piques our interest. Quantum computing may be here in 5 years – or 15 years – and that has been said for a
October 11, 2021
The introduction piques our interest. Quantum computing may be here in 5 years – or 15 years – and that has been said for a
The Department of Homeland Security (DHS), in partnership with the Department of Commerce’s National Institute of Standards and Technology (NIST), released a roadmap to help organizations protect their data and systems and to reduce risks related to the advancement of quantum computing technology.
Using quantum computing, attackers can likely break even the most advanced encryption methods. The greatest concerns are Shor’s Algorithm and Grover’s Algorithm, which are two of the most touted capabilities of quantum computing. Once these are easy for attackers to obtain, they will be able to use these algorithms to break existing symmetric, and asymmetric, defenses.
Low Power-High Performance
WHITEPAPERS
The background, impact, and urgency of the threat of quantum computing to the contemporary cryptographic infrastructure, and what can be done about it.
August 11th, 2021 –
By: Arm
Quantum computing is increasingly seen as a threat to communications security: rapid progress towards realizing practical quantum computers has drawn attention to the long understood potential of such machines to break fundamentals of contemporary cryptographic infrastructure. While this potential is so far firmly theoretical, the cryptography community is preparing for this possibility by developing Post-Quantum Cryptography (PQC), that is, cryptography resisting the increased capabilities of quantum computers. In this white paper, we explore the background, impact, and urgency of this threat, and summarize the cryptographic schemes being evaluated. We also provide recommendations on what steps should be taken today to be prepared for the changes to come, and discuss how Arm is approaching PQC.
Click here to read more.
Quantum computing is proving to be enormously exciting for financial institutions. Already, Goldman Sachs and Deutsche Börse are exploring quantum algorithms to calculate risk model simulations 1,000 times faster than currently possible, while BBVA is looking to quantum to optimise investment portfolio management.
Go back two years to September, 2016, and China’s Electronics Technology Group Corporation’s 14th Institute announced completion of a quantum radar, albeit with a short range of 60 miles (100 km). A microwave beam is used to entangle photons with an optical “idler beam”. The microwave beam is sent from the radar, strikes the stealth target, and returns to the radar site. At the site, the microwave photons are compared with the idler beam photons. Hence, not using radio waves which stealth aircraft are designed to thwart, the photons are capable of providing the position of the stealth aircraft. From this, direction, speed, and other data may be gleaned. It is surmised the radar may be part of the sensor-suite to be carried aboard China’s sub-space airship, Yuanmeng (see image).
“The goal of a good hash function is to make it extremely difficult for attackers to find ways of generating inputs that hash to the same value…” Quantum computing is certainly a veritable threat to encryption. But what about its sister cryptographic apparatus, the hash? Arguably as important as encryption, the hash provides vital services to verifying data integrity. How much of a threat is quantum computing to this function?
The threat to blockchain boils down to: (1) After a Bitcoin (a cryptocurrency) transaction is broadcast to the network, it is at risk. (2) Using a quantum computer, the secret key could be derived before transaction placement on the blockchain. (3) Malicious intent could permit the broadcast of the secret key with a new transaction to the malicious actor’s own benefit. (4) Placing the new stolen secret key-enabled transaction on the blockchain before the original transaction permits grand theft of all the bitcoin “behind the original”.
