Quantum computers can threaten the security of the blockchain.These new defenses may be the answer – Texasnewstoday.com

CQ has implemented a quantum safe security layer in LACChain to protect the system from future quantum computers.

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It may be only a matter of time before the quantum computer decrypts the cryptographic keys that support sensitive data and cryptocurrencies on the blockchain network. Currently, Quantum software company Cambridge Quantum (CQ) says it has developed a quantum-safe method that can guarantee the blockchain in the future by making the system vulnerable to quantum attacks.

CQ has partnered with the Inter-American Development Bank (IDB) and its Innovation Lab IDB Lab. IDB Labs is actively investing in blockchain technology to support social and economic applications in Latin America and the Caribbean.

Specifically, IDB Lab has developed LAC Chain, a blockchain platform used by more than 50 organizations in the region, from cross-border e-money payments to data exchange between customs authorities in different countries. Did.

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CQ has implemented a quantum safe security layer in LACChain to protect the system from future quantum computers.

To that end, CQ has deployed its own off-the-shelf platform called Iron Bridge on LAC Chain.

Blockchains vulnerability to quantum computers results from its widespread reliance on encryption.

This technology, also known as a distributed ledger, is essentially a computing system where information is securely logged and shared and synchronized between participants networks. The system is dynamically updated through messages called transactions, and each participant can have a verified copy of the systems current state and the entire transaction history.

Strict security protocols are required for this type of distributed data sharing system to work. This is necessary not only to protect information and communications within the sensitive blockchain, but also to verify the identity of participants, such as by digital signatures.

These protocols currently rely on classic cryptographic keys to convert information into mashes that are unreadable to anyone but the intended recipient. The encryption key is used to encrypt the data. The data can only be read by someone who has the appropriate key to decode the message.

Therefore, the strength of the encryption depends on how difficult it is for a malicious attacker to decode the key. Also, to make life difficult for hackers, security protocols now rely on algorithms such as RSA and digital signature algorithms to generate the most complex encryption keys possible. As a general rule, these keys can only be decrypted by processing a huge number of numbers.

Thats why its too difficult to decode most cryptographic protocols today at least on classic computers. However, one day a quantum computer, which is expected to have exponential computing power, could eventually decipher all the security keys generated by the most established classical algorithms. I have.

Quantum computers are still emerging technologies and are not yet mature enough to reveal secrets. However, scientists have already identified several quantum algorithms, Shors algorithms, which can eventually break existing security protocols.

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Alexander Lvovsky, a professor of physics at Oxford University, therefore says that quantum computers pose a threat to blockchain security processes such as digital signatures.

Using Shors algorithm, a quantum attacker can calculate a users private key based on a signed message. This is not possible with traditional computers, and thus the required party. You can impersonate, says Lvovsky. ZDNet.

Quantum computers in the hands of hackers can have dramatic consequences for the important information currently stored. For example, hundreds of billions of dollars denominated in cryptocurrencies rely on blockchain ledgers, and the World Economic Forum estimates that 10% of GDP could be stored on blockchain by 2027.

This could one day be at risk of a quantum attack. A recent analysis by Deloitte estimates that more than $ 40 billion in quantum attacks can now steal a quarter of all Bitcoins.

Therefore, CQ and IDB worked together to deploy what is called post-quantum cryptography on the blockchain. This is a form of cryptography adapted to the world where quantum computers are no longer the future.

There are many ways to deal with post-quantum cryptography, but all approaches basically consist of making the encryption key harder to crack, even on a quantum computer. This requires additional randomness or entropy. In fact, purely randomly generated keys are much more difficult to decode than keys that are the result of mathematical operations that can be reverse engineered on a powerful computer.

Quantum computers can take advantage of the special non-deterministic properties of quantum mechanics to generate this true randomness, although classical algorithms rely on mathematics. CQ took advantage of this to create the IronBridge platform. The platform uses these quantum processes to create random numbers and even more secure encryption keys.

IronBridge has been successfully used with LAC Chain to protect communications and protect digital signatures. The LAC Chain blockchain was an ideal target for the keys generated by the IronBridge platform, said Duncan Jones, CQs Head of Quantum Cyber Security. Only keys generated from certified quantum entropy can withstand the threat of quantum computing.

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CQ has rolled out Ironbridge as a Layer 2 service. In other words, it is on top of the original architecture of the LACChain blockchain and can be adapted to other systems.

Even if large quantum computers are still a bit far away, this announcement could address the concerns of blockchain users. Whether five, ten, or fifteen years later, quantum computers can crack the security protocols that currently protect information. In short, sensitive information currently stored on the blockchain is at risk of future hacking.

The security currently used on most blockchains is vulnerable to quantum attacks, Deloittes quantum specialist Itan Barmes told ZDNet. No one knows when these attacks will be feasible. Estimates range from 5 to 30 years. On the other hand, the transition to Quantum Safe solutions is expected to take years, which is a problem. Ignoring is an unnecessary risk.

Blockchain isnt the only way to prepare for the future of cryptography. Governments around the world are also rushing to develop post-encryption protocols, as there is growing concern that information about defense and national security may one day be revealed by quantum computers.

The UKs National Cyber Security Center, for example, has long said that it needs to end its reliance on classical cryptography. While in the United States, the National Security Agency is currently investigating several algorithms that may improve the resilience of encryption keys.

Quantum computers can threaten the security of the blockchain.These new defenses may be the answer

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Quantum computers can threaten the security of the blockchain.These new defenses may be the answer - Texasnewstoday.com