IQT Research predicts that blockchain and quantum threats will quickly spread beyond cybercurrencies; More opportunities for new products and services

NEW YORK, 27 July 2022 /PRNewswire/ — IQT Research foresees major commercial opportunities for protecting blockchain from future quantum computer intrusions and agrees with White House National Security Memorandum NSM-10, released on 4 May 2022indicating the urgency to address imminent quantum data threats and the risks they pose to the economy and national security in our latest report.Quantum Threat to Blockchain: Emerging Business Opportunities.”

Although primarily associated with cryptocurrencies, blockchain has been proposed for a wide range of transactions, including in insurance, real estate, voting, supply chain tracking, gaming, etc. These areas are all vulnerable to quantum threats, leading to disruptions, damage to trust and loss of intellectual property, financial assets and regulated data.

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About the report:

Quantum computers threaten classical public-key cryptography blockchain technologies because they can break the computational security assumptions of elliptic curve cryptography. They also weaken the security of hash function algorithms, which protect the blockchain’s secrets. This new IQT Research report identifies not only the challenges, but also the opportunities in terms of new products and services arising from the threat quantum computers pose to the blockchain mechanism. According to a recent study by the consulting firm Deloitte, about a quarter of the blockchain-based cyber currency Bitcoin in circulation in 2022 is vulnerable to quantum attacks.

This report covers both technical and policy issues related to the quantum vulnerability of blockchain.

From the report:

• With NIST announcing a new set of PQC standards in July 2022, PQC firms will soon receive large investments in the short term, much of which will apply to blockchain. However, not all NIST-based PQC solutions will be feasible for blockchain use. Given the nature and complexity of PQC, a successful migration to PQC-backed Blockchain protection will take years of planning.

• The earliest spending on quantum secure technology in the blockchain market will go to protecting data from attacks later, when quantum computing resources mature. This issue becomes more important as we approach the day when powerful quantum computers become a reality. But data theft today requires preventive measures. The quantum threat to the blockchain means that the business opportunities in this area are emerging right now.

• There is a need for affordable information-theoretically secure (ITS) solutions that immediately strengthen standardized cryptography systems used in blockchains. Already widely discussed in this context are quantum-enabled blockchain architectures based on Quantum Random Number Generators (QRNG) and Quantum Key Distribution (QKD). Another important concept is quantum-enabled blockchain, which refers to an entire blockchain or some aspect of the blockchain functionality running in quantum computing environments.

• Mining is another aspect of blockchains that is vulnerable to quantum attacks. Mining is the consensus process that certifies new transactions and keeps blockchain activities protected. One risk with mining is that miners using quantum computers can launch a 51% attack. A 51% attack is when a single entity controls more than half of the computational power of the blockchain. A quantum attack on mining would undermine the network’s hash power.

The story continues

About IQT research:

IQT Research is a division of 3DR Holdings, and the first industry analyst firm dedicated to meeting the strategic information and analysis needs of the emerging quantum technology sector. In addition to publishing reports on critical business opportunities in the quantum technology sector, Inside Quantum Technology produces a daily news site on business-related events in the quantum technology field. (https://www.insidequantumtechnology.com/)

3DR Holdings also hosts the Inside Quantum Technology conferences. The next conference is dedicated to quantum cyber security and will be held 25-27 October in New York City.

For more information about the report, contact:

Lawrence Gasman
[email protected]
Phone: 434-825-1311

Press contact:
Barry Schwartz
[email protected]
212-677-8700 local. 118

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SOURCE IQT research