Blockchain Safety May Be Compromised

Could quantum computers break down blockchains?

There are different ways in which we can say that owning cryptocurrency is safe because blockchain technology is, for example, decentralized. This means that the currency is stored in more than one area and there is no central entity owning your coins.

The word crypto comes from the fact that cryptocurrency is encrypted data on the blockchain. It is another factor of safety.

Blockchain data is also protected by private keys. They are long and to break them you would need an enormous amount of power and a lot of time. But, public keys may be exposed, and here is where quantum computers can help.

In quantum computers, we use quantum physics’ principles. Photons traveling with pieces of information called qubits, which can switch between 0 and 1 according to their polarization, can be in a neutral state, be 0 and be 1, by request. A basically different and improved principle to obtain the same thing as with regular computers, but the scale is greater, because a qubit can be in multiple positions of 0 and 1 simultaneously, and results are spectacular.

In order to find the combination of a private key, a regular computer would take an enormous amount of time, because the computer will do this through trial and error, in a linear manner. Compared to this, a quantum computer would use simultaneous calculations of probability and achieve the results in a shorter time. The vulnerability lies in the public key, because the private key is generated based on that public key, and the public key is visible in transactions.

Cryptocurrencies are encrypted using multiple algorithms, data cannot be changed and the transactions are confirmed by some of the other participants in the blockchain. These facts are what make cryptos so hard to break using even the most powerful computers available today.

With quantum computers, it may be possible, but probably not with the first generations. When more sophisticated quantum computers will be made, the encryption of blockchains could be broken, but until then, there would be measures taken for sure, using quantum computer technology, to make even more powerful encryptions and providing much better protection.

The conclusion is I would not be so worried about whether blockchains could be broken using quantum computers. Solutions may come along the way to counterattack such attempts. Just think about this if you are worried! There may be a long time before quantum computers will even be available for general use if they ever will be. It is possible that other techniques may be discovered that could be even better. Who knows? We will see.

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