Open AccessA Review on the Impact of Quantum Computing on Blockchain Technology
Author(s) -
Roman B. Shrestha
Publication year - 2021
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2021.38510
Subject(s) - blockchain , quantum computer , computer science , scalability , hash function , computer security , cryptography , quantum , theoretical computer science , cryptocurrency , distributed computing , database , quantum mechanics , physics
Blockchain is a promising revolutionary technology and is scalable for countless applications. The use of mathematically complex algorithms and hashes secure a blockchain from the risk of potential attacks and forgery. Advanced quantum computing algorithms like Shor’s and Grover’s are at the heart of breaking many known asymmetric cyphers and pose a severe threat to blockchain systems. Although a fully functional quantum computer capable of performing these attacks might not be developed until the next decade or century, we need to rethink designing the blockchain resistant to these threats. This paper discusses the potential impacts of quantum computing on blockchain technology and suggests remedies for making blockchain technology more secure and resistant to such technological advances. Keywords: Quantum Computing, Blockchain, Shor’s Algorithm, Grover’s Algorithm, Cryptography