The blockchain ecosystem is facing the rising threat of quantum computing. The speed of changes in this field calls into question the current security state of cryptocurrencies.
Quantum Threats to Blockchain
Recent advancements in quantum technologies put the security of crypto assets at risk. While enterprises can update keys, blockchains remain vulnerable. With Shor's algorithms, a potential adversary could forge signatures and manipulate old transactions. Notably, less than 10% of the largest 50 blockchains mention quantum migration in their documentation.
Possible Protective Actions
There are ways to protect against quantum threats without requiring a complete overhaul of blockchain consensus mechanisms. Specifically, new signatures compatible with post-quantum standards can be integrated. This would protect new transactions and reduce risks. Additionally, protective measures may include using hardware with NIST-compliant algorithms to safeguard keys.
Need for Proactive Measures
The situation demands that projects take active steps. Blockchains that begin preparations for quantum threats as early as 2025 are likely to better protect their decentralized applications. However, projects that fail to prepare risk losing user funds.
Blockchain must adapt to quantum computing to ensure security. Time to implement protective measures is limited, and increasing threats require immediate action.
