A new research report predicts that blockchain and the quantum threat will rapidly spread beyond cryptocurrency;  Increase opportunities for new products and services

A new research report predicts that blockchain and the quantum threat will rapidly spread beyond cryptocurrency; Increase opportunities for new products and services

Dublin, October 14, 2022 /PRNewswire/ – the report “Blockchain Quantum Threat: Emerging Business Opportunities” added to ResearchAndMarkets.com Show.

This new research report identifies not only challenges but also opportunities in terms of new products and services that arise from the threat that quantum computers pose to the “blockchain” mechanism. According to a recent study by consultancy Deloitte, nearly a quarter of the blockchain-based bitcoin in circulation in 2022 is vulnerable to a quantum attack.

The analyst anticipates significant business opportunities arising to protect the blockchain from future quantum computer intrusions and concurs with the White House National Security Memorandum NSM-10, issued on May 4, 2022, which indicates the urgency and risks involved in addressing imminent quantum computing threats and risks. Economics and National Security in the last report “Blockchain Quantum Threat: Emerging Business Opportunities”.

Although the main focus of this report is on the quantum threat to the safety of cryptocurrencies, the applicability of blockchain (and thus the quantum threat) is much broader than that of newer types of money. Blockchain technology has been proposed for a wide range of transactions, including insurance, real estate, voting, supply chain tracking, gambling, etc.

A computer hacked quantum blockchain will allow eavesdropping, unauthorized client authentication, signed malware, hidden encryption session, man-in-the-middle (MITM) attack, forged documents and emails. These attacks can lead to the disruption of mission-critical operations, reputational and trust damage, as well as the loss of intellectual property, financial assets, and structured data. Note that this report covers both technical and policy issues related to blockchain quantum vulnerabilities.

As it stands now, the blockchain is secured using relatively diverse cryptographic systems. However, quantum computers will have the computational ability to crack these schemes as their power grows. Predictions of when quantum computers will gain such power vary from five years to never, but the threat hangs over the crypto industry as a whole and is dampening its prospects.

Quantum computers directly threaten public-key/private-key cryptography blockchain technologies because they can break the computational security assumptions of elliptic curve cryptography. They also significantly weaken the security of important private key or hash function algorithms, which protect the secrets of the blockchain.

Also, some of the early expenditures on quantum secure technology in the cryptocurrency market will undoubtedly go towards protecting data from attacks later, when quantum computing resources become mature. This issue becomes even more important as we approach the day powerful quantum computers become a reality. But safeguards on the quantum threat mean that business opportunities in this space are now emerging.

As this report shows, the publisher sees significant commercial opportunities to protect blockchain and blockchain-based technologies against future intrusions into quantum computers. One area of ​​particular focus for this report is post-quantum cryptography (PQC), where relatively traditional ciphers are being created that are much more difficult to crack than the ciphers currently in use. With NIST announcing a new set of PQC standards in July 2022, the publisher believes that PQC companies will receive significant investment in the near term as a result of growing concerns about bad actors with access to quantum computing resources.

The publisher believes that there is also a need for relatively low-cost information-theoretically secure (ITS) solutions that immediately enhance the standardized cryptographic systems used in block chains. Thus, this report also discusses quantum-enabled blockchain architectures based on quantum random number generators (QRNG) and quantum key distribution (QKD).

the main points:

  • With NIST announcing a new set of PQC standards in July 2022, PQC companies will soon receive significant investments in the near term, many of which will be applied to the blockchain. However, not all NIST-based PQC solutions will be viable for blockchain use. Due to the nature and complexity of PQC, it would take years of planning for a successful migration to PQC-backed Blockchain protection.
  • The earliest expenditures on quantum secure technology in the blockchain market will be devoted to protecting data from attacks later, when quantum computing resources become mature. This issue becomes even more important as we approach the day powerful quantum computers become a reality. But today’s data theft requires preventive measures. The quantitative threat to blockchain means that business opportunities in this field are now emerging.
  • There is a need for low-cost and theoretically secure Information Solutions (ITS) that immediately enhance the standardized cryptographic systems used in block chains. Much has already been discussed in this context, which is a quantum-enabled blockchain architecture based on Quantum Random Number Generators (QRNG) and Quantum Key Distribution (QKD). Another important concept is quantum-enabled blockchain, which refers to the entire blockchain or some aspect of the blockchain functionality that runs in quantum computing environments.
  • Mining is another aspect of blockchain that is vulnerable to quantum attacks. Mining is the consensus process that certifies new transactions and keeps blockchain activities protected. One of the mining risks is that miners using quantum computers can launch a 51% attack. A 51% attack occurs when a single entity controls more than half of the blockchain’s computational power. A quantum attack on mining would undermine the hashing power of the network.

Main topics covered:

Chapter One: Introduction
1.1 Purpose and scope of this report
1.1.1 The Blockchain Quantum Computers Threat
1.2 Coding background for this report
1.2.1 Related organizations
1.2.2 NIST PQC Efforts and Beyond
1.2.3 Addressable Market for Quantitative Safe Cryptocurrencies
1.3 Objectives of this report

Chapter 2: Classic Blockchain Cryptography and Quantum Computing Attacks
2.1 Quantum Threat Overview
2.2 NIST and Post-Quantum Cryptography
2.2.1 Structure of the NIST PQC Effort
2.2.2 The importance of asymmetric digital signatures
2.2.3 The effect of doubling the size of the key
2.2.4 Strong Security Algorithm
2.3 Advanced Encryption Standard (AES)
2.4 Quantum attack resource estimates for breaking ECC and DSA
2.5 Block Quantum Resistor Encoder
2.5.1 Tabrot and Bitcoin Core
2.5.2 Impact of NIST-based PQC Algorithms
2.6 Oracle Post-Quantum Stochastic Model
2.6.1 Oracles stochastic modeling of quantum attackers
2.7 Summary of this chapter

Chapter 3: Quantitative Opportunities of the Blockchain Type
3.1 Blockchain Basics
3.1.1 What is a classic blockchain?
3.2 Quantum-backed Blockchain
3.2.1 The Role of Quantum Security Technologies
3.3 Blockchain Security
3.3.1 The role of traditional coding
3.3.2 Attacks on Classic Cryptography
3.3.2.1 Some known attacks against ECDSA
3.3.2.2 ECDSA key pair generation:
3.3.2.3 Signature Account:
3.3.2.4 Recommendations:
3.3.2.5 Blockchain Security Summary:
3.4 Mitigating Cyber ​​Attacks on Blockchain
3.5 Blockchain Security: Entropy / Randomness
3.5.1 Examples of Low Entropy Attacks
3.6 Random Number Generator Product Evolution
3.6.1 PRNGs
3.6.2 TRNGs
3.6.3 QRNGs
3.6.4 OpenSSL 3.0
3.7 Summary of this chapter

Chapter Four: Quantitative Effects on Cryptocurrency Business
4.1 Qubit Gates and Quantum Gates
4.1.1 kibits
4.1.2 Quantum Gates
4.1.3 Quantitative Fourier transform
4.1.4 Oracle
4.1.5 Amplification amplification
4.2 Quantum Algorithms
4.2.1 shore algorithm
4.3 Specific quantitative threat to blockchain networks
4.3.1 Risk of Quantum Attack in Authentication
4.3.2 Grover’s Algorithm and Hash
4.4 The danger of quantum attack in mining
4.5 Nonsi Attacks
4.6 Blockchain Data Structures
4.7 Summary of this chapter

Chapter Five: Quantitative Retailing and QKD
5.1 Classic to Quantum Hash Functions
5.1.1 Summary: Quantitative Retail Functions
5.2 Quantum Key Distribution (QKD)
5.2.1 Technical issues
5.2.2 Issues Requiring Work in Blockchain-Enabled QKD
5.2.2.1 Summary: Technical Issues in QKD and Blockchain Integration
5.2.2.2 QKD Networking and Software Defined Blockchain
5.3 Notes about interface protocols
5.3.1 South Facade
5.3.2 North End Protocol
5.3.3 Resource Allocation
5.4 Steps Blockchain Institutions Can Take Right Now
5.5 Summary of this chapter

About the publisher

About the analyzer

Abbreviations and acronyms used in this report

For more information about this report visit https://www.researchandmarkets.com/r/lh4alo

source: Research and Markets

#research #report #predicts #blockchain #quantum #threat #rapidly #spread #cryptocurrency #Increase #opportunities #products #services

Leave a Comment

Your email address will not be published. Required fields are marked *