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What are the 3 Issues Blockchain Needs to Target to Combat the Quantum Threat?

Opinion

What are the 3 Issues Blockchain Needs to Target to Combat the Quantum Threat?

Quantum computers have now been proven to be a threat to the blockchain community as per Xinxin Fan, a cryptography expert, and enthusiast. Fan, head of cryptography at IoTeX, has now specified three key issues blockchain should work on in an article published in The International Business Times on 7 November.

The Three Key Elements

The initial step that demands immediate attention, according to Fan, is standardizing “quantum-resistant” cryptography. Standardization of “quantum-resistant” cryptography is already being done by the National Institute of Standards and Technology (NIST). The call to develop and create technologies that would resist the superpower of quantum computers is necessary for the survival of blockchains in the near future. Blockchain enthusiasts and developers are required to monitor and examine the process of standardization for the assimilation of the result into the future and present blockchain programs. 

The second step would be to focus on cryptographic agility, Fan explains. Cryptographic agility is described as the capability of programmers and developers for improving existing blockchain technology and ideas so that quantum-resistant modules and features can be incorporated into already existing blockchain programs. For instance, Ethereum possesses the ability to auto-upgrade given the huge amount of projects undertaken by the network. 

The third step requiring the utmost attention is blockchain governance. Blockchain governance has been a much talked about subject ever since the inception of blockchain. The uncertainty and ambiguousness around the development of quantum computers deem it necessary for blockchain initiatives to lay down certain procedures on the implementation of quantum-safe network upgrades. This establishment of procedural changes might prove to be quite the battle since setting up optimal governance structures has never been an easy task, but initiatives must be undertaken to ascertain that governance doesn’t prove itself to be an obstruction on the road towards technology up-gradation. 

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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