Quantum Computing’s Threat to the Blockchain
(CIOReview) Scientists are arguing that quantum computers can break the cryptographic codes of a blockchain within a decade. This is a grave concern since up to 10 percent of the global gross domestic product will probably be stored in blockchains by 2025.
The greatest danger is that weak defenses against quantum computers are the two asymmetrical cryptographic algorithms (RSA and ECC), which form the basis for all modern encryption in the world. As effective quantum computers become a reality, cryptographic systems are transformed into new encryption algorithms designed against quantum computers. In the next decade or two, virtually all of the cryptographic software and hardware will have to be reconstructed and replaced. This is a long and complex process, and industry experts will have to work hard to prepare for the major transition.