Promises and Perils of Post-Quantum Blockchain

Abstract

Abstract In recent years, blockchain technology has emerged as a powerful solution to address various concerns related to data transfer over distributed networks, such as privacy, transparency, redundancy, and accountability. Its ability to offer decentralized trust, secure data usage, and efficient functioning has led to its successful implementation in critical areas like finance, e-governance, defense, academia, research, reputation systems, and smart manufacturing. Blockchain is a unique type of distributed ledger that relies on hash functions and public-key cryptography to store information in blocks protected by hash signatures, which are resistant to security breaches. However, the emergence of quantum computing and its ability to solve knapsack problems in real-time through Grover’s and Shor’s algorithms has raised concerns about the future of classical key cryptography. It is feared that post-quantum computers may be able to modify the hash signature and compromise the blockchain security. To address this issue, there is an urgent need to develop a blockchain cryptosystem that is resilient towards potential eavesdropping in the post-quantum age. This paper aims to explore the possibilities of developing such a futuristic post-quantum information security system while examining the promises and perils of blockchain technology. The study includes a comparative analysis of public-key post-quantum cryptosystems and signing algorithms to formulate future research directions in this field.