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With so much of the modern business world managed on the Internet, data security has become a critical topic for both businesses and individuals.
The prevalence of encryption methods offers a level of protection for online users when transmitting confidential or confidential information, such as financial records or passwords.
If a digital transmission is not encrypted, it remains vulnerable to attacks from external threats. For example, if you purchase a credit card on an unsecured website when you're connected to a public Wi-Fi hotspot, any hacker connected to the same network can easily intercept and steal data.
Blockchain technology, the basis on which cryptocurrencies like Bitcoin were built, has been praised for being highly secure. Each transaction in a blockchain is linked to the surrounding ones, which makes it very difficult for a hacker to manipulate the records.
But of course the security structure of the blockchain has only been tested against a current set of computing power. Those who are invested in cryptocurrencies must be aware of what will come in the future, in particular the rise of quantum computers.
Given the radical shift in performance between normal computers and quantum computers, there is reason to worry about how computer security can be affected. This article will provide an overview of quantum computing and how blockchain technology will react to it.
How key cryptography works
Cryptocurrencies like Bitcoin operate fundamentally differently than banks, credit cards and other traditional financial institutions. With a blockchain system, there is no central authority or government that manages and regulates the flow of currency.
Instead, the blockchain is built on a vast network of distributed nodes, each of which performs a series of algorithms that maintain the integrity of all transactions. Whenever you exchange a Bitcoin fee or make a purchase with a digital wallet, the transaction record is replicated worldwide.
At the heart of the Blockchain security structure is the concept of key cryptography. When you create a new cryptocurrency account, you will have access to a digital wallet that has both a private key and a public key. As suggested by the names, you should never share your private key with anyone else. Each transaction made will include the private key of your portfolio and the recipient will use the public key to verify your identity.
By the way, if you have a cryptocurrency and do not want someone to take you from you as happened to the unfortunate souls who lost hundreds of millions of dollars during the mountain. The accidents of Gox and Coincheck, now would be the perfect time to familiarize with the different versions of digital wallets (cold, hot, free). The feature to watch out for is whether the wallet is connected to the Internet or not. In this way lies the danger!
SEE ALSO: "Because blockchain technology is useful, it must first be enabled by the API"
Overview of quantum computers
The blockchain encryption method is secure against more traditional hacking attempts thanks to the peer-to-peer (P2P) network of distributed nodes. In a traditional banking system, an attacker could infiltrate a central database and access the numbers and balances of your account.
If an attacker attempts to modify a block of cryptocurrency and redirect the private key, the other nodes on the network will interrupt the action. In theory, a hacker could make such a change only if he was able to modify more than 50 percent of the blockchain nodes at the same time.
Today's computers do not have the power to do such a timed attack, but quantum computers may pose a new threat. The quantum calculation works on what is known as qubits, which allows systems to process values between 0 and 1 and offer an exponential step in the power of performance.
In order to manipulate a blockchain, quantum computers should execute an algorithm that can calculate prime values and very large numbers. If done fast enough, this type of algorithm could break private key encryption on blockchain elements and make the whole system vulnerable.
SEE ALSO: "Decentralization is more important than blockchain"
Importance of hashing
The good news for cryptocurrency enthusiasts is that blockchain technology has a second level of security in addition to key cryptography. Thanks to the secure hashing algorithms, also known as SHA, blockchain elements become much more difficult to decipher and expose.
Many online companies use SHA systems to store sensitive information in databases, especially passwords. When you enter a password on one of these sites, the algorithm stores a hash value in the database instead of the original text. This will prevent both internal administrators and external hackers from seeing passwords. SHA is designed to be a one-way function, which means that a hash value can never be converted back to its original input string.
Bitcoin and many other major cryptocurrencies use the SHA-256 algorithm on all transactions. This level of hashing is considered a strong shield against quantum-based hacks, although it does not completely rule out the possibility that a supercomputer could perform a successful attack.
The digital private key of a user is used only at the exact moment when a blockchain exchange occurs. In order for a quantum computer to interpolate in the transaction and eliminate both encryption and hashing, it should change the hash values in the short time interval between when the transaction begins and is validated by other nodes on the network.
At this point, the concern of a quantum attack on the blockchain is minimal, given the way in which validation is performed on the network. For a compromised hash value to be correctly added to the blockchain, the attacker should have control over more than 50 percent of all nodes.
SEE ALSO: "Because blockchain is really successful, we must understand where and why to distribute it"
Quantum level protection
There are other good news for investors on the cryptocurrency markets. Industry experts are already working to design blockchain updates that specifically protect against quantum computing attacks. The Quantum Resistant Ledger is the most mature so far and is currently undergoing a security check.
In the meantime, the smart thing to do is to invest only in cryptocurrencies that are well established. Platforms like Bitcoin have such a network of nodes that present and future security threats are minimal. Remember to protect your blockchain wallets as much as possible, as hackers will always look for ways to display individual accounts.
Quantum versus classic internet
The question of a quadrillion dollars that the average user might ask is "What's this new internet powered by quantum computers that will look like?" Here's the thing. In the short term, the quantum internet, when it comes here at full speed, will seem largely equal to those of us staring at the screens. Most websites will still be created and designed based on proven and true fundamentals. The real change lies in the computers themselves, which will be (they are already) incredibly, incredibly fast, able to perform calculations at a pace that makes classic computers envious.
The long ride could be a different story.
SEE ALSO: Architectures of a blockchain solution for the enterprise
The bottom line
When computers appeared fifty years ago, we expected to transport their powerful descendants to our pockets? Perhaps Isaac Asimov, but few others. No one is exactly sure how quantum computers will change calculation and society when we look into the future in the future or whether it or the blockchain will survive or be replaced by something else entirely.
The only certainty is that the online landscape will be changed. Come back with us in about fifty years and we will finish this article. Until then, hold on tight.
