Why post-quantum encryption on blockchain?
We are entering the new quantum era. The Geneva-based quantum technology company, ID Quantique provides a commercial quantum cryptography system. In 2011, D-Wave company, based on British Columbia, Canada, announced the world’s first commercial quantum computer named D-Wave One (although this is not the quantum computer that people expected, but specially-designed one using quantum annealing, it was a big step forward towards quantum computer). Google and IBM will also unveil their recent achievements toward universal quantum computer soon.
Such quantum technology’s promise is rooted in several quantum features, which is so weird that one could not understand easily. The above image illustrates well about the mystery. No one can ski like that. But in the quantum world? Many experiments to date tell us that they are real. Indeed, quantum superposed particle can ski as shown above, and quantum entanglement exits in a spooky way. It is also known that quantum computer (using Shor’s algorithm) can break RSA cryptosystem which is widely used for secure data transmission.
So, one might think that the use of quantum technology in cryptocurrency exchange will provide a highly secure platform. But, we must remember that nothing is for free. As the quantum resources are very fragile and expensive, generating, manipulating, and engineering such quantum systems are not easy even in the state of the art. Moreover, it hasn’t proved that quantum computer can solve all problems faster than its classical counterpart.
What we know so far is that the security of the cryptosystem based on the mathematical problems such as the integer factorization and the discrete logarithm can be broken by the quantum computer. But, the cryptography systems which rely on the other hard mathematical problems like lattice-based, Hash-based, Supersingular elliptic curve isogeny are still secure against an attack by the quantum computer. This is the post-quantum cryptography.
It’s a matter of time before the powerful quantum computer is switched on, then all the information that uses conventional cryptography can be hacked. Don’t you think it’s best time to switch to post-quantum encryption techniques?
Blockchain Board of Derivatives (BBOD) aims to be the most secure trading platform. We consider using Supersingular Isogeny Diffie–Hellman key exchange (SIDH), which is one of the main approaches in the post-quantum cryptography.