Towards a Scalable and Secure Blockchain Based on Post-Quantum Cryptography

Abstract: Blockchain systems rely on classical cryptography of public key encryption and hash functions for its security. These security mechanisms of the distributed technology is made possible by complex mathematical computations, integer factorization and discrete logarithm problems. The emergence of quantum technology is expected to reduce the security of current cryptographic systems. As a result, companies adopting blockchain-based solutions, becomes prone to quantum attack in long-term strategic planning. Grover’s and Shor’s quantum algorithms, which attack the cryptographic principles on which the blockchain is built, currently pose the biggest threat to the blockchain. To counter these threats, the post-quantum cryptography was proposed. The main aim of this study is to critically analyzed the security of classical blockchain and present some post-quantum implementation algorithms in developing a quantum-based blockchain system that would be able to withstand any attacks using quantum technology.

Keywords: Blockchain system, Classical computers, Quantum Technology, Post-Quantum Cryptography.