Promises and Perilsof Post-Quantum Blockchain

Abstract

 Recently the Blockchain has predominantly evolved as a powerful technology to address the menaces of privacy, transparency, redundancy and accountability in data transfer over distributed networks. Owing to its weird potential to offer decentralized trust, secure data usage and efficient functioning; it has been successfullydeployed in many critical areas including financial services, e-governance, defence, academics, research, reputation system and smart manufacturing etc. The Blockchain is a special type of distributed ledger which currently relies on hash function and public-key cryptography where information is stored in blocks protected byhash signatures immune toany type of security breaks. Quantum Computing is a recent buzz word encompassing Gover’s and Shor’s algorithms which promiseto solve the knapsack problems in real time making thefuture of classical key cryptography obsolete. There is an apprehension that Post-Quantum computer will be able to modify the hash signature to compromise the Blockchain security. In such dilemmatic scenario there is an urgent need to develop a Blockchain cryptosystem, resilient towards the potential eavesdropping in Post-Quantum age. This paper aims to explore possibilities of developing such futuristic Post-Quantum information security system along with the promises and perils with regard to the Blockchain technology. A comparative study of public-key Post-Quantum cryptosystem and signing algorithms has been carried to formulate the future research direction in this regime.