Vulnerability of Blockchain Technologies to Quantum Attacks

TL;DR

This paper assesses the vulnerability of major blockchain cryptocurrencies like Bitcoin and Ethereum to quantum attacks, highlighting potential risks and comparing their levels of quantum resistance.

Contribution

It provides the first comprehensive analysis of quantum attack risks on widely used blockchain cryptocurrencies and compares their vulnerabilities.

Findings

Bitcoin and Ethereum are vulnerable to quantum attacks.

Some cryptographic protocols in blockchains are susceptible to quantum threats.

The study offers a comparative vulnerability assessment of major cryptocurrencies.

Abstract

Quantum computation represents a threat to many cryptographic protocols in operation today. It has been estimated that by 2035, there will exist a quantum computer capable of breaking the vital cryptographic scheme RSA2048. Blockchain technologies rely on cryptographic protocols for many of their essential sub-routines. Some of these protocols, but not all, are open to quantum attacks. Here we analyze the major blockchain-based cryptocurrencies deployed today -- including Bitcoin, Ethereum, Litecoin and ZCash, and determine their risk exposure to quantum attacks. We finish with a comparative analysis of the studied cryptocurrencies and their underlying blockchain technologies and their relative levels of vulnerability to quantum attacks.