From Prediction to Protection: Dr. Duncan Wong on Quantum Threats to Blockchain

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At the recent Wiki Finance Expo in Hong Kong, Dr. Duncan Wong, a leading expert in blockchain security and Founder of the Abelian Foundation, delivered a keynote presentation titled “Quantum Safe Era”.

As an academic researcher and former professor in cryptographic studies at the City University of Hong Kong, Dr. Wong’s expertise in quantum-safe blockchain solutions provided critical insights into the future of blockchain security.

The Quantum Threat to Existing Blockchains

Dr. Wong began his keynote with a startling prediction: by 2033 or even sooner, we could achieve 100,000 qubits in quantum computing. This number is not arbitrary; it’s the threshold at which quantum computers can break Bitcoin’s security in mere hours.

Why is the number 100,000 Qubits important?
With 100,000 qubits, quantum computers can efficiently execute Shor’s algorithm, a quantum algorithm developed by MIT professor Peter Shor. Shor’s algorithm can break cryptographic systems underpinning Bitcoin, Ethereum, and other blockchain networks. Once a transaction is made on these blockchains, the public key is exposed on the ledger, which allows a quantum computer to derive the private key and seize control of the wallet.

“All that’s needed to break Bitcoin is a quantum computer with 100k qubits. By applying an algorithm invented by MIT Prof Peter Shor, someone can, in a few hours, derive your private key from the public key. That’s why we need to upgrade our systems to be quantum resistant now”.
— Dr. Duncan Wong

The Implications of Q-Day

Dr. Wong introduced to the audience the term “Q-Day”, a conceptual “judgment day” when a quantum computer with 100,000 could perform cyberattacks against existing blockchain systems. He emphasised the importance of preparing for this scenario and the urgency of upgrading existing computer networks to use Post-Quantum Cryptography.

Moving Toward Quantum-Safe Blockchains

To counteract this looming threat, Dr. Wong emphasised the need to upgrade existing blockchain systems or develop new quantum-resistant blockchains. Contrary to popular belief, making a system quantum-safe does not require access to a quantum computer. Instead, advanced cryptographic algorithms can be implemented to withstand cyberattacks by quantum computers.

Key Points for Quantum-Safe Blockchains:

1. Enhanced Algorithms: Utilise cryptographic algorithms that remain secure even against quantum computers.
2. Public Key Exposure: Mitigate the risk of public key exposure on blockchains by using innovative cryptographic techniques.
3. Continuous Research: Invest in ongoing research to stay ahead of quantum computing advancements.

Dr. Wong’s Call to Action

Dr. Wong’s keynote presentation underscored a critical point: the blockchain community must act now to safeguard against future quantum threats. By adopting quantum-resistant technologies and enhancing current security protocols, we can protect the integrity of blockchain systems.

Watch a video excerpt of Dr. Wong’s keynote presentation below.

Conclusion

The insights from Dr. Wong’s “Quantum Safe Era” keynote serve as a wake-up call for the blockchain industry. As we anticipate the rapid advancement of quantum computing, proactive measures are essential to ensure the longevity and security of blockchain systems.

For blockchain enthusiasts and professionals, understanding and preparing for the quantum revolution is not just important — it’s imperative. Stay informed and take action to contribute to a quantum-safe blockchain future.

For more information, please contact: general@abelian.info

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