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Technological innovation seems to be advancing at an accelerated pace, from artificial intelligence to blockchain to quantum computing but these technological advancements can be leveraged by bad actors as well, bringing their own risks that must be accounted for. Quantum computing and blockchain technology are set to collide soon, and the cryptocurrency industry must be prepared. Otherwise, these powerful next-generation computers stand to put digital assets and the blockchains that support them at risk.

One pioneering project that is helping prepare for this future is QRL, a blockchain and digital asset shielded by a post-quantum secure digital security scheme. In a nutshell, QRL has developed a decentralized ledger on which digital signatures on the blockchain are secure in a world where quantum computing exists.

Quantum computing is a field that blends computer science, physics and mathematics while harnessing quantum mechanics to solve complicated problems. It does so in a more efficient manner than traditional computers ever could.

Quantum computers are designed to solve problems in seconds that would take even the world's fastest supercomputer billions of years to tackle , and their mainstream adoption is near on the horizon. They can carry out many computations while simultaneously considering several different configurations, making them exponentially faster than traditional computers. They will not replace legacy computers, but they are expected to be the go-to machines for sophisticated technological advancements across sectors of the economy, enabling breakthroughs in fields from logistics to molecular engineering.

Business investments in quantum computers are growing by leaps and bounds in areas ranging from electric vehicle batteries to the blockchain. While still in their infancy in terms of scale, quantum computers have been proven to work. For example, Google's 54-qubit Sycamore processor completed a computation in 200 seconds that would have taken the most powerful classical computer in the world 10,000 years. According to a report by IBM, cryptographic protocols can be solved within a few hours with quantum computers. Blockchain networks are buttressed by cryptography, which is the link through which digital signatures are assigned to messages on the network.

As such, the nearing of quantum computing adoption has revealed vulnerabilities that exist in high-tech innovations like blockchains, for which security and integrity are of the utmost importance.

Blockchains are built to be inherently secure, owing to the decentralized nature of ledgers combined with cryptography.

While this level of security is sufficient in a world of conventional computers, it has not yet been battle-tested against quantum computers, making the former "quantum insecure," reports QRL. As a result, the signatures protected from conventional computing power suddenly become vulnerable in the quantum-computing age.

The stakes are indeed high. Not only are both Bitcoin and Ethereum (which currently account for over 65% of all of the cryptocurrency market capitalization) vulnerable to a sufficiently powerful Quantum Computer, but Ethereum itself has over $90 billion locked up through all of the layer 2 applications building on it.

However, most crypto innovators are so busy building that many have not taken the time to recognize the threat quantum computing poses to the blockchain networks of tomorrow. According to a recent study by Deloitte, about 65% of all ether coins are vulnerable to a quantum attack, and this number has been continuously increasing. Enter The Quantum Resistant Ledger, which estimates that 99% of all blockchains and cryptocurrencies are vulnerable, and was created in response to the future threat posed by quantum computing to blockchain technology.

Quantum Resistant Ledger founder Dr. Peter Waterland, who is also a colorectal cancer surgeon, published a whitepaper for the QRL in 2016. In it, he identified how the Bitcoin and Ethereum blockchains were both fundamentally flawed. He explained how quantum computers stand to eventually decrypt the vital cryptography on which blockchains are dependent, which could lead to disaster for the industry and destroy any hopes of mainstream adoption.

But he didn't only name the problem. Dr. Waterland also proposed a solution, which

lies in the project he formed nearly 6 years ago now.

The Quantum Resistant Ledger harnesses the NIST-approved XMSS encryption instead of the standard elliptical curve cryptography (ECC) for digital signatures on the blockchain. Unlike ECC, which is expected to be broken at some stage owing to the power of these Quantum Computers, XMSS is mathematically provably secure.

The XMSS algorithm underpinning QRL is a forward-secure signature scheme that is designed to make blockchains "future-proof and to ensure their security even in the light of practical quantum computers," as noted in Yale research.

Consider supporting the network and running your own node on the Quantum Resistant Ledger.

In addition to Dr. Waterland, the QRL project is also led by J.P Lomas in the capacity of technical advisor. The development team is spearheaded by Dubai-based Kaushal Singh, while the wider non-tech team is spread across the UK, the United States and Canada. The project has had a low profile until now, as the team has had their noses down while focusing on the development of their revolutionary ledger technology prioritizing development at the expense of marketing.

Now that the project has matured more, it is ready for the limelight. QRL is gearing up for the release of its Go Zond project, a proof-of-stake blockchain that is set to make its debut in Q3/Q4 2024. QRL says this platform is not only provably secure against quantum computing but will also enable Ethereum Virtual Machine contracts, meaning that contracts written on the Ethereum blockchain will be easily portable to the QRL.

QRL invites you to become part of their growing community and be part of the next generation of blockchain technology.

Featured photo by TheDigitalArtist on Pixabay.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

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How QRL Is Securing The Blockchain Of The Future - Benzinga