Cryptocurrency Security in the Post-Quantum Era
Webinar contents
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Webinar Summary
Held
Educational WebinarLevel: Beginner
Cryptocurrency Security in the Post-Quantum Era
“If a quantum computer can break Bitcoin’s cryptography, what will happen to trillions of dollars in digital assets?”
The development of cryptography in the twentieth century introduced new prospects and applications across various industries. One notable example is the design of Bitcoin in 2008 as the first widely adopted cryptocurrency. Having had a significant impact on the financial industry, the cryptocurrency market today is worth several trillion dollars. Cryptocurrency transactions are generally based on public-key cryptography, specifically digital signature protocols. For example, Bitcoin uses the elliptic-curve digital signature algorithm based on secp256k1. Therefore, the security of transactions and, consequently, the entire ecosystem relies on the computational complexity of solving problems such as the discrete logarithm problem and integer factorization. This security is challenged by the development of quantum algorithms, such as Shor’s algorithm, alongside the advancement of quantum computers capable of executing these algorithms with large numbers of qubits.
Since their introduction in 2008, cryptocurrencies have become an important part of the global financial system, with their market value reaching trillions of dollars. The emergence of powerful quantum computers could challenge the security and stability of this vast ecosystem, potentially triggering an international financial crisis.
It is therefore essential to estimate how and when quantum computing and quantum computers could compromise the security of current protocols, as well as to identify alternative solutions to preserve cryptocurrency security once quantum computing reaches the required level of processing power.
In this presentation, after introducing the Bitcoin protocol as an example, we will examine the challenges that the development of quantum computers could pose to the security of cryptocurrencies. We will discuss the number of qubits and the time required to break existing protocols, and review potential solutions, including the use of post-quantum cryptographic algorithms, to secure cryptocurrencies in the post-quantum era.
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About Teacher
Dr. Behzad Azadifaraz
Ph.D. in Applied Mathematics, Sharif University of Technology
Adjunct Professor, Faculty of Management and Economics, Sharif University of Technology
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Event information
- Webinar audience
- Students and graduates in Physics, Electrical Engineering, Photonics, Optics, and other related fields.
- Event date
- Event time (Tehran time)
- 19:30
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