Is Blockchain Technology Future Proof?
Blockchain technology may be one of the greatest technological advancements of its time, but can blockchain security keep pace as the technology improves exponentially? Blockchain security has become a controversial topic in the crypto space due to the large amount of malicious attacks that have taken place recently. Solutions need to be created that can further improve encryption capabilities.
How are blockchains secured?
Blockchains are secured through a wide variety of consensus mechanisms, but virtually all, including Bitcoin, share the same underlying security protocol called cryptography. Bitcoin, for example, uses an algorithm known as SHA-256. The SHA stands for secure hashing algorithm and is an example of a common hashing algorithm used in cryptocurrency and for other encryption purposes in operating systems such as Unix and Linux. The algorithm functions in such a way that each input in the algorithm creates an output of 256 digits relevant to the data entered. So if it gets the same input, it will reach the same 256 digits every time. If any of the data were changed, the outcome would be very different.
Another important element is that there is no known reliable successful method of doing the calculation the other way around, meaning that by simply having the 256 bit long output it is practically impossible to come up with the input. Interestingly, SHA-256 hashing is actually not a new concept; almost all the safest, high-tech systems in the world are secured in the same way.
The security threats to blockchains
Despite the early record of tamper-resistant security, blockchains have faced a variety of hacks and malicious behavior that involved exploiting vulnerabilities and many questioned the security of those systems. An example of a serious attack was the Poly Network Hack that saw about $600 million stolen. Fortunately, the hacker returned the assets shortly after the hack, but this emphasized the need for solutions. Security threats should come as no surprise given that many of the newly emerging technology solutions available today were not present when blockchain was first introduced in 2008. Quantum computers, for example, are so powerful, some studies revealed that they could potentially hack blockchains within a decade, which is a fraction of the time given the speed at which technology has grown.
Is quantum resistance a realistic goal?
Quantum resistance is vital to ensure the longevity and integrity of blockchain technology. Solutions to meet this challenge are beginning to emerge. Crown Sterling, a provider of encryption and digital asset solutions, is one such company pioneering data protection and sovereignty. Led by CEO Robert GrantCrown Sterling is the first to implement quantum-proof One-Time Pad encryption as an option for a blockchain’s state transition function or the flow of transactions on a network. They also developed the Crown Sovereign token (CSOV) as a quantum-resistant utility token that allows users to interact with the project’s quantum-resistant encryption and other tools, including the ability to turn their personal data into NFTs, giving individuals real ownership. become of their data. The company is already developing data compression technologies to advance its innovation in data security and management.
To emphasize their mission, the Crown Sterling team has developed the ‘Data Bill of Rights’ as the genesis block for their network, declaring that digital assets are the intangible personal property of the original producer and therefore protected.
When it was launched, blockchain technology was considered very secure by most. However, blockchains will continue to face challenges due to rapid technological advancements, including quantum computing. Fortunately, with emerging solutions, blockchain technology not only has a chance to be fully quantum-proof, but can stand the test of time.