TITLE:
Futureproofing Blockchain & Cryptocurrencies against Growing Vulnerabilities & Q-Day Threat with Quantum-Safe Ledger Technology (QLT)
AUTHORS:
Fazal Raheman
KEYWORDS:
Cybersecurity, Quantum Computers, Post Quantum Cryptography, Q-Day, Zero Trust
JOURNAL NAME:
Journal of Computer and Communications,
Vol.12 No.7,
July
26,
2024
ABSTRACT: With one billion users using 380 exchanges, the security of blockchains and cryptocurrencies remains a major concern as billions are lost to hackers every year. Cryptocurrency hacks negatively impact cryptocurrency markets introducing volatility. Each major scam/hack incident results in a significant price dip for most cryptocurrencies, decelerating the growth of the blockchain economy. Existing blockchain vulnerabilities are further amplified by the impending existential threat from quantum computers. While there’s no reprieve yet from the scam/hack prone blockchain economy, quantum resilience is being aggressively pursued by post quantum cryptography (PQC) researchers, despite 80 of 82 candidate PQCs failing. As PQC has no role in combating inherent vulnerabilities, securing over 1000 existing blockchains against scammers/hackers remains a top priority for this industry. This research proposes a novel Quantum-safe Ledger Technology (QLT) framework that not only secures DLTs/cryptocurrencies and exchanges from current vulnerabilities but protects them from the impending Q-day threats from future quantum computers. As blockchain-agnostic technology, the QLT framework can be easily adapted to secure any blockchain or crypto exchange.