Quantum Computing - The Impending End for the Blockchain?

Quantum computers are expected to reduce the security of current cryptographic systems. One technology that relies on these cryptographic systems is the blockchain. For companies adopting blockchain-based solutions, quantum computing therefore poses a risk that needs to be considered in long-term strategic planning. Grover’s and Shor’s quantum algorithms, which attack the cryptographic principles on which the blockchain is built, currently pose the biggest threat to the blockchain. To counteract these threats, we found different solutions, of which the most promising is post-quantum cryptography. This paper’s objective is to describe the dangers quantum computing hold for the blockchain and, by reviewing existing literature, to present the current state of research on countermeasures to quantum computing. Finally, we conclude that, based on current knowledge, quantum computing does not mean the end to the blockchain