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World Quantum Computers and Blockchain Mechanism Analysis Report 2022: Discussions of Quantum-Enabled Blockchain Architectures Based on Quantum Random Number Generators and Quantum Key Distribution

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The “The Quantum Threat to Blockchain: Emerging Business Opportunities” report has been added to ResearchAndMarkets.com’s offering.

This report identifies the challenges and opportunities that arise from the threat that quantum computers pose to the “blockchain” mechanism that makes cryptocurrencies viable as a form of money as well as playing an important role in future “smart contracts,” novel supply chain strategies and other innovative deployments of IT.

That quantum is a major threat going forward is beyond doubt. According to a recent study by the consulting firm Deloitte, approximately one-fourth of the Bitcoin in circulation in 2022 is vulnerable to quantum attack. The White House National Security Memorandum/NSM-10, released on May 04, 2022, indicated the urgency of addressing imminent quantum computing threats and the significant risks to the economic and national security of the United States.

Although the main focus of this report is on the quantum threat to the integrity of cybercurrencies, the applicability of blockchain (and therefore the threat of quantum) is much broader than the newer types of money. Blockchain technology has been proposed for a wide range of transactions, including insurance, real estate, voting, supply chain tracking, gambling, etc.

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A quantum computer-compromised blockchain would allow eavesdropping, unauthorized client authentication, signed malware, cloak-in encrypted session, a man-in-the-middle attack (MITM), forged documents, and emails. These attacks can lead to mission-critical operations disruption, reputation, and trust damage, as well as loss of intellectual property, financial assets, and regulated data. Note that this report covers both technical and policy issues relating to the quantum vulnerability of blockchain.

As things stand now, blockchains are secured with relatively garden-variety encryption schemes. However, quantum computers will have the computational power to break these schemes as they grow in power. Predictions of when quantum computers will attain such power vary from five years to never, but, the threat hangs over the cryptocurrency industry as a whole and is a dampener to its prospects.

Quantum computers directly threaten classical public-key/private key cryptography blockchain technologies because they can break the computational security assumptions of elliptic curve cryptography. They also significantly weaken the security of critical private key or hash function algorithms, which protect the blockchain’s secrets.

Also, some of the early expenditures on quantum-safe technology in the cybercurrency market will undoubtedly go to protecting data from attacks later, when quantum computing resources become mature. This issue becomes more important as we grow closer to the day when powerful quantum computers become a reality. But preemptive action on the quantum threat means that the business opportunities in this space are emerging right now.

As this report makes clear, the publisher sees major commercial opportunities to protect blockchain and the technologies dependent on blockchain against future quantum computer intrusions. One area that this report focuses on especially is post-quantum encryption (PQC), in which relatively traditional encryption schemes are devised that are simply much harder to break than currently used encryption schemes.

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With NIST announcing a new set of PQC standards in July 2022, the publisher believes that PQC firms will be receiving major investments in the near term as a result of the growing concerns about bad actors with access to quantum computing resources.

The publisher believes there is also a need for relatively low-cost information-theoretically secure (ITS) solutions that instantly strengthen standardized cryptography systems used in blockchains. Thus, this report also discusses quantum-enabled blockchain architectures based on Quantum Random Number Generators (QRNG) and Quantum Key Distribution (QKD).

Key Highlights:

  • With NIST announcing a new set of PQC standards in July 2022, PQC firms will soon be receiving major investments in the near term much of which will apply to blockchain. However, not all NIST-based PQC solutions will be feasible for blockchain use. Given the nature and intricacy of PQC, it will take years of planning for a successful migration to PQC-backed Blockchain protection.
  • The earliest of expenditures on quantum safe technology in the block chain market will go to protecting data from attacks later, when quantum computing resources become mature. This issue becomes more important as we grow closer to the day when powerful quantum computers become a reality. But data theft today requires preemptive action. The quantum threat to the blockchain means that business opportunities in this space are emerging right now.
  • There is a need for low-cost information-theoretically secure (ITS) solutions that instantly strengthen standardized cryptography systems used in blockchains. Already much discussed in this context are quantum-enabled blockchain architectures based on Quantum Random Number Generators (QRNG) and Quantum Key Distribution (QKD). Another important concept is quantum-enabled blockchain, which refers to an entire blockchain or some aspects of the blockchain functionality being run in quantum computing environments.
  • Mining is another aspect of blockchains vulnerable to quantum attacks. Mining is the consensus process that certifies new transactions and keeps blockchain activities protected. One risk with mining is that miners using quantum computers could launch a 51% attack. A 51% attack is when a single entity controls more than half of the computational power of the blockchain. A quantum attack on mining would undermine the network’s hashing power.

Key Topics Covered:

Chapter One: Introduction

1.1 Objective and Scope of this Report
1.1.1 The Threat of Quantum Computers to Blockchain
1.2 Cryptography Background to this Report
1.2.1 Concerned Organizations
1.2.2 NIST PQC Efforts and Beyond
1.2.3 Addressable Market for Quantum-safe Cybercurrency
1.3 The Goals of this Report

Chapter Two: Classical Blockchain Cryptography and Quantum Computing Attacks

2.1 Overview of the Quantum Threat
2.2 NIST and Post-quantum Cryptography
2.2.1 Structure of the NIST PQC Effort
2.2.2 Importance of Asymmetric Digital Signatures
2.2.3 Impact of Doubling Key Size
2.2.4 Algorithm Security Strength
2.3 Advanced Encryption Standard (AES)
2.4 Quantum Attack Resources Estimates to Break ECC and DSA
2.5 Quantum Resistant Cryptography for Blockchains
2.5.1 Taproot and Bitcoin Core
2.5.2 Impact of NIST-based PQC Algorithms
2.6 Post-quantum Random Oracle Model
2.6.1 Modeling Random Oracles for Quantum Attackers
2.7 Summary of this Chapter

Chapter Three: Quantum Opportunities of the Blockchain Kind

3.1 Blockchain Basics
3.1.1 What are Classical Blockchains?
3.2 Quantum-Enabled Blockchain
3.2.1 Role of Quantum-safe Security Technologies
3.3 Blockchain Security
3.3.1 Role of Conventional Cryptography
3.3.2 Attacks on Classical Cryptography
3.3.2.1 Some Known Attacks Against ECDSA
3.3.2.2 ECDSA Key Pair Generation:
3.3.2.3 Signature Computation:
3.3.2.4 Recommendations:
3.3.2.5 Blockchain Security Summary:
3.4 Mitigating Cyberattacks on Blockchains
3.5 Blockchain Security: Entropy/Randomness
3.5.1 Examples of Low Entropy Attacks
3.6 Random Number Generator Product Evolution
3.6.1 PRNGs
3.6.2 TRNGs
3.6.3 QRNGs
3.6.4 OpenSSL 3.0
3.7 Summary of this Chapter

Chapter Four: Quantum Impacts on the Cryptocurrency Business

4.1 Qubit and Quantum Gates
4.1.1 Qubits
4.1.2 Quantum Gates
4.1.3 Quantum Fourier Transform
4.1.4 Oracle
4.1.5 Amplitude Amplification
4.2 Quantum Algorithms
4.2.1 Shor’s Algorithm
4.3 Specific Quantum Threat to Blockchains
4.3.1 Risk of Quantum Attack in Authentication
4.3.2 Grover’s Algorithm and Hashing
4.4 Risk of Quantum Attack in Mining
4.5 Nonce Attacks
4.6 Blockchain Data Structures
4.7 Summary of this Chapter

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Chapter Five: Quantum Hash and QKD

5.1 Classical to Quantum Hashing Functions
5.1.1 Summary: Quantum Hashing Functions
5.2 Quantum Key Distribution (QKD)
5.2.1 Technical Issues
5.2.2 Issues Needing Work in Blockchain Enabled QKD
5.2.2.1 Summary: QKD Technical Issues and Blockchain Integration
5.2.2.2 Software-defined Networking QKD and Blockchain
5.3 Notes on Interface Protocols
5.3.1 Southbound Interface
5.3.2 Northbound Interface Protocol
5.3.3 Resource Allocation
5.4 Steps Blockchain Organizations Can Take Now
5.5 Summary of this Chapter

Blockchain

RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah

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Phoenix Group PLC and IOPn commit to investing $100 million to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.

This partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.

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RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies, has entered into a strategic partnership with Phoenix Group and IOPn. This collaboration aims to drive innovation, foster economic growth, and further position Ras al Khaimah as a global hub for Web3 pioneers. Phoenix Group, an ADX-listed company, is a leader in web3 development in the UAE. IOPn is an integrated Web3 ecosystem that leverages blockchain, AI, and cutting-edge spatial computing.

As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030 leveraging RAK DAO’s infrastructure. This substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region. Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

This collaboration underscores our commitment to driving economic growth and sustainability through technological advancements. We look forward to welcoming top-tier professionals and pioneering initiatives that will redefine the digital landscape of Ras al Khaimah.”

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

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Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

At the heart of this collaboration lies a commitment to access and nurture top-tier talent within the blockchain and Web3 industries. By enriching the local talent pool and fostering an environment conducive to innovation, RAK DAO, Phoenix Group and IOPN aim to drive forward-thinking initiatives that redefine the landscape and highlight the Emirate of Ras al Khaimah as an attractive destination for top talent. This six-year partnership and substantial investment underscore their dedication to stimulating innovation and attracting top-tier professionals.

 

The post RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah appeared first on HIPTHER Alerts.

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Blockchain

xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations

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 xPortal, the ultimate financial super app for everything money, developed by the MultiversX team, is thrilled to announce significant enhancements to its platform, aimed at elevating the Solana ecosystem experience for both new and existing users.

These updates include the ability to top up xPortal Debit Cards with SOL, the listing of numerous SPL tokens, and the integration of leading SOL dApps in xPortal’s Discover section, the app’s multi-chain dApp hub. This development further cements xPortal’s role as a unique bridge between the digital and physical worlds, facilitating seamless transitions from crypto to cash for holders of top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Solana (SOL), and Polygon (MATIC).

Starting today, xPortal users can effortlessly top-up their xPortal Debit Cards with their SOL holdings. This new feature allows Solana enthusiasts to use their crypto for shopping easily and manage their finances quickly, making it simpler than ever to transition from digital assets to real-world spending power.

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Additionally, xPortal now supports over 20 Solana-based SPL tokens, providing users with expanded opportunities to manage and interact with their favorite Solana assets. The new tokens available on xPortal include $PYTH, $IO, $JTO, $WIF, $BONK, $JUP, $RAY, $BOME, $HNT, $POPCAT, $BEER, $USDT, $USDC, $LINK, $LDO, $FTM, $RPL, $SUSHI, $DADDY, and $BODEN. This extensive list ensures that users can now enjoy a comprehensive Solana experience directly from the xPortal app, with more tokens being activated weekly.

The xPortal Discover section has also been enhanced with the addition of top-tier Solana decentralized applications (dApps). Users can now explore and interact with premier Solana dApps, including Jupiter Exchange, Raydium Protocol, and Kamino Finance.

Sergiu Biris, Head of Product at MultiversX and xPortal Lead, commented on the update: “These latest developments are a testament to our dedication to providing a complete experience for our users and represent a significant step forward in our mission to bring blockchain technology into the mainstream and make crypto payments the norm.”

“We’ve spent considerable time equipping xPortal with a unique set of features that make it stand out: unmatched simplicity and ease of use, beautifully abstracted complexity, the ability to bridge physical and digital realms, and many others. We’re excited to make access to all these features ecosystem-agnostic,” Biris added.

 

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The post xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations appeared first on HIPTHER Alerts.

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Blockchain

ChainSwap Adds BNB Chain to Their Decentralised Exchange

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ChainSwap, a multi-chain decentralized exchange (DEX), has integrated BNB Chain into its platform, adding to its growing list of supported networks. The new integration will enable users to conduct transactions on the BNB network, with plans for cross-chain transactions in the near future.

The incorporation of BNB Chain has seen ChainSwap continue to expand its multi-chain DEX, cementing its commitment to provide users with a secure platform for seamless cross-chain transactions. This is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), delivering unparalleled security and privacy for transactions taking place on the platform.

Fitzy, Founder and CEO of ChainSwap, was emphatic on the importance of the new integration: “Integrating the BNB chain on our network will help our users navigate Web 3 space, and plays into our mission of growing, and becoming increasingly interoperable”.

With plans to enable cross-chain transactions between BNB Chain and other leading blockchain networks, ChainSwap aims to further expand the utility of its seamless cross-chain transactions for users.

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