You think Blockchain is unhackable?
Once considered “unhackable”, Blockchain end-points are now being hacked! Don’t get us wrong…We are big supporters of blockchain and in the right circumstances it has undeniable benefits. But we are also realists! Despite loud protestations of the blockchain community; blockchain is vulnerable to hacking! Yes, blockchain infrastructure is bulletproof BUT the end-points are vulnerable.
The method of targeting end-points is very simple. The digital signature of the end-points are secured today but vulnerable to attacks in the post-quantum era. It is like having a lock that is unbreakable but the key can be duplicated easily. This renders the unbreakable lock meaningless.
According to an article on Nasdaq, blockchain end-points targeting reached new heights in May 2019 when hackers stole $40 million worth of Bitcoin from Binance exchange. Most crypto wallets in today’s market are connected to the internet and therefore HACKABLE.
This vulnerability will definitely get worse in the quantum world. As our readers know, quantum computing is advancing rapidly. Just on December 1, 2020 Amazon announced they are fully committed to build their quantum computers. Many of the big quantum computing players (e.g. Google) have already reached quantum supremacy a year ago and are working daily to multiple their quantum strength significantly. This is just the information we have on hand; we don't even know the quantum advancements at the national level.
Blockchain's end-points are just the same as a normal computer and are no exception to quantum hacking. The security industry must become quantum-safe NOW. Quantum hacking is a matter of when, NOT IF.
Q-Day is a lot closer than most people believe it to be. IT consulting giants like Hitachi, PwC, and CGI have already partnered with IronCAP for their post-quantum cybersecurity strategy.
So, to summarize:
- Blockchain end-points are hackable.
- Quantum hacking looms over blockchain and cryptocurrency.
- The nature of blockchain makes it difficult if not impossible to protect once large number of nodes and transactions have been established. Historical end-points are difficult to be reversed to be quantum-safe.
- Start building your quantum safe blockchains today. This can be achieved with the IronCAP technology available now.
Be cybersmart with IronCAP!
Learn more: https://www.ironcap.ca
References
Nasdaq article
Bloomberg article
Amazon announcement |