Emergence of Post Quantum Cryptography with the Support of Blockchain Technology
Quantum computing is bound to transform computing on a large scale, but it is equally causing severe security issues to the current cryptographic systems. The established encryption algorithms such as RSA and Elliptic Curve Cryptography (ECC) may be uncovered as soon as large-scale quantum computers may come into reality. Due to that, scientists are giving keen interest to Post-Quantum Cryptography (PQC), a group of algorithms designed to remain secure in the presence of quantum attacks. This shift cannot be overlooked by blockchain technology, which has a strong dependence on the use of cryptography to maintain trust, security, and integrity of the data. This paper examines the applications of post-quantum cryptographic techniques in blockchain networks, and how these techniques can be employed to enhance security against threats in the future. The paper investigates some of the PQC techniques, such as lattice-based, hash-based, code-based and multivariate cryptography, to check if they are appropriate to be used in blockchains. It also discusses practical issues, particularly, speed of execution, memory requirements, scalability and difficulty of implementation. Finally, the paper discusses future improvements and research requirements to develop blockchain systems that are secure and practical quantum-resistant.