Cyber-related crimes have become risky in every sector, whether political, social, or economic. A cybercriminal can be described as an individual who illegally accesses a system to participate in malicious activities. Cybercriminals usually operate in three ways; targeting another computer for deceptive purposes, using the computer as a weapon to facilitate malicious intents, and deploying the computers both as weapons and targets.
The introduction of quantum resistance technology is an effective way for NPP to counter network-based uncertainties from quantum computing. Security is a major priority for Apollo Fintech, but how is quantum computing technology a threat to blockchains?
A Brief Insight on Quantum Computing Technology
Major institutions are still prone to attacks despite their technological architecture. Quantum computing is an innovation that aims at solving highly complex algorithms. Following the dynamic changes in computer technology, quantum computers tend to be more powerful than classical computers.
Every computing technique utilizes bits, which are commonly abbreviated as a 1 or a 0. Bits represent a unit of information found in digital communications and computing activities. Furthermore, bits take the structure of electrical current moving in a computer’s motherboard. After that, an attachment of many bits brings out things like music or texts. However, quantum resistance computers make use of their subatomic particles, commonly known as qubits.
Quantum computing uses two phenomena, namely, superposition and entanglement, to conduct computational activities. Superposition procedures normally comprise a combination of states. Quantum computers with several qubits can bring up many potential probabilities at the same time. Qubits are measurable after the final results causing the quantum states to split into 1 or 0 promptly.
Nonetheless, entanglements contain a combination of qubits in a quantum state. Adding more qubits to a quantum server through the entanglement procedures speeds up its calculation solving capabilities.
Traditional computing systems can integrate with quantum computing, especially when developing algorithms that take the shortest time possible. In terms of functionality, quantum computers are much quicker at solving complexities compared to classical computers.
The Challenges of Quantum Computing on Blockchain Technology
Blockchain mass adoption is taking the world by surprise. Implementation of the public immutable ledger system has created a transparent ecosystem reliable for every sector. However, the hype around the use of quantum computing comes with the following challenges towards the blockchain community:
Manipulation of Data on the Blockchain
Currently, data based on the blocks can never be changed. However, with the emergence of quantum computations, accessing the blockchain data is highly possible. Quantum computing attackers can access the blocks on the ledger system and manipulate every historical detail. It eventually breaks down the transparency principles blockchain technology strives to put across. Quantum-related attacks can also target users’ public keys. Features like quantum entanglement and superposition propel the attacker to compute hard algorithms that access a user’s public keys.
Cryptocurrencies Have to Improvise on Their Security Protocols
Many countries are looking forward to issuing digital currencies on blockchain technology to stabilize the crippling economy. According to an IDC report, most of the financial industries are joining the blockchain technology and utilizing the cross border payments. Integrating quantum computers during the blockchain migration by financial institutions can bring insecurity uncertainties. Anonymity concerns may become an issue to traders, and tracing orders for malicious intent can arise.
Unfortunately, these are a few of what threat quantum computing poses to blockchain technology. All the same, how does Apollo NPP hope to prepare for the computing age?
How NPP Seeks to Safeguard its system From Quantum Attacks
NPP, the cashless system founded on Apollo Fintech, employs an encrypted form of quantum resistance meant to fight any mischievous activity. Integrating quantum-resistant cryptography on the NPP system helps ensure the protection of every data belonging to any user. Merchants who come onboard to display and sell their commodities have the luxury to trade in a peaceful environment.
Quantum attacks resulting in manipulation of blockchain data, as mentioned earlier, is not likely to occur. Quantum cryptography also stores and manages sensitive information belonging to the NPP network. Utilizing the quantum key description will enable it to alert the system of any trials made to access and copy information stored on the blockchain. Since the data is in quantum form, the network will change the existing data form in case of a breach.
Having the quantum cryptography technology in place, NPP portrays a higher potential to grow as a safe, easy, and effective network for users. Furthermore, the network requires fewer resources to maintain it. It saves the national currency system additional costs that come with maintaining a robust security system.
Quantum resistant cryptography is a vast area to explore. Apollo Fintech realizes the need to transcend in a digital era introducing quantum computers. They pose a higher risk than the most advanced computers in existence, working faster to crack cryptographic algorithms. The Apollo national payment system will be the first to display such features while supporting CBDC circulation.
Moreover, these are not the only lucrative ideas it has in store for its users. The platform supports the point of sale system for merchants; Knox World Pay for the unbanked, credit cards for the banked, physical access, and more. Overall, it brings the dream of crypto and blockchain mass adoption closer to fruition. In time, governments, banks, traders, and ordinary financial services’ users will reap all the fruits NPP has to offer.