Blockchain technology has been one of the most significant technological developments over the past half-century. This open-source ledger allows people to perform peer-to-peer transactions, corporate recordkeeping, and smart contracts anonymously. Despite its widespread popularity, blockchain technology is still not as secure because of the emergence of quantum computing.
Quantum Ledger Technology for the Win!
Various government agencies, tech companies, and blockchain development firms are working on developing secure quantum-resistant technologies that will allow them to continue using blockchain and other related technologies in the future. Such a company is the Quantum Resistant Ledger, which is a NIST-approved post-quantum secure digital signature scheme.
The QRL mainnet, an industrial implementation of the IETF’s proposed XMSS signature scheme, is an efficient and secure way to implement post-quantum cryptography. Its flexible address format ensures that the organization can handle anything from NIST’s call to new cryptography.
For years now, the US government’s National Institute of Standards and Technology(NIST) has been working on finding a way to make quantum cryptography more secure. The agency has been able to identify promising algorithms through a collaboration involving researchers from various countries.
“We view this project as providing ultra-secure monetary applications, which are unparalleled in the space, with a strong emphasis on complete post-quantum security going forward. I see our project being the first completely secure post-quantum ledger in the space, and we hope that we can leverage that by offering enhanced cybersecurity services for functions like corporate messenger services, post-quantum secure ID, post-quantum VOIP, etc.”, according to Peter Waterland, founder of the QRL project.
Can Quantum Resistant Ledger survive the Quantum Threat?
Its developers designed QRL to protect itself from the threat of quantum computing. It utilizes an encryption technique known as the Extended Merkle Signature Scheme to solve crashes caused by quantum computing. This type of security is different than quantum computing, meaning it would be impossible to match. IOTA tried to do this a year ago but failed.
QRL has successfully implemented an encryption model designed to protect blockchains from the threat of quantum computing. It means that even if the threat of quantum computing reaches the point where it could affect the security of the blockchains, QRL will still be able to remain secure.
Quantum Resistant Ledger (QRL) Resource Links:
Disclosure: This is a sponsored article. Please do your research before buying any cryptocurrency or investing in any service.
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