Is Blockchain Technology Future-Proof?
Blockchain technology is arguably one of the greatest technological
advancements of its era, but as technology improves at an
exponential rate, can blockchain security keep up? Blockchain
security has become a controversial topic in the crypto space due
to the large amount of malicious attacks that have recently taken
place. Solutions need to be created that can further advance
encryption capabilities. How are blockchains secured? Blockchains
are secured via a multitude of different consensus mechanisms, but
virtually all, Bitcoin included, share the same underlying security
protocol called cryptography. Bitcoin, for example, uses an
algorithm known as SHA-256. The SHA stands for secure hashing
algorithm and is an example of a common hashing algorithm used in
cryptocurrency and for other encryption purposes in operating
systems such as Unix and Linux. The algorithm functions such that
any input into the algorithm creates an output of 256 digits that
are relevant to the data inputted. Therefore if it is provided the
same input, the same 256 digits are achieved every time. If any of
the data were to be changed, the outcome would be completely
different. Another important element is that there is no known,
reliably successful method of performing the computation the other
way around, meaning that by simply having the 256 bits long output,
it is practically impossible to come up with the input.
Interestingly, SHA-256 hashing is actually no new concept; almost
all the world’s safest, high-tech systems are secured similarly.
The security threats to blockchains Despite its early record of
tamper-proof security, blockchains have experienced a variety of
hacks and malicious behavior that exploited vulnerabilities and
made many question the safety of those systems. One example of a
serious attack was the Poly Network hack that saw about $600M
stolen. Fortunately, the hacker returned the assets shortly after
the hack, but this put an emphasis on the need for solutions.
Security threats should come as no surprise, as numerous newly
emerging technological solutions available today were not present
when blockchain was first introduced in 2008. For example, quantum
computers are so powerful, some studies revealed that they could
potentially hack blockchains within a decade, which is a fraction
of time considering the rate at which technology has grown. Is
quantum resistance a realistic goal? Quantum resistance is vital to
ensure the longevity and integrity of blockchain technology.
Solutions aiming to tackle this challenge are beginning to emerge.
Crown Sterling, an encryption and digital assets solutions
provider, is one such company pioneering the field of data
protection and sovereignty. Led by CEO Robert Grant, Crown Sterling
is the first to implement quantum-resistant One-Time Pad encryption
as an option for a blockchain’s state transition function or the
flow of transactions on a network. They also developed the Crown
Sovereign token (CSOV) as a quantum-resistant utility token that
allows its users to engage with the project’s quantum-resistant
encryption and other tools, including the ability to convert their
personal data into NFTs, empowering individuals to truly own their
data. The company is already developing data compression
technologies in order to further its innovation in the data
security and management space. Highlighting their mission, the
Crown Sterling team established the ‘Data Bill of Rights’ as the
genesis block for their network, declaring that digital assets are
the intangible personal property of the original producer, and
therefore, protected. Future-proofing blockchain When launched,
blockchain technology was perceived by most as highly secure.
However, blockchains will continue to face challenges with the
rapid advancements in technology, including quantum computing.
Fortunately, with emerging solutions, blockchain technology not
only has the chance to be fully quantum-proof but can withstand the
test of time.
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