Blog Article Published: 08/28/2020
By Maëva Ghonda, Co-Chair, CSA Blockchain and Distributed Ledger Technology Working Group
Blockchain technologies are expected to generate more than $3 trillion annually in the next several years—by 2030. The promise of blockchain is a self-contained decentralized ledger system that enables secure digital transactions by consensus, i.e. via a peer-to-peer network. It is the technology that empowers Bitcoin, a cryptocurrency that relies on cryptographic proof instead of trust. However, the projected influx of quantum computers—an estimated addressable market of $902.48 billion by 2040 —posits catastrophic risks for blockchain systems due to security vulnerabilities. Accordingly, these security risks necessitate the development of new cryptographic algorithms that are quantum resistant to improve a blockchain system’s reliability. Yet, there are no standards to guide the development of a quantum-safe blockchain.
As the breadth and volume of blockchain use cases exponentially increase, it is pertinent that the global community addresses risks introduced by the technology. Consequently, the CSA Blockchain Cybersecurity and Privacy Best Practices Group is developing the playbook for business executives, policy makers, architects, engineers, and security professionals seeking to disrupt their current processes with blockchain innovations.
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