With Google, IBM and the U.S. Government rapidly evolving quantum computing, enterprise leaders must future-proof their blockchains or risk security vulnerabilities
Developments in quantum computing are rapidly evolving, and it’s time for enterprise leaders to consider what this means for their business applications.
According to research conducted by the National University of Singapore, the danger of quantum technology breaking a blockchain is not a question of “if,” but “when.” Researchers say that “the elliptic curve signature scheme used by Bitcoin is much more at risk and could be completely broken by a quantum computer as early as 2027.”
This means it’s imperative that enterprises begin taking measures today to ensure that their blockchains are quantum-proof and secure for years to come, otherwise they risk potential catastrophic loss.
A startup called temtum is doing its part to help enterprise leaders future-proof their private blockchains for quantum supremacy. temtum is a quantum-resistant, highly scalable cryptocurrency network that boasts 120,000 transactions per second. The company is launching an enterprise division to better work with business leaders in today’s marketplace.
temtum was founded and developed by Richard Dennis, one of the leading experts in cybersecurity and cryptography and the youngest blockchain PhD candidate in the United Kingdom.
“While many enterprise leaders see blockchain technology as a solution to their security concerns, they need to be thinking about the impending threat of quantum computing to their networks,” said Richard Dennis, Founder and CEO of temtum. “We built our Enterprise Division to deliver resource-efficient solutions for enterprise users to shield themselves against this next wave of quantum evolution.”
Deloitte’s 2019 Blockchain Survey revealed that 53 percent of executives consider blockchain technology a critical priority for their organizations, and that executives are focusing on blockchain’s “business advantages such as increased security and lower risk.” Yet, ongoing development in quantum computing increases the likelihood of predicting software-generated values, which presents major security concerns to the growing number of enterprise blockchains.
Temtum has solved this challenge by developing a proprietary quantum-resistant blockchain protocol, and offering flexible deployment through its newly-formed Enterprise Division. Developed by leading experts in quantum cryptography, temtum uses quantum entanglement to generate provable random numbers that are virtually impossible to predict. It also employs next-generation hashing algorithms to protect enterprise blockchain networks from vulnerabilities. Using NIST Randomness Beacon, random numbers in 512 bits are broadcasted every 60 seconds, creating unpredictability and autonomy using a process that’s entirely based on quantum mechanics. This makes it impossible for anyone to predict the bits it generates, future-proofing enterprise blockchains against quantum computing.
While quantum computing has long seemed like the realm of sci-fi, organizations from Google to IBM to the U.S. government have started to show their cards. With solutions like temtum, business leaders can prepare for this new reality.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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