| The rise in popularity of cryptocurrencies such as Bitcoin has created a new target for malicious actors. At the same time, the significant breakthroughs in quantum computing have many security experts concerned about the impact these advanced machines can have on system security. The purpose of this research was to analyze the potential use of quantum computers to compromise the security of blockchain and technologies that rely on it such as Bitcoin.;Multiple possible threats to blockchain exist and are outlined in this paper. These threats include Shor's Algorithm, Grover's Algorithm, and the design of blockchain itself. These threats all prove that with the right advancements in quantum computing power, blockchain security is at risk.;Along with the threats, possible mitigating solutions are also outlined, including areas such as quantum resistant ledgers, building unified communities to resolve these issues, post-quantum RSA, and more. The research then also discusses alternatives to blockchain and what their advantages may be. These include technologies such as IOTA, Hashgraph, Byteball and more. |
