Quantum computing could force financial institutions to overhaul how they protect transactions, identities, assets and sensitive information, Ripple executive Akinyele said.
“The financial system was not built with quantum computing in mind,” Akinyele said. “As quantum capabilities advance, institutions will need to rethink how they secure transactions, identities, assets and sensitive data.”
Ripple’s four-stage quantum-resistance plan
Ripple has outlined a four-stage plan for the $XRP Ledger that covers the period before and after a serious quantum-computing threat emerges. The first steps involve identifying which parts of the network could be vulnerable and testing alternative cryptographic methods against the blockchain’s current workload.
Later stages would operate existing security systems alongside quantum-resistant alternatives before transitioning the wider network to the new technology.
The plan also includes an emergency response if quantum computing develops faster than expected. Ripple says the network would need a mechanism to act before attackers could exploit older cryptographic protections.
The $XRP Ledger already enables users to replace the keys that control an account without changing the account itself. Ripple says this feature could simplify a future migration, although the network’s independent validators would still need to coordinate any broader changes to transaction rules.
“That upgrade will go well beyond swapping out one cryptographic algorithm for another,” Akinyele said. “It will require more agile infrastructure, stronger key management, clearer upgrade paths and systems that can evolve without disrupting the financial activity they support.”
Source: cryptonews.net