Blockchain Immutability … Blessing or Curse?
I need to warn you right from the start. If you think that the ‘immutability’ of a blockchain is its most useful and precious feature, think again. What you may own today, in either Bitcoin, Ether or XRP cryptocurrency (or any ‘ERC20 token’, for that matter) may become useless, once quantum computing emerges as a threat to today’s public key cryptography (PKI), which is based either on RSA or Elliptic Curve Cryptography (ECC). And all that may happen, because of blockchain’s immutability, that we all so happily admire today. Let me explain how and why.
Blockchains rely on PKI, mainly ECC flavor, which is the integral part of their DNA. That’s how you (or wallet application you use) digitally sign(s) the blockchain transactions, when paying someone (via value transfer), and that’s how that ‘payee’ proves that they are indeed the entity who should really receive and own the ‘crypto value’. ..Read More..