[Submitted on 23 Jan 2024]

View a PDF of the paper titled The Security Performance Analysis of Blockchain System Based on Post-Quantum Cryptography — A Case Study of Cryptocurrency Exchanges, by Abel C. H. Chen

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Abstract:The current blockchain system for cryptocurrency exchanges primarily employs elliptic curve cryptography (ECC) for generating key pairs in wallets, and elliptic curve digital signature algorithms (ECDSA) for generating signatures in transactions. Consequently, with the maturation of quantum computing technology, the current blockchain system faces the risk of quantum computing attacks. Quantum computers may potentially counterfeit signatures produced by ECDSA. Therefore, this study analyzes the vulnerabilities of the current blockchain system to quantum computing attacks and proposes a post-quantum cryptography (PQC)-based blockchain system to enhance security by addressing and improving each identified weakness. Furthermore, this study proposes PQC-based wallets and PQC-based transactions, utilizing PQC digital signature algorithms to generate PQC-based signatures for the inputs in PQC-based transactions, thereby preventing signatures from being counterfeited by quantum computing. Experimental results demonstrate that the efficiency of the Dilithium algorithm, a PQC digital signature algorithm, in producing wallets, generating signatures, and verifying signatures surpasses that of ECDSA in the current blockchain system. Furthermore, the Dilithium algorithm also exhibits a higher security level.

Submission history

From: Abel C. H. Chen [view email]
Tue, 23 Jan 2024 05:21:58 UTC (551 KB)

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