The Threat of Quantum Computing to the Cryptographic Security of Blockchain

Blockchain technology, born as the backbone of cryptocurrencies like Bitcoin, has rapidly expanded into a versatile platform spanning various industries. This review paper delves into the critical aspects of security and anonymity within blockchain applications. It simplifies complex technical concepts while exploring the foundation of blockchain security, including cryptography, decentralization, consensus mechanisms, and the challenges posed by smart contracts. Additionally, it examines the pseudonymous nature of blockchain addresses, privacy-enhancing cryptocurrencies, and the delicate balance between transparency and anonymity. As we navigate these intricacies, we address challenges such as scalability, regulatory concerns, and potential threats from quantum computing. This paper aims to provide a comprehensive yet easily digestible understanding of the security and anonymity dimensions in blockchain applications.