Development of Quantum-Inspired Blockchain Technology for Secure Financial Transactions at University of Maiduguri, Borno State
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- NGN 5000
Background of the Study
Blockchain technology has emerged as a revolutionary tool for securing digital transactions, providing decentralized, transparent, and immutable records. However, the growing sophistication of cyber-attacks poses a significant threat to the security of blockchain systems (Gupta & Kumar, 2024). Quantum computing, with its ability to process large amounts of data quickly, could potentially threaten the security of current blockchain technologies by breaking existing cryptographic algorithms (Shor & Wehner, 2023). To counter this, researchers are developing quantum-inspired blockchain systems that integrate quantum-resistant algorithms, ensuring that blockchain remains secure even in the age of quantum computing.
The University of Maiduguri, Borno State, provides a unique setting to explore how quantum-inspired blockchain technology can be implemented to enhance the security of financial transactions, particularly in the context of academic fee payments and research funding. This study will focus on designing a quantum-inspired blockchain system tailored to the university’s needs, improving the security, transparency, and efficiency of financial transactions.
Statement of the Problem
Despite the benefits of blockchain in securing digital transactions, its vulnerability to quantum-based attacks threatens the integrity and security of financial systems. University financial systems, including fee payments and research fund transactions, rely on blockchain for secure transactions, making them highly susceptible to quantum threats. At the University of Maiduguri, there is a need for a quantum-inspired blockchain model that integrates quantum-resistant cryptographic protocols to safeguard financial transactions from potential quantum-based attacks. This study will address these concerns by developing a secure, quantum-inspired blockchain system.
Objectives of the Study
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To design a quantum-inspired blockchain model for secure financial transactions at the University of Maiduguri.
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To evaluate the security and efficiency of quantum-resistant algorithms in the blockchain model.
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To explore the practical implications of integrating quantum-inspired blockchain into the university's financial systems.
Research Questions
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How can quantum-inspired blockchain technology enhance the security of financial transactions at the University of Maiduguri?
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Which quantum-resistant cryptographic protocols are most suitable for securing blockchain-based financial transactions?
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What are the challenges of integrating quantum-inspired blockchain technology into existing university financial systems?
Significance of the Study
This study will provide critical insights into how quantum-inspired blockchain technology can be used to enhance the security of financial transactions in Nigerian universities. The findings will benefit the University of Maiduguri and other institutions by providing a model for implementing quantum-safe financial systems that can withstand emerging quantum threats.
Scope and Limitations of the Study
The study will focus on the development and evaluation of a quantum-inspired blockchain system for financial transactions at the University of Maiduguri, Borno State. It will not explore the implementation of quantum-inspired blockchain in other sectors or universities.
Definitions of Terms
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Quantum-Inspired Blockchain: A blockchain system that incorporates quantum-resistant cryptographic algorithms to secure transactions against quantum-based attacks.
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Blockchain Technology: A decentralized, distributed ledger system that records transactions in a secure, transparent, and immutable manner.
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Quantum-Resistant Algorithms: Cryptographic protocols designed to withstand the computational power of quantum computers.
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