JPMorgan reveals findings from its research on quantum-resistant blockchain network
The United States banking giant JPMorgan Chase has recently unveiled research on a Quantum Key Distribution (QKD) blockchain network, which is known to be resistant to quantum computing attacks.
QKD makes usage of quantum mechanics and cryptography for enabling two parties to exchange secure data while detecting and defending against third parties that are in an attempt to eavesdrop on the exchange. The technology is being largely seen as a viable defence against potential blockchain hacks that can be conducted by quantum computers in the near future.
According to its official announcement on February 17, JPMorgan has collaborated with Toshiba and Ciena for deploying and testing the QKD blockchain, wherein the banking firm said that this time, QKD is the only solution to have been “mathematically proven” as a defence against a potential quantum computing-based attack, having a security guarantee based on the laws of quantum physics.
The study has been specifically conducted for usage in metropolitan areas and is reported to have had notable results like being “capable of supporting 800 Gbps data rates” for various mission-critical applications under real-world environmental conditions.
The announcement also highlighted that the proof of concept network infrastructure had relied on Toshiba’s Multiplexed QKD System, which was initially manufactured by Toshiba Europe at the company’s Cambridge UK base; and Ciena’s Waveserver 5 platform, which is reported to be equipped with 800 Gbps optical-layer encryption and can open APIs running over Ciena’s 6500 photonic solutions.
Marco Pistoia, Head of the FLARE Research group at JPMorgan Chase, has emphasized the significance of developing secure blockchain infrastructure before the launch of quantum computing in the market, stating that the study has been unveiled at an important time as they continue preparing for the introduction of production-quality quantum computers hoping that it would “change the security landscape of technologies such as blockchain and cryptocurrency in the foreseeable future.
As per news sources, JPMorgan has been ramping up its blockchain initiatives in the recent months. Earlier this week, the firm also became the first bank to officially launch in the Metaverse.
JP Morgan’s metaverse launch includes a virtual lounge in the famous crypto-backed virtual world Decentraland. It currently appears to be quite bullish on the Metaverse sector after having labelled it as a $1-trillion opportunity.