JPMorgan Chase, the largest bank in the United States, has revealed research on a quantum-resistant blockchain network called Quantum Key Distribution (QKD).
QKD combines quantum mechanics and encryption to allow two parties to exchange safe data while also detecting and defending against third-party eavesdroppers. The technology is as a promising safeguard against hypothetical blockchain attacks that could be in the future by quantum computers.
JPMorgan worked with Toshiba and Ciena to deploy and test the QKD blockchain, according to a Feb. 17 statement.
“At this time, QKD is the only solution that has been mathematically proven to defend against a potential”
“quantum computing-based attack, with security guarantees based on the laws of quantum physics,”
So, JPMorgan announcement reads.
The research was carried out for use in urban areas, with remarkable outcomes such as being
“capable of sustaining 800 Gbps data rates for mission-critical applications under real-world environmental circumstances.”
“The proof of concept network infrastructure relied on Toshiba’s Multiplexed QKD System,”
“manufactured by Toshiba Europe at their Cambridge UK base, and Ciena’s Waveserver 5 platform,”
“equipped with 800 Gbps optical-layer encryption and open APIs running over Ciena’s 6500 photonic solution.”
So, JPMorgan announcement reads.
Before quantum computing hits the market, Marco Pistoia, engineer and leader of JPMorgan Chase’s FLARE Research group. Thereby, underlining the importance of building safe blockchain infrastructure:
“This work comes at an important time as we continue to prepare for the introduction of production-quality”
” quantum computers, which will change the security landscape of technologies like blockchain”
” and cryptocurrency in the foreseeable future.”
JPMorgan has been stepping up its blockchain efforts recently, with the announcement earlier this week that the bank had become the first to start in the Metaverse. It currently has a virtual lounge in Decentraland, a prominent crypto-backed virtual world, and is bullish on the Metaverse sector, which it has dubbed a $1-trillion opportunity.
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