United States banking giant JPMorgan Chase has developed a blockchain network that is resistant to quantum computing attacks using quantum key distribution (QKD).
QKD uses quantum mechanics and cryptography to enable two parties to exchange secure data and detect and defend against third parties trying to eavesdrop. In the future, quantum computers could conduct blockchain hacks using this technology.
According to a Thursday announcement, JPMorgan collaborated with Toshiba and Ciena to deploy and test the QKD blockchain.
“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,” the announcement read.
The study was conducted for metropolitan areas and had notable results, such as 800 Gbps data rates supporting mission-critical applications under real-world conditions.
“The proof of concept network infrastructure relied on Toshiba’s Multiplexed QKD System, manufactured at Toshiba Europe’s Cambridge UK facility, and Ciena’s Waveserver 5 platform, which is equipped with 800 Gbps optical-layer encryption and open APIs over Ciena’s 6500 photonic solution,” the announcement said.
Mr. Marco Pistoia, engineer and head of the Flare Research group at JPMorgan Chase, stressed the importance of building a secure blockchain infrastructure before quantum computing hits the market:
In the foreseeable future, quantum computers will change the security landscape of technologies like blockchain and cryptocurrency. This work comes at an important time as we prepare for the introduction of production-quality quantum computers.”
Recently, JPMorgan has ramped up its blockchain initiatives, with Cointelegraph reporting earlier this week that the firm became the first bank to launch in the metaverse officially. Now that it has a virtual lounge in the popular crypto-backed virtual world of Decentraland, it is bullish on the metaverse sector after calling it a $1-trillion opportunity.
