JPMorgan Chase, the United States-based banking giant, has revealed research on a quantum key distribution (QKD) blockchain network that is resistant to quantum computing attacks.
It has been reported that QKD utilizes quantum mechanics and cryptography to enable two parties to exchange secure data and detect and defend against third parties attempting to eavesdrop on the exchange. The technology is seen as a viable defense against potential blockchain hacks that could be conducted by quantum computers in the future.
However, JPMorgan collaborated with Toshiba and Ciena to deploy and test the QKD blockchain.
The report stated:
“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.”
Likewise, the study was conducted for use in metropolitan areas and had notable results, such as being “capable of supporting 800 Gbps data rates for mission-critical applications under real-world environmental conditions.”
The announcement read:
“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.”
Marco Pistoia, the Engineer and Head of the Flare Research group at JPMorgan Chase, emphasized the significance of developing secure blockchain infrastructure before quantum computing hits the market.
“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.”
Thus, JPMorgan has been ramping up its blockchain initiatives of late, as the firm became the first bank to officially launch in the metaverse. It now has a virtual lounge in the popular crypto-backed virtual world Decentraland and appears bullish on the metaverse sector after it labeled it as a $1 trillion opportunity.