In its announcement, JPMorgan stressed that “QKD is the only method that has been mathematically demonstrated to guard against a future quantum computing-based attack.”
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 viewed as a promising safeguard against hypothetical blockchain attacks that could be carried out 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.
The release stated, “At this time, QKD is the only approach that has been mathematically demonstrated to defend against a possible quantum computing-based assault, with security assurances based on quantum physics laws.”
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.”
“Toshiba’s Multiplexed QKD System, manufactured by Toshiba Europe in Cambridge, UK, and Ciena’s Waveserver 5 platform, equipped with 800 Gbps optical-layer encryption and open APIs running over Ciena’s 6500 photonic solution, were used in the proof of concept network infrastructure,” according to the announcement.
Before quantum computing hits the market, Marco Pistoia, engineer and leader of JPMorgan Chase’s FLARE Research group, underlined the importance of building safe blockchain infrastructure:
“This study is timely as we prepare for the launch of production-quality quantum computers, which will transform the security landscape of technologies like blockchain and cryptocurrency in the near future.”
JPMorgan has been stepping up its blockchain efforts recently, with 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.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.