According to JPMorgan, Quantum Key Distribution is the sole technique mathematically demonstrated to guard against a hypothetical quantum software cyberattack. According to JPMorgan Chase, a QKD blockchain network that is impervious to attacks by quantum computers has been developed by the banking behemoth.
QKD combines quantum physics and encryption to allow two parties to exchange safe data while also detecting and defending against third-party eavesdropping. The technology is viewed as a promising safeguard against hypothetical blockchain attacks that quantum computers can carry out later.
Quantum Key Distribution Blockchain Research
It was announced Thursday that JPMorgan worked with Toshiba and Ciena to put the QKD blockchain into utilization and test it. According to the statement, QKD is currently the only technology that was mathematically shown to protect against a possible quantum computing-based assault, with safety assurances predicated on the laws of quantum physics.
The research was carried out for use in urban areas and yielded significant results, including accommodating 800 Gbps data speeds for mission-critical uses in real situations.
Toshiba’s Multiplexed Quantum Key Distribution System was built at Toshiba Europe’s Cambridge United kingdom headquarters and Ciena’s Waveserver 5 platform, coupled with 800 Gbps optical-layer cryptography open APIs operating on Ciena’s 6500 photonic solutions, were used in the prototyping network architecture, according to the statement.
Engineer Marco Pistoia, the leader of JPMorgan’s Flare Research division, underlined the importance of building a safe blockchain network before quantum computing enters the market: At a time when we are preparing for the launch of manufacturing quantum computers that would revolutionize the safety environment of techs such as blockchain and cryptos shortly, this research is particularly crucial.
JPMorgan has been stepping up its blockchain efforts recently, with Cointelegraph claiming that the bank had become the first to start in the Metaverse at the beginning of this week. A digital lounge has opened in Decentraland, a famous cryptocurrency-supported virtual environment that has been dubbed a $1T possibility by the company.
Quantum Resistance in Blockchain Network
Internet protocols and blockchain networks are at risk from quantum computing due to the use of encryption methods that are not quantum resistant. Whenever quantum computers are powerful enough to perform Shor’s algorithm on a broad scale, asymmetric algorithms used for electronic signature and message encrypting would be rendered insecure. Quantum computers would be capable of breaking them in a relatively short time.
Additionally, in consensus protocols like PoW, Grover’s approach yields a quadratic benefit to miners who can generate more blocks per second. Many billions of dollars in cryptocurrency are stored on blockchain ledgers, and several uses store value on these networks. To keep the authenticity of the information and investments in municipal and unchanging ledgers for cryptos and blockchain-based apps, solutions must be found that can withstand quantum interference.