JPMorgan Chase, the largest bank in the United States, has announced research on a quantum key distribution (QKD) blockchain network that is resistant to quantum computer threats.
QKD combines quantum physics and cryptography 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 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 Thursday release. 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 done for use in urban areas, and it yielded significant findings, 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 department, underlined the importance of building safe blockchain infrastructure. He said, “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 Cointelegraph claiming earlier this week that the bank had become the first to start in the metaverse. It now has a virtual lounge in Decentraland, a prominent crypto-backed virtual world, and appears to be positive on the metaverse industry.