JPMorgan Working on Quantum-resistant Blockchain

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  • JPMorgan has revealed the first successful test of a blockchain network that can resist attacks from quantum computers
  • JPMorgan worked with Toshiba and Ciena on the 800 Gbps fibre-optic network
  • The bank tested the development on its Liink new blockchain

JPMorgan is working on a blockchain network that can resist attacks by quantum computers according to a recent press release. The bank, which was behind the development of the Quorum enterprise blockchain, says that it has “demonstrated the full viability of a first-of-its-kind Quantum Key Distribution (QKD)” in association with Toshiba and Ciena, which it says can “instantly detect and defend against eavesdroppers”. Quantum computing is seen by some as a threat to Bitcoin’s SHA-256 encryption, but recent research showed that quantum computers are still nowhere near powerful enough to trouble it.

800 Gbps Network is Resistant to Quantum Attacks

JPMorgan announced the “first-of-its-kind solution” yesterday along with a research paper which demonstrated how the trio of companies were able to run 10 high-bandwidth channels in distances up to 100km at speeds of up to 800 Gbps that were resistant to quantum computing attacks. The paper also showcased the developments being made with Liink which JPMorgan calls “the world’s first bank-led, production-grade, peer-to-peer blockchain network.”

In the press release, Marco Pistoia, PhD, Distinguished Engineer and Head of the FLARE Research group, JPMorgan Chase, said that the advent of quantum computing will “change the security landscape of technologies like blockchain and cryptocurrency in the foreseeable future” and that technologies like QKD will be critical for protecting information sent over such networks.

Quantum Computing Not a Threat…Yet

Quantum computing has been touted as one of Bitcoin’s biggest future threats, but last month a research paper from the University of Sussex claimed that in their current state, quantum computers are “a million times too small” to hack Bitcoin.

JPMorgan is no stranger to blockchain development, having created and developed the Quorum blockchain, a private version of Ethereum, which it sold to Consensys last year.