The blockchain-focused investment bank JPMorgan, in partnership with Toshiba and Ciena, has successfully tested a new network "resistant to quantum computing attacks."
JPMorgan has been dabbling in blockchain technologies for several years, with future plans for the metaverse.
According to a recent announcement, JPMorgan has been performing successful tests on a new-generation blockchain network with several tech companies including Toshiba and Ciena.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Liquidity Pool in Crypto? (Animated)
The Vice President and General Manager at Toshiba’s Digital Solutions Division Yasushi Kawakura spoke on the QKD research, stating:
"Based on the success of this project we now have a proven and tested method for defending against quantum attacks on blockchain."
The network is said to sustain 800 Gb/s data, and would primarily be used in metropolitan areas. In fact, the Quantum Key Distribution (QKD) is considered to be the first network that can defend itself against "quantum computing attacks", and can operate "under real-world environmental conditions."
Quantum key distribution is essentially an encrypted line of communication that combines both quantum mechanics and cryptography. More specifically, conversations are encrypted via a randomized key that is only given to the two participants.
According to the Head of FLARE Research at JPMorgan Marco Pistoia, the project’s main goal is to ensure security for blockchain-focused technologies, stating:
"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."
The latest results of JPMorgan’s QKD network showed its encryption capabilities and proved to work for distances up to 100km. It is currently the most secure network against quantum computing attacks, and, according to Ciena’s Chief Technology Officer Steve Alexander, it is crucial to continue developing the QKD network and "ensure the confidentiality of critical data as it travels over the network."
JPMorgan’s efforts in this encrypted network may be related to its coin system which has been under development for 3 years and was recently introduced in Bahrain.
