JPMorgan, Toshiba, Ciena find new way to protect blockchain with quantum network

The group of researchers say it is the first time that a quantum key distribution network has been tested as a way to protect the blockchain from quantum computing attacks.

Published - February 18, 2022 11:11 am IST

FILE PHOTO: A sign outside JP Morgan Chase & Co. offices is seen in New York City, U.S., March 29, 2021.

FILE PHOTO: A sign outside JP Morgan Chase & Co. offices is seen in New York City, U.S., March 29, 2021. | Photo Credit: Reuters

A team of quantum computing engineers from JPMorgan Chase & Co, Toshiba Corp and Ciena Corp say they have successfully shown that a powerful, newly-developed encryption network can be used to protect communications on the blockchain, according to a paper published Thursday.

(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)

The group of researchers say it is the first time that a quantum key distribution (QKD) network, a super-secure two-way communication network powered by quantum physics, has been tested as a way to protect the blockchain from quantum computing attacks.

Also Read | Quantum computer solves a problem 3 million times faster than classical computer

Quantum computers, which can process information and calculations at a radically faster rate than classical computers, are still being developed, and so experts say quantum computing cyberattacks are still some years away. But the threat they pose is so great that researchers like those at JPMorgan are searching for ways to protect banking systems now.

"Security is paramount for JPMorgan Chase," said Marco Pistoia, head of JPMorgan's Future Lab for Applied Research and Engineering group and one of the leaders of the research.

Also Read | What are quantum computers, and is it time to throw your old PC away?

"This work comes ... 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."

JPMorgan has been a proponent of blockchain technology for use in the financial system, and the bank launched its own digital currency called JPM Coin in 2019.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.