A team of quantum computing engineers from JPMorgan Chase, Toshiba and Ciena claims to have successfully demonstrated that a powerful newly developed encryption network can be used to protect communications on the blockchain, according to an article.
The group of researchers says [pdf] this is the first time that a quantum key distribution (QKD) network, an ultra-secure two-way communication network powered by quantum physics, has been tested as a means of protecting the blockchain from quantum computing attacks.
Quantum computers, which can process information and calculations at a radically faster rate than classical computers, are still under development, so experts say quantum computer cyberattacks are still a few years away.
But the threat they pose is so great that researchers like those at JPMorgan are now looking for ways to protect banking systems.
“Security is paramount to JPMorgan Chase,” said Marco Pistoia, head of JPMorgan’s Future Lab for Applied Research and Engineering group and one of the research leaders.
“This work comes … as we continue to prepare for the introduction of production-grade quantum computers, which will change the security landscape of technologies such as blockchain and cryptocurrency for 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.