In a statement a team of quantum computing engineers from Toshiba Corp, JPMorgan Chase & Co and Ciena Corp said, they have successfully demonstrated the means of protecting a communication network on a blockchain using a powerful, newly-developed encryption network.
According to the group of researchers, this is the first time that a quantum key distribution (QKD) network, which is an ultra-secure way of safeguarding a two-way communication network that is powered by quantum physics, has been tested to protect a blockchain from quantum computing attacks.
While Quantum computers, which are significantly faster than their classical cousins, are still being developed, experts opine that cyberattacks using quantum computing are some years away. Despite this, the threat posed by them is so great that researchers from JPMorgan are searching for ways to protect banking systems.
“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. “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 played a prominent role in the development of blockchain technology for use in financial systems, with the bank even launching its own digital currency, JPM Coin, in 2019.