QKD (Quantum Key Distribution) uses quantum mechanics and cryptography to allow two parties to exchange secure data and detect and defend against third parties who are attempting to intercept the exchange. The technology is seen as a valid defense against potential blockchain hacks that could be conducted by quantum computers in the future.
According to a February 17 announcement, JPMorgan has partnered with Toshiba and Ciena to implement and test the QKD blockchain. “At this time, QKD is the only solution that has been mathematically proven to defend against a potential attack based on quantum computing, with security guarantees based on the laws of quantum physics,” the announcement reads.
The study was conducted for use in metropolitan areas and had remarkable results such as being “capable of supporting 800 Gbps data rates for mission-critical applications under real-world conditions.”
“The proof of concept network infrastructure was based on the QKD system multiplex of Toshiba, manufactured by Toshiba Europe at their Cambridge base in the UK, and on Ciena’s Waveserver 5 platform, equipped with 800 Gbps optical level encryption and open APIs running on Ciena’s 6500 photonics solution, ”reads in ‘ad.
Marco Pistoia, engineer and head of JPMorgan Chase’s FLARE research group, stressed the importance of developing a secure blockchain infrastructure before quantum computing reaches the market: “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 such as blockchain and cryptocurrency in the near future “.
JPMorgan stepped up its blockchain initiatives recently, with Cointelegraph reporting earlier this week that the company became the first bank to officially launch into the Metaverse. He now has a virtual lounge in the popular Decentraland virtual world and appears bullish on the Metaverse sector after labeling it a $ 1 trillion opportunity.