Fintoism Scotiabank Quantum Computing

JPMorgan Researchers Develop Quantum Attack Solution For Blockchain Applications

Blockchain technology is secure and stable infrastructure, yet it may face a threat from quantum computing. That next generation of computing power could break and decode current encryption standards. JPMorgan Chase researchers may have a solution for this looming problem.

Protecting Blockchain From Quantum Attacks

There are many reasons to embrace quantum computing with open arms. It is an exciting development for computing power and how it can affect various facets of life. Moreover, it can make powerful computing solutions more accessible. Unfortunately, there are also some drawbacks, particularly where cryptography is concerned.

Researchers have warned numerous times over how quantum computing can break encryption. That is bad news for blockchain technology, as it incorporates various cryptographic standards. Thankfully, a solution may be available through an unexpected ally in JPMorgan. Together with teams from Toshiba and Ciena, its researchers have come up with a quantum key distribution network.

The network is a secure two-way communication solution and seems capable of identifying quantum attacks. Additionally, it can protect blockchain applications from such attacks, even though studies are still preliminary. Moreover, the technology seems well-suited to secure JPMorgan’s peer-to-peer blockchain network Link. Whether it would do the same for Bitcoin or Ethereum is different. 

JPMorgan Chase Flare Research group’s Marco Pistoia adds:

“Security is paramount for JPMorgan Chase. 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.”