To protect the blockchain networks from eavesdropping and quantum computing attacks, JP Morgan Chase, Ciena, and Toshiba have shown the feasibility of a Quantum Key Distribution (QKD) system in groundbreaking research.
In a statement, the research team disclosed that the QKD network can offer speeds of 800 Gbps for mission-critical blockchain applications irrespective of environmental factors.
Yasushi Kawakura, Toshiba America’s vice president, believes that the QKD project is a stepping stone towards averting quantum attacks on the blockchain ecosystem.
The QKD network is an integration of JP Morgan’s P2P blockchain-based network called “Liink”, Toshiba’s proof of concept network infrastructure, and Ciena’s Waveserver 5 platform consisting of 800 Gbps optical-layer encryption.
Therefore, it is based on quantum physics and uses a solid two-way communication framework.
Marco Pistoia, the head of the FLARE Research group at JP Morgan Chase, welcomed the strategic partnership and stated:
“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.”
Given that the quantum computing era is on the horizon, Steve Alexander believes research and development are crucial for optimal results like Ciena’s first-ever 800 Gbps encryption.
The chief technology officer at Ciena explained:
“With more sensitive information being distributed across fiber-optic networks every day, robust encryption is of vital importance.”
Quantum computers are still in the developing phase and are deemed superfast than standard computers.
JP Morgan has been crafting a name for itself in the blockchain/crypto space. For instance, it created a business unit dubbed Onyx to house its digital currency and blockchain efforts.
The leading bank also recently set foot in the metaverse through a virtual lounge.
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