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JPMorgan has created the world's first prototype to protect blockchains from quantum computing

JPMorgan has created the world's first prototype to protect blockchains from quantum computing

JPMorgan Chase, Toshiba and Ciena companies have created the world's first prototype solution to protect blockchains from quantum computing. Previously, it was thought that the development of quantum computers could easily hack any blockchain network. 

According to a press release from JPMorgan Chase, the technology is called Quantum Key Distribution (QKD). It allows the transmission of keys using quantum phenomena, guaranteeing protection from quantum computers. 

“Security is paramount for JPMorgan Chase,” said Marco Pistoia, PhD, Distinguished Engineer and Head of the FLARE Research group, 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. We are proud to be at the front-end of developing QKD technology for real-world applications while partnering with industry leaders in the field, such as Toshiba and Ciena.”

What is blockchain?

Blockchain is a distributed (decentralized) database that contains all information about any transactions conducted by system users. A distributed or decentralized database means that the information is stored simultaneously on different servers and cannot be managed or modified from one single center. The information itself is stored as a chain of blocks, ensuring its safety during data transmission and at the same time protecting it from hacker attacks. Any attempt to change a block will immediately cause the server where it happened to be isolated. 

Read more about blockchain here

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