JPMorgan highlighted in its statement that "QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack."
JPMorgan Chase, the world's leading bank, has released research on a quantum key distribution (QKD) blockchain network that is immune to quantum computer threats.
QKD uses quantum theory and cryptography to allow two parties to exchange protected data while also detecting and guarding against third-party spies. The technique is considered as potential security against possible blockchain attacks performed in the future by quantum computers.
JPMorgan partnered with Toshiba and Ciena to build and test the QKD blockchain, according to a February 17 statement.
The research was executed for use in urban regions, and the results were significant, such as being "capable of sustaining 800 Gbps data rates for mission-critical applications under real-world environmental conditions."
"The proof of concept network infrastructure relied on Toshiba's Multiplexed QKD System, manufactured by Toshiba Europe at their Cambridge UK base, and Ciena's Waveserver 5 platform, which is equipped with 800 Gbps optical-layer encryption and open APIs running over Ciena's 6500 photonic solution," as per the official statement.
Marco Pistoia, engineer and chief of JPMorgan Chase's FLARE Research division, outlined the importance of creating safe 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 like blockchain and cryptocurrency in the foreseeable future.”
JPMorgan has recently boosted its blockchain efforts, as reported earlier this week that the bank becomes first to legally debut in the Metaverse. It currently has a digital lounge in the renowned crypto-backed virtual world Decentraland and is optimistic on the Metaverse sector, which it has called a $1-trillion potential.