In the last year, JPMorgan has completely changed its concept of blockchain technology. Now they not only give positive predictions to the bitcoin price and enter The Sandbox metaverse, but now they have just done a study.
This study concludes that “QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack”. In case you didn’t know about quantum mechanics or that this technology can affect the future of blockchain, this article is for you.
JPMorgan: QKD Blockchain Can Resist Quantum Computing Attacks.
QKD, Quantum Key Distribution, uses quantum mechanics and cryptography to enable the exchange of secured data to defend against third parties attacks. Therefore, according to JPMorgan, QKD will be an alternative to defend against potential blockchain hacks that could conduct quantum computers in the future.
JPMorgan Chase, Toshiba, and Ciena Demonstrate a QKD Protected Blockchain Application – Quantum Computing Report https://t.co/CdbcK4H0GE pic.twitter.com/IY6eNw2FBU
— DAVID PREMIER (@davidpremier) February 19, 2022
According to the announcement, JPMorgan collaborated with Toshiba and Ciena to develop the QKD blockchain. The report said: “QKD is the only solution…to defend against a potential quantum computing-based attack. This is based on the laws of quantum physics.”
Marco Pistoia, head of the Flare Research group at JPMorgan Chase, emphasized the significance of developing a secure blockchain infrastructure. He said: “This work comes at an important time as we continue to prepare for the introduction of production-quality quantum computers. This will change the security landscape of technologies like blockchain and cryptocurrency in the foreseeable future.”
Specialist says that QKD Doesn’t Solve the Quantum Threat
However, not everyone agrees with what JPMorgan concluded. For example, according to Johann Polecsak, Co-Founder and CTO of QAN Platform, QKD technology isn’t related to the blockchain at all. Therefore, this technology doesn’t solve the quantum threat to the blockchain.
[Thread] 1/4#QKD is not related to #blockchain in any way, and it DOES NOT solve the #Quantum threat which will break Elliptic Curve #cryptography at all. What's the point @jpmorgan? Any thoughts @schneierblog?https://t.co/8kqPoXky1O
— Johann Polecsak (@pmjohann) February 18, 2022
According to Johann, the use case of QKD (Quantum Key Distribution) is for symmetric encryption. Therefore, QKD has nothing to do with an asymmetric digital signature, which supports blockchain technology. Moreover, he said that blockchain’s main goal is transparency. So, encryption is useless in a blockchain except for anonymous blockchains like Monero.
Finally, he concluded that asymmetric QKD is a very interesting topic. However, it’s not related at all to what JPMorgan is talking about in his report.
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