JPMorgan partners with Toshiba and Ciena to research Quantum key Distribution blockchain

JPMorgan, one of the leading financial institutions on Wall Street, has launched research into the quantum key distribution (QKD) blockchain network. The institution will work with Toshiba and Ciena to test the QKD blockchain.

The QKD blockchain is resistant to attacks launched through quantum computing. It combines quantum technology and cryptography to allow secure and private data exchange. QKD is the solution to future blockchain hacks done through quantum computers.

JPMorgan testing the QKD blockchain

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The announcement said,

At this time, QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack, with security guaranteed based on the laws of quantum physics.

The research study has focused on metropolitan areas, and the results have been significant. The results of this study showed that the network was “capable of supporting 800 Gbps data rates for mission-critical applications under real-world environmental conditions.”

Toshiba will be a key partner in this research. “The proof of concept network infrastructure relied on Toshiba’s Multiplexed QKD System”. This was created by Toshiba Europe via the Cambridge UK base.

It also relied on “Ciena’s Waveserver 5 platform, equipped with 800 Gbps optical-layer encryption and open APIs running over Ciena’s 6500 photonic solutions,” the announcement added.

Securing blockchain before Quantum computing

The engineer and head of Flare Research Group at JPMorgan Chase, Marco Pistoia, said that blockchain technology needed to be secured before quantum computing was developed.

“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,” Pistoia said.

JPMorgan has become an active player in the blockchain and cryptocurrency sector. It was among the first Wall Street banks to offer crypto trading services. Earlier this week, the institution launched a virtual office on Decentraland.

JPMorgan now has an Onyx Lounge on Decentraland. The institution is also bullish on the metaverse, and it has predicted that the valuation of the metaverse could reach $1 trillion in the coming years.