A group of developers from JPMorgan Chase & Co, Toshiba Corp and Ciena Corp have just developed a brand new communication network to protect communications on the blockchain as well as improve data rates for mission-critical applications.
A team of computer engineers from leading investment bank, JPMorgan Chase, Japanese conglomerate, Toshiba and telecommunications networking equipment and software services supplier, Ciena Corporations, have revealed a new communication network powered by quantum physics – Quantum Key Distribution (QKD) network, which is both resistant to quantum computing attacks and capable of supporting 800 Gbps data rates for mission-critical applications under real-world environmental conditions.
What Is The QKD Network?
According to the report, the QKD network can be used to instantly detect and defend against malicious entities in the cyber world. It also studied the impact of realistic environmental factors on the quality of the quantum channel and used a QKD-secured optical channel to deploy and secure Liink by J.P. Morgan, the world’s first bank-led, production-grade, peer-to-peer blockchain network. This is the first demonstration of QKD securing a mission-critical blockchain application in the industry.
Marco Pistoia, head of JPMorgan’s Future Lab for Applied Research said that security is of utmost importance for JPMorgan Chase. Quantum computing cyberattacks are still some years away but the threat they pose is so great that researchers like those at JPMorgan are searching for ways to protect banking systems now. He went on to add,
“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. This work comes 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.”
Can The QKD Network Defend Against Quantum Cyber Attacks?
The tests were conducted at the JPMorgan Chase’s fiber optic production simulation lab with researchers from all three organizations collaborated to develop the QKD channel to provide keys for encryption of how data is communicated across blockchains. They also managed to demonstrate the operation of the QKD network and the ten high-bandwidth channels for distances up to 100km.
The report also stated that, QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack, with security guarantees based on the laws of quantum physics. Steve Alexander, Chief Technology Officer of Ciena Corp, commented that with more sensitive information being distributed across fiber-optic networks every day, a solid need for encryption is of paramount importance. He remarked,
“Working with forward-thinking companies like JPMorgan Chase and Toshiba is critical as we continue to build networking solutions to be more secure and efficient in supporting our digital world”.
