U.S. banking giant JPMorgan Chase has unveiled research on a Quantum Key Distribution (QKD) blockchain network that is resistant to quantum computing attacks. QKD utilizes quantum mechanics and cryptography to enable two parties to exchange secure data and detect and defend against third parties that are attempting to eavesdrop on the exchange. The technology is seen as a viable defense against potential blockchain hacks that could be conducted by quantum computers in the future. According to a Feb.17 announcement, JPMorgan collaborated with Toshiba and Ciena to deploy and test the QKD blockchain. “At this time, QKD is the only solution …
Condensed matter theory physicist and quantum information expert Sankar Das Sarma has argued in MIT Technology Review that quantum computers remain a very long way away from cracking RSA-based cryptography. RSA-Cryptography utilizes algorithms, codes and keys to securely encrypt private data without interference from third parties or malicious actors such as hackers. An example of the methodology in crypto is with the creation of a new wallet that generates a public address and private key. Quantum security is seen as a major issue in the blockchain and crypto sector and it is widely believed that powerful quantum computers will one …
By many accounts, quantum computing (QC), which uses atomic “spin” instead of an electrical charge to represent its binary 1’s and 0’s, is evolving at an exponential rate. If QC is ever realized at scale, it could be a boon for human society, helping to improve crop yields, design better medicines and engineer safer airplanes, among other benefits. The crypto sector could profit too. Just last week, for instance, a Bank of Canada-commissioned project simulated cryptocurrency adoption among Canadian financial organizations using quantum computing. “We wanted to test the power of quantum computing on a research case that is hard …
In recent months, the race for the development of a central bank digital currency is gaining pace. The last signal was launched by Chinese President Xi Jinping, who publicly stated the need to invest public resources in blockchain, slated to be the core technology of the future. The euphoria of the Chinese market following the presidential declaration induced Mark Zuckerberg — who had been encountering considerable resistance from Western authorities since the beginning of the Libra project — to raise the alarm on an alleged Chinese overtaking of digital currency technology. A CBDC is a new type of legal tender …
On Monday, decentralized finance (DeFi) protocol Transit Swap announced that it had reached an agreement with its biggest hacker for the return of funds. Approximately one week prior, a hacker exploited an internal bug on a swap contract within the protocol and caused other individuals to imitate the security breach, leading to a loss of over $23 million in user funds. However, the main hacker has since returned approximately 70% of exploited funds thanks to the help of security companies such as Peckshield, SlowMist, Bitrace, and TokenPocket. They quickly tracked down the hacker by identifying their IP address, email address, …