8/10/2021- 10:39 p.m.
Advances in quantum computing have the potential to change the world as we know it, especially as current security and encryption solutions cannot withstand attacks from quantum computers.
For this reason, the Inter-American Development Bank (IDB), Cambridge Quantum (CQ) and the Monterrey Institute of Technology have identified and resolved several potential threats to blockchain networks of quantum computers.
To counter these threats, the project team has developed a cryptographic layer that allows blockchain networks to protect themselves from attacks carried out using quantum computers.
The rise of Bitcoin and other cryptocurrencies has made blockchain increasingly popular, and as companies explore the use of the technology’s decentralized ledgers in finance, real estate and other industries, preparing for the quantum age has become even more important.
Post-quantum cryptographic layer
The post-quantum cryptographic layer developed by IDB, CQ and the Monterrey Institute of Technology protects networks and resists quantum computing attacks, is developed on the LACChain Besu blockchain network which is based on Ethereum technology.
During testing, transactions and communications were protected with quantum-resistant keys from CQ’s IronBridge platform that uses quantum computers to generate certified entropy.
CEO of IDB Lab Irene Arias Hofman provided further details about the project team’s breakthrough in a press release, saying:
“In the digital age we are in, we have several emerging technologies with the ability to solve societal problems, and to the extent we can combine them, we will achieve an exponential impact. In this case, the knowledge of the IDB team, together with CQ and TEC, in both quantum and blockchain technologies, has made it possible to reach a fundamental milestone to ensure the future integrity of LACChain, a blockchain platform created by the IDB Lab that more than 50 entities in the region are already using.”
Expect more security solutions to be developed in the future to defend against attacks from quantum computers, especially as they become more powerful and more widely available.
