(ScienceTimes) Quantum computing poses a threat to blockchain technology and the cryptocurrency segment. However, Cambridge Quantum might prevent that from happening.
Cambridge Quantum has recently released a new study and its partners from the Inter-American Development Bank (IDB) and the Monterrey Institute of Technology (TEC de Monterrey). In the new report, now available in the preprint repository arXiv, researchers demonstrate a new blockchain technology that can supposedly resist attacks even from a quantum computer.
The new blockchain technology is detailed in the report “Quantum-resistance in blockchain networks,” which describes the solution built on the LACChain network.
According to IBM, a blockchain is a shared, immutable digital ledger tracks all transactions and assets. It is mostly used for managing cryptocurrency, a digital medium of exchange that does not require a central bank to manage all of it.
In their report, Cambridge Quantum reports finding four potential threat areas for blockchain networks: communication across network nodes and maintaining the integrity of digitally signed transactions. These threat areas are based on cryptography – or encrypting and decrypting data – and these processes are vulnerable to quantum computer attacks and need to be improved to keep up.
It led Cambridge Quantum researchers to develop a new post-quantum cryptography layer that offers an additional protection layer for networks, particularly against quantum computer attacks. The new blockchain solution was implemented on the LACChain Besu blockchain network, also based on Etherium technology.
“LACChain blockchain was an ideal target for keys generated by our IronBridge platform,” explains Duncan Jones, Cambridge Quantum’s Head of Quantum Cybersecurity. “Only keys generated from certified quantum entropy can be resistant to the threat of quantum computing.”