Russian Quantum Center Comes Out With Quantum-Proof Blockchain

Russian Quantum Center researchers announced late last week that they created what they said is the first quantum-safe blockchain.

According to a press release covered by Finextra, the researchers said with the technology, companies can securely transfer data without worrying about getting hacked. Gazprombank, one of the biggest banks in Russia, successfully tested the quantum-safe blockchain, the group said, noting it is now working to expand to other banks in Russia and elsewhere around the world.

The researchers said quantum computers pose a big risk to data security and could be used to hack blockchains, destroying everything from cryptocurrencies like Bitcoin to secure government communications. What’s more, they said, the current solutions on the market aren’t completely secure and will someday be hacked via an advanced algorithm. For example, the groups said post-quantum cryptography organizes digital signatures in a unique way, but it’s still vulnerable to the development of new algorithms and it is only a matter of time until someone creates a way to hack them.

“The quantum-safe blockchain developed by the Russian Quantum Center secures the blockchain by combining quantum key distribution (QKD) with post-quantum cryptography so that it is essentially unhackable,” the researchers explained. “The technology creates special blocks which are signed by quantum keys rather than the traditional digital signatures. These quantum keys are generated by a QKD network, which guarantees the privacy of the key using the laws of physics.”

The group said OKD networks are growing in popularity around the world, largely in the financial sector. For instance, China, Europe and the U.S. have QKD networks,which they use for smart contracts, financial transactions and other highly sensitive digital transfers. As these networks continue to grow, an increasing number of organizations, both private and public, will be able to use the quantum-safe blockchain, they said.