IDB Lab, Cambridge Quantum, and Tecnológico de Monterrey are building a quantum-safe cryptographic layer on top of LACChain.
People in the blockchain industry have been talking about how quantum computers could impact the sector for some time. These are machines that use quantum physics to perform computations.
While classical computers use binary “bits” to encode information, quantum computers use quantum bits (qubits). It can represent many different things at the same time. This means that quantum computers can evaluate a huge number of possibilities simultaneously, making them suitable for decoding. actually, CNBC suggests that a quantum computer could hack a cryptocurrency wallet within a decade.
But things may not be as bleak as they sound in the world of cryptocurrencies. Yesterday, Cambridge Quantum, IDB Lab, Tecnologico de Monterrey announced They were working on blockchain technology that would be resistant to quantum computing.
Blockchain’s reliance on encryption and keys can expose it to the potential for quantum hacking, and researchers have identified four potential threats, including the integrity of transactions and communications between network nodes. pointed out the area.
Salvador E. Venegas-Andraca of Tecnológico de Monterrey explains:Certain quantum algorithms enable the breach of digital security protocols, but fortunately there are other quantum algorithms that can be used to enhance data protection.”
The team has built the Ethereum-based LACChain Besu blockchain network created by IDB Lab. This network is already in use by over 50 entities.
The team has developed a cryptographic layer to protect blockchains from attacks by quantum computers. This included leveraging Cambridge Quantum’s IronBridge platform to generate quantum-safe keys that could secure transactions and communications.
Irene Arias Hofman, CEO of IDB Lab, said:In the digital age we live in, we have at our disposal a variety of emerging technologies with the ability to solve social problems, and as long as we can combine them, we can have an exponential impact. , the knowledge of the IDB team, together with CQ and TEC, has allowed us to achieve fundamental milestones to ensure the future integrity of LACChain, both in quantum and blockchain technology”
