Blockchain
OneConnect Financial Technology and Singapore Management University announce key findings from joint research on potential for quantum computing to resolve blockchain trilemma
OneConnect Financial Technology Co., Ltd. (OneConnect) the leading technology-as-a-service platform provider and an associate of Ping An Insurance Group, and Singapore Management University (SMU) today announced the key findings from a jointly conducted research on the potential of quantum computing to augment blockchain technology for businesses. The research report has been vetted by the Blockchain Association Singapore (BAS) and the findings were shared at the BAS webinar titled “Enterprise Blockchain in the New Decade” earlier today, moderated by Ms Tan Bin Ru, Co-Chairwoman of BAS, who is also CEO (SEA) of OneConnect Financial Technology.
The findings from this research follow an earlier Memorandum of Understanding (MOU) between OneConnect and SMU in 2019 to develop a Proof of Concept (POC) to investigate the characteristics of quantum computing for distributed ledger technologies (DLTs). Co-led by Associate Professor Paul Griffin from SMU School of Computing and Information Systems, the report focused on studying quantum algorithms that could augment blockchain technology in the area of robust large-scale consensus.
While reviewing various types of consensus mechanisms and the suitability of quantum computing in business, the research has shown that the inherent constraints faced by classical DLTs known as the “blockchain trilemma”, or the notion of improving all three fundamental attributes of blockchain – speed, security and size – at once could be broken by quantum technologies, thus increasing potential business usage. For current blockchains, a longer time is required to reach a consensus for highly secure DLTs, and increasing the speed of consensus leads to lower security.
The result findings from the research project include:
- Quantum and classical consensus take a similar number of rounds to agree on the same value, meaning that with a quantum internet, big data such as social media and IoT information could be used for consensus and not be limited to the few hundreds of financial transactions of current blockchains. This would likely benefit many areas of financing including trade finance and the under-banked.
- Quantum consensus has more variation than classical and can take longer or shorter times to achieve consensus, potentially speeding up consensus if the shorter times are engineered to be selected.
- Real quantum computers need careful configuration and noise mitigation, and this will take time to become commercially useful. Furthermore, there is much more work needed to connect quantum computers to quantum networks.
Ms Tan Bin Ru shared, “We are excited to be announcing the results and insights gathered from this joint research over the last one year – it has indeed been a remarkable journey and a significant milestone that we are sharing with SMU today. Collaborations like these will allow us to better understand and lay the groundwork for the potential of blockchain technology that can be applied to businesses in the future, such as improving financing and the under-banked woes. We look forward to continuing long-term partnerships with educational institutes like SMU to potentially expand its usefulness in industry applications.”
Associate Professor Paul Griffin, a speaker at the BAS webinar, shared, “It has been a wonderful journey with OneConnect to work on this exciting future-oriented research. The potential for quantum computing is just beginning to be explored and this project has helped to move this forward in a relevant area for the industry. SMU would like to thank all the people involved and look forward to continuing this and other research with OneConnect in the future.”
Following the joint research, OneConnect and SMU will continue to forge partnerships in the areas of innovation and building talents for the digital economy.
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
-
Blockchain5 days agoBridging Innovation and Regulation: How Yellow Network is Transforming Non-Custodial Trading in a Pro-Crypto Future
-
Blockchain6 days ago
Prosper Adds 7,000 More ASIC Miners from BITMAIN To Drive Tokenization of Hashrate as Multichain RWA ; Targets 170MW Capacity With New Strategic Round
-
Blockchain Press Releases5 days agoHTX Ventures Identifies Five Rapidly-Growing Sectors in 2024, Expects Positive Crypto Regulations Driven by Trump Next Year
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain (Reserve Bank of India (RBI), Aethir, Blockchain Center Abu Dhabi, Qubetics, )
-
Blockchain3 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain6 days agoLoan Brokers Market Opportunities and Strategies Report to 2033 – Loan Brokers Market Poised for Strong Growth, Forecasted to Reach $947.9 Billion by 2033
-
Blockchain4 days agoBuilding Bridges in Crypto: Bybit Sparked Dialogues and Joined Industry Leaders at Bitcoin MENA
-
Blockchain Press Releases5 days agoGOLFIN Revolutionizes Golfing Experience with First Golf2Earn Platform
