China is the King of the Blockchain Industry! New Technology Eradicates all Quantum Attacks

Blockchain
Blockchain

The Chinese blockchain platform, ChainMaker, recently declared that the company has successfully built a new technology that can withstand assaults from both conventional and quantum computers. Developers of the company’s blockchain network, also known as Chang’An Chain demonstrated that the new technology aims to secure information transmission between financial forms, making online transfers more efficient and secure. The system was released in China back in January 2021, as the country’s first independent blockchain platform, developed by the state-backed Beijing consortium, which is the Beijing Academy of Blockchain and Edge Computing.

The company used some of the smartest tech algorithms. Quite similar to other blockchain networks, the digital list of records will be maintained in blocks, each will include the transaction time and date, which will be difficult to update after being discovered. With the growing dominance of quantum attacks, this initiative might just provide the perfect opportunity for businesses to protect their blockchain networks. To counter potential quantum computing attacks, the company has developed classical cryptographic algorithms called post-quantum cryptography, along with a quantum key distribution system.

The world needs much stronger, yet simpler encryption to tackle robust quantum attacks. According to reports, the consortium of developers has installed about 96-core blockchain processors that make signature verification 20 times quicker and smart contract processing 50 times faster on the network. With China’s growing dependence on blockchain, this technology might just be the right step to advance the industry.

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