The team at Quantum Resistant Ledger (QRL), a post-Quantum value store and decentralized communication layer, notes that there’s recently been what appears to be “another quantum leap” in the field of quantum computing.
The QRL team states:
“The team at @ustc potentially achieved ‘quantum supremacy’ one million times greater than the record currently held by Sycamore. Things can advance quickly and unexpectedly, and $QRL is ready for it, today.”
As reported by the SCMP, China now claims that it has taken “a quantum leap” with a machine that may be able to process information a million times faster than Google’s latest quantum computer, called Sycamore.
Physicist Pan Jianwei and his research team may have achieved quantum supremacy, however, we need more verification at this time. Jianwei’s team is backed by the Chinese government.
He works as a physicist at the University of Science and Technology of China, where he announced during a lecture at Westlake University, Hangzhou, (on September 5, 2020) that a newly developed machine achieved “quantum supremacy” one million times greater than what Google’s Sycamore can process.
Sycamore has been able to complete certain calculations in approximately 200 seconds, which was demonstrated in 2019. The same calculation will take around 10,000 years to complete even if we use the world’s fastest binary model computer.
However, Jianwei has pointed out that the results are still preliminary at this point. He also mentioned that there’s no “100% guarantee until further verification.”
Fintech service providers and distributed ledger technology (DLT)-based application developers have been working on solutions that could be quantum-resistant, meaning that they’re creating software that could resist potential attacks from quantum computers (if and when they become available).
As covered in August 2020, major South Korean Daegu Bank and SK Telecom, the nation’s largest wireless carrier, are working on 5G enabled quantum cryptography technology.
Spanish financial giant BBVA continues to work on quantum computing data projects. It’s also collaborating with German Fintech Rubean to trial a contactless payments solution. In July 2020, the BBVA shared the results of quantum computing tech proof of concepts for improving currency arbitrage and portfolio management.
Also in July, Standard Chartered announced a new collaboration with Universities Space Research Association on quantum computing.
Ethereum (ETH), the world’s largest blockchain-based platform for building decentralized applications, might not even have quantum resistance on its roadmap, according to the QRL team.
Quantum computers might “completely shatter” the current internet security systems protecting Bitcoin (BTC), digital payments, and IoT devices, according to a May 2020 report.