Gazprombank trials quantum-safe blockchain in Russia

Quantum blockchain technology is a method of distributed storage and verification of financial, commercial, and other data protected by quantum cryptography, according to Russian Quantum Centre researchers. The research centre is working on implementing the same or an improvised version of quantum-safe blockchain solution in other banks across and beyond the country, according to EconoTimes.

The new blockchain incorporates a combination of quantum key distribution and post-quantum cryptography to render the algorithm virtually un-hackable. These quantum keys replace the traditional digital signatures to ensure the blockchain is future-proof.

The quantum key distribution networks are already becoming prevalent in many countries, especially in China, Europe, and the US, the online publication continues. These quantum networks are being used for smart contracts, financial transactions, and other highly sensitive digital transfers. If the quantum-safe blockchain is made open source, then there is a high probability of widespread implementation of the new age technology across industries.