NEO, the global Chinese originated public blockchain project with a steadily growing ecosystem today announced that NEO Global Development (NGD) will be partnering with Arqit on quantum resistance research with a shared vision of facilitating blockchain industry development. Arqit is a non-profit community driven blockchain project based in Singapore
As quantum resistance is a core feature and significant aspect of the NEO network, NEO Global Development (NGD) has been pushing forward with relevant research on quantum-proof technology represented by NeoQS (Quantum Safe), a lattice-based cryptographic mechanism.
“As one of the biggest blockchain projects and ecosystems in the world NEO has an important thought leadership role and we are pleased to be able to share thinking and development with them on the future of quantum safe blockchain business.”
Arqit is one of the leading projects in quantum resistant technology. It is now developing a quantum resistant blockchain ecosystem for enterprise applications, making modifications on the open source Corda code base and incorporating the unique Proof of Performance Protocol for the first time. Also playing a part is quantum encryption, developed in partnership with a consortium of European companies and universities, and an associated research foundation.
The emergence of quantum computers poses a major challenge to RSA and ECC-based cryptographic mechanisms. Quantum computers can solve the integer factorization problem (which RSA relies on) and the elliptic curve discrete logarithm (which ECC relies on) in a very short time. At present, quantum computers do not have the ability to quickly solve the Shortest Vector Problem (SVP) and the Closest Vector Problem (CVP), which are considered to be the most reliable algorithms to defend against quantum computers.
“As a pioneer of blockchain technology and one of the biggest blockchain platforms around the globe, it is important to NEO that we remain at the forefront of technology in areas like post quantum cryptography. We are therefore pleased to partner with Arqit and look forward to a collaboration to help to make all blockchain communities safe in a post quantum environment.”
By establishing the research partnership, PQRA is being strengthened by the involvement of one more major contributor, who in turn will accelerate the pace of R&D on NeoQS and facilitate industry-wide quantum-resistant research. Both NEO and Arqit will extend their collaboration into areas of their interest and promote the development of quantum safe technology in blockchain industry.