Arqit and Neo Form a Partnership to Research Quantum Resistant Blockchain
NEO is a global public blockchain project based in China. Its platform is continuously growing and has continued to record an ever-increasing user base.
On 17th October 2018, the project announced that it had entered into a partnership agreement with Arqit, that would see the two companies collaborate on quantum resistance research.
The partnership between the two companies is based on their vision to facilitate development in the blockchain industry. Arqit is based in Singapore and is a non-profit community based on the blockchain project.
Given the fact that quantum resistance serves as an important and integral aspect of the NEO network, NGD (Neo Global Development) has been pursuing research on quantum-proof technology. This is a technology being represented by Quantum Safe (NeoQS), which is a matrix based cryptographic mechanism.
When announcing the formation of this new partnership, David Bestwick, Arqit’s chief executive stated that NEO was one of the biggest ecosystems and blockchain projects in the world. As such, it had an important thought leadership role to play and would be more than happy to share the development and thinking on the future of Quantum safe blockchain technology with them.
Arqit is today a global leader when it comes to quantum resistant technology. It is currently in the process of developing a blockchain ecosystem for use by enterprise applications. It is also looking to make modifications to the Corda code base open course code. Once done, it will proceed to incorporate the unique Proof of Performance Protocol for the very first time.
Quantum encryption is also playing a very important role. It is encryption that was developed together with a group of several European based universities and companies, as well as an associated research-based foundation.
The development of quantum computers has been seen as a major challenge to ECC and RSA-based cryptographic apparatuses. This is because these computers are in a unique position to solve integer factorization problems that are relied on by the RSA. They can also solve elliptic curve discrete logarithms that are relied on by the ECC within a very short time frame.
Currently, quantum computers are not able to efficiently solve SVP (shortest vector problem) as well as the CVP (closest vector problem) that are considered as one of the most efficient logarithms that can be used to provide protection against quantum computers.
Being one of the blockchain technology founders, as well as the largest blockchain platforms globally, it is important for NEO to ensure that it remains at the forefront of this technology on all matters dealing with quantum cryptography.
Peter Lin, who is the R&D director of the NEO global development project stated that they were pleased to be partnering with Arqit and were looking towards entering into a collaboration agreement that would help contribute towards a safe post-quantum environment.
By forming this partnership, PQRA has been strengthened by the inclusion of one of the biggest contributors in the blockchain industry. It is something that will assist in accelerating the pace of the NeoQS research and development process.