- The results were announced at a virtual event hosted by the Blockchain Association Singapore
- Proof of Concept (PoC) was developed for a quantum distributed ledger to uncover potential benefits for distributed ledgers (DLT).
SINGAPORE, April 7, 2021 / PRNewswire / – OneConnect Financial Technology Co., Ltd. (OneConnect), the leading technology-as-service platform provider and partner of Ping An Insurance Group, and Singapore Management University ((Secondary school) today announced the key findings of a joint study into the potential of quantum computers to expand blockchain technology for businesses. The research report was reviewed by the Blockchain Association Singapore (BAS) and the results were presented today at the BAS webinar entitled “Enterprise Blockchain in the New Decade” moderated by Ms. Tan Bin Ru, Co-Chair of BAS who is also CEO (SEA) of OneConnect Financial Technology.
The results of this research follow an earlier Memorandum of Understanding (MOU) between OneConnect and Secondary school 2019 Development of a Proof of Concept (POC) to investigate the properties of the quantum computer for distributed general ledger technologies (DLTs). Co-directed by an associate professor Paul Griffin The report from the SMU School of Computing and Information Systems focused on studying quantum algorithms that could extend blockchain technology in the realm of robust consensus on a large scale.
While examining various types of consensus mechanisms and the suitability of quantum computers in enterprises, research has shown that the inherent limitations of classic DLTs known as the “blockchain trilemma,” or the thought of improving all three basic attributes of blockchain speed , Security and size – could be instantly destroyed by quantum technologies, increasing potential business use. Current blockchains take a longer time to reach consensus for highly secure DLTs, and increasing the speed of consensus results in lower security.
The results of the research project include:
- Quantum and classical consensus take a similar number of rounds to agree on the same value. This means that with a quantum internet, big data like social media and IoT information can be used for consensus rather than being limited to the few hundred financial transactions of current blockchains. This would likely benefit many areas of finance, including trade finance and underbanking.
- The quantum consensus varies more than the classical one and can take longer or shorter times to reach a consensus. This can potentially speed up the consensus by setting the shorter times for selection.
- Real quantum computers require careful configuration and noise suppression, and it will take time to be commercially useful. In addition, much more work is required to connect quantum computers to quantum networks.
MS Tan Bin Ru “We are pleased to announce the results and insights of this joint research from last year. It has indeed been a remarkable journey and a significant milestone to share Secondary school today. Collaborations like this will allow us to better understand the potential of blockchain technology that can be applied to businesses in the future and lay the foundations for it, such as: B. the improvement of financing and the problems among the banks. We look forward to further long-term partnerships with educational institutions such as Secondary school to potentially expand its usefulness in industrial applications. “
Associate Professor Paul Griffin, a speaker at the BAS webinar, divided, “It has been a wonderful journey with OneConnect to work on this exciting forward-looking research. The potential for quantum computing is just being explored, and this project has helped advance that in an area relevant to the industry. Secondary school I would like to thank everyone involved and look forward to continuing this and other research with OneConnect in the future. “
According to joint research, OneConnect and Secondary school will continue to partner in innovation and talent building for the digital economy.
OneConnect financial technology information
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) is a leading technology-as-a-service platform for financial institutions. The company’s platform offers cloud-native technology solutions that combine extensive expertise in the financial services industry with market-leading technology. The company’s solutions provide technology applications and technology-based business services to financial institutions. Together, they enable the company’s customers’ digital transformations that help them increase sales, manage risk, improve efficiency, improve service quality and reduce costs.
The company’s 13 technology solutions strategically cover multiple industries in the financial services industry, including banking, insurance and asset management, across the business area – from sales and marketing to risk management to customer service and technological infrastructures such as data management, program development and cloud Services.
over Singapore Management University
A leading university in Asia, the Singapore Management University ((Secondary school) is internationally recognized for its first-class research and outstanding teaching. Founded in 2000, SMUs The mission is to generate cutting-edge research with a global impact and to produce broad-based, creative and entrepreneurial leaders for the knowledge-based economy. SMUs Education is known for its highly interactive, collaborative, and project-based approach to learning.
Over 11,000 students from undergraduate, postgraduate and postgraduate research programs live here. Secondary school includes six schools: School of Accountancy, Lee Kong Chian School of Business, School of Economics, School of Computing and Information Systems, School of Law, and School of Social Sciences. Secondary school offers a wide range of Bachelor, Master and PhD programs in the disciplines associated with the six schools as well as in multidisciplinary combinations of these areas.
Secondary school emphasizes rigorous, effective, multidisciplinary and interdisciplinary research that deals with Asian topics of global relevance. Secondary school Faculty members work with leading international researchers and universities around the world, as well as with partners from business and the public sector. SMUs The city campus is a modern facility in the heart of the city center SingaporePromote strategic links with business, government and the wider community. www.smu.edu.sg
Via the Blockchain Association Singapore
The Blockchain Association Singapore (BAS) wants to enable its members and the community to use blockchain and scalable technologies for the growth and transformation of companies. The association aims to be an effective platform for members to work with multiple stakeholders – both regionally and internationally – to find solutions and promote best practices in a collaborative, open and transparent manner.
The aim is to promote blockchain competency and build a strong talent pipeline for the digital economy in Singapore. BAS also aims to accelerate the development of blockchain companies that operate in or within companies Singaporeand their subsequent integration and acceleration into the Singapore Blockchain ecosystem.
Further information can be found at https://singaporeblockchain.org/.