JPMorgan Misleadingly Claims to Have Solved Blockchain’s Quantum Threat, Gets Called Out By Expert

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Jamie Dimon, chairman and CEO of megabank JPMorgan Chase has made some pretty scathing comments about crypto over the years. Even as recently as October, when BTC prices were soaring above USD 60,000 towards a new all-time high, he was still happy to go on the record to denounce crypto’s flagship asset as “worthless.” 

Well, the crypto community may be having the last laugh after a prominent blockchain developer threw shade on the company’s latest blockchain-related announcement. Who’s right? Let’s take a look at what’s happened. 

On February 17, JPMorgan made a joint announcement with Toshiba and Ciena that they’d built the “first quantum key distribution network used to secure [a] mission-critical blockchain application.” The announcement went on to detail how this quantum key distribution, or QKD network, had secured a mission-critical application running on the JPMorgan proprietary blockchain. It further went on to claim that “QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack, with security guarantees based on the laws of quantum physics.”

For the benefit of readers who may be unfamiliar with the subject matter, the announcement refers to the “quantum threat” facing blockchain security as a result of advances in computing. Blockchain networks use public-key cryptography to secure assets, which is why each address has a public and private key pair. 

The cryptography used in blockchain protocols is secure enough to withstand brute-force attacks from the most powerful computers in the world. However, as advances