The Crypto-Race is On!


Russia wants to take the lead in getting the blockchain quantum-ready. If no one does this, then in a few years when quantum computers are commercially available, no blockchain will be safe from hacking. Whoever does do this will own the cryptocurrency industry.

The Russian state-owned Vnesheconombank (VEB) has disclosed a new center focused on blockchain technology research and other emerging technologies. VEB will be working on this initiative alongside the Ministry of Economic Development, the Ministry of Finance, and the Ministry of Communications and Mass Media.

VEB Chairman Sergei Gorkov stated: “In September, we will open the first centre focused on blockchain, convergent, and quantum technologies at the National Univeresity of Science and Technology (MISIS). …

In another project, VEB is currently working with Indian firm Srei Infrastructure Finance to create a $200 million information technology and innovation fund. … Recently a group of Srei officials visited the Russian Quantum Centre, home of Russia’s quantum-safe blockchain, to discuss and learn about how quantum physics can be applied to technological developments. (Russian Blockchain Technology Research Center In The Works, by The Cryptomaster, around September 1, 2017)

In May, the Russian Gazprombank conducted a blockchain transaction secured by quantum entanglement.

The threat posed to the cryptospace by the advent of quantum computers has been well known for several years. The massive computational power of quantum data processing has the muscle to determine an electronic wallet’s private key just by reading the public key, which is something that would take a classical computer an unfeasible amount of time to accomplish. …

The answer to this pressing issue may just have come from the Russian Quantum Center (RQC). … According to HPCwire, the quantum-safe blockchain, called a K-Chain, was used under real-world conditions to conduct a transaction on the Gazprombank network. (The Russian Quantum Center Has Created A Quantum-Safe Blockchain, by  Jordan Daniell, May 26, 2017)

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About icliks

Biding my time in central ms ... yours too, if ur reading this.
This entry was posted in banking system, blockchain, cryptocurrency, ecurrency, financial system, Financial World, fintech, international trade, money system, New Technologies and tagged , , , , , , , . Bookmark the permalink.

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