a Chinese blockchain platform ChainMaker, recently announced that it has developed a groundbreaking technology that can withstand attacks from both conventional and quantum computers. The Chang'An Chain blockchain network developed by the company aims to secure information transfer between financial forms by making online transfers more efficient and secure, according to its developers. The system was launched in China in January 2021 as the country's first autonomous blockchain platform, developed by the Beijing Blockchain Academy and Edge Computing, a state-backed Beijing consortium. In other words, we can say that the company “Chinese Blockchain Platform Knows No Limits in Cyber Security”.
What is Blockchain?
Blockchain is a distributed database shared between nodes of a computer network. As a database, a blockchain stores information electronically in digital form. Blockchains are known for their important role in crypto money systems such as Bitcoin to keep a secure and decentralized record of transactions. The innovation in blockchain is that it guarantees the fidelity and security of a data record and establishes trust without the need for a trusted third party.
One of the main differences between a typical database and a blockchain is how the data is structured. A blockchain gathers information together in groups known as blocks that hold sets of information. Blocks have certain storage capacities and when filled they are sealed and connected to the pre-populated block, forming a data chain known as a blockchain. All new information following the newly added block is compiled into a newly created block, which will be added to the chain once populated.
While a database usually structures its data in tables, a blockchain, as the name suggests, structures its data in chunks (blocks) stacked together. This data structure, when implemented in a decentralized structure, creates an inherently irreversible data timeline. When a block is filled it is set in stone and becomes part of this timeline. Each block in the chain is given a precise timestamp when it was added to the chain.
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The company used some of the most advanced technological algorithms. The digital record list will be maintained in blocks, similar to other blockchain networks, and each block will also contain the time and date of the transaction, which would be difficult to edit when detected. With quantum attacks becoming more common, this project could be an ideal way for organizations to defend their blockchain networks. Business to defend against quantum computer threats, post-quantum cryptography and created a quantum key distribution system based on classical cryptographic techniques.
Significantly more powerful, yet simpler, world to combat quantum attacks to encryption needs. Rumor has it that the developer consortium has installed 20-core blockchain processors on the network that make signature verification 50 times faster and smart contract execution 96 times faster. With China's growing reliance on blockchain, this technology may be just what the business needs to move forward.