- Result findings were revealed at virtual event organised by
Blockchain Association Singapore
- Proof of Concept (PoC) developed for a quantum distributed
ledger to uncover potential advantages for distributed ledgers
(DLT)
SINGAPORE, April 7, 2021 /PRNewswire/ -- OneConnect
Financial Technology Co., Ltd. (OneConnect) the leading
technology-as-a-service platform provider and an associate of Ping
An Insurance Group, and Singapore
Management University (SMU)
today announced the key findings from a jointly conducted research
on the potential of quantum computing to augment blockchain
technology for businesses. The research report has been vetted by
the Blockchain Association Singapore (BAS) and the findings
were shared at the BAS webinar titled "Enterprise Blockchain in
the New Decade" earlier today, moderated by Ms Tan Bin Ru, Co-Chairwoman of BAS, who is also
CEO (SEA) of OneConnect Financial Technology.
The findings from this research follow an earlier Memorandum of
Understanding (MOU) between OneConnect and SMU in 2019 to develop a Proof of Concept (POC) to
investigate the characteristics of quantum computing for
distributed ledger technologies (DLTs). Co-led by Associate
Professor Paul Griffin from SMU
School of Computing and Information Systems, the report focused on
studying quantum algorithms that could augment blockchain
technology in the area of robust large-scale consensus.
While reviewing various types of consensus mechanisms and the
suitability of quantum computing in business, the research has
shown that the inherent constraints faced by classical DLTs known
as the "blockchain trilemma", or the notion of improving all three
fundamental attributes of blockchain – speed, security and size –
at once could be broken by quantum technologies, thus increasing
potential business usage. For current blockchains, a longer time is
required to reach a consensus for highly secure DLTs, and
increasing the speed of consensus leads to lower security.
The result findings from the research project include:
- Quantum and classical consensus take a similar number of rounds
to agree on the same value, meaning that with a quantum internet,
big data such as social media and IoT information could be used for
consensus and not be limited to the few hundreds of financial
transactions of current blockchains. This would likely benefit many
areas of financing including trade finance and the
under-banked.
- Quantum consensus has more variation than classical and can
take longer or shorter times to achieve consensus, potentially
speeding up consensus if the shorter times are engineered to be
selected.
- Real quantum computers need careful configuration and noise
mitigation, and this will take time to become commercially useful.
Furthermore, there is much more work needed to connect quantum
computers to quantum networks.
Ms Tan Bin Ru shared, "We are
excited to be announcing the results and insights gathered from
this joint research over the last one year – it has indeed been a
remarkable journey and a significant milestone that we are sharing
with SMU today. Collaborations like
these will allow us to better understand and lay the groundwork for
the potential of blockchain technology that can be applied to
businesses in the future, such as improving financing and the
under-banked woes. We look forward to continuing long-term
partnerships with educational institutes like SMU to potentially expand its usefulness in
industry applications."
Associate Professor Paul Griffin,
a speaker at the BAS webinar, shared,
"It has been a wonderful journey with OneConnect to work on
this exciting future-oriented research. The potential for quantum
computing is just beginning to be explored and this project has
helped to move this forward in a relevant area for the industry.
SMU would like to thank all the people
involved and look forward to continuing this and other research
with OneConnect in the future."
Following the joint research, OneConnect and SMU will continue to forge partnerships in the
areas of innovation and building talents for the digital
economy.
About OneConnect Financial Technology
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) is a
leading technology-as-a-service platform for financial
institutions. The Company's platform provides cloud-native
technology solutions that integrate extensive financial services
industry expertise with market-leading technology. The Company's
solutions provide technology applications and technology-enabled
business services to financial institutions. Together they enable
the Company's customers' digital transformations, which help them
increase revenue, manage risks, improve efficiency, enhance service
quality and reduce costs.
The Company's 13 technology solutions strategically cover
multiple verticals in the financial services industry, including
banking, insurance and asset management, across the full scope of
their businesses — from sales and marketing and risk management to
customer services, as well as technology infrastructures such as
data management, program development, and cloud services.
About Singapore Management
University
A premier university in Asia,
the Singapore Management University
(SMU) is internationally recognised for
its world-class research and distinguished teaching. Established in
2000, SMU's mission is to generate
leading-edge research with global impact and to produce
broad-based, creative and entrepreneurial leaders for the
knowledge-based economy. SMU's
education is known for its highly interactive, collaborative and
project-based approach to learning.
Home to over 11,000 students across undergraduate, postgraduate
professional and postgraduate research programmes, SMU comprises 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. SMU offers a wide
range of bachelors', masters', and PhD degree programmes in the
disciplinary areas associated with the six schools, as well as in
multidisciplinary combinations of these areas.
SMU emphasises rigorous,
high-impact, multi- and interdisciplinary research that addresses
Asian issues of global relevance. SMU
faculty members collaborate with leading international researchers
and universities around the world, as well as with partners in the
business community and public sector. SMU's city campus is a modern facility located in
the heart of downtown Singapore,
fostering strategic linkages with business, government and the
wider community. www.smu.edu.sg
About Blockchain Association Singapore
The Blockchain Association Singapore (BAS) seeks to empower its
members and the community to leverage blockchain and scalable
technologies for business growth and transformation. The
Association is designed to be an effective platform for members to
engage with multiple stakeholders - both regional and international
- to discover solutions and promote best practices in a
collaborative, open, and transparent manner.
It aims to promote blockchain literacy and build a strong talent
pipeline for the digital economy in Singapore. BAS also aims to accelerate the
development of blockchain companies operating in or entering into
Singapore, and their subsequent
integration and acceleration into the Singapore blockchain ecosystem.
For more information, please
visit https://singaporeblockchain.org/.
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SOURCE OneConnect