Home Blockchain OneConnect Financial Technology and Singapore Management University announce key findings from joint research on potential for quantum computing to resolve blockchain trilemma

OneConnect Financial Technology and Singapore Management University announce key findings from joint research on potential for quantum computing to resolve blockchain trilemma

12 min read

  • End result findings have been revealed at digital occasion organised by Blockchain Affiliation Singapore
  • Proof of Idea (PoC) developed for a quantum distributed ledger to uncover potential benefits for distributed ledgers (DLT)

SINGAPORE, April 7, 2021 /PRNewswire/ — OneConnect Monetary Know-how Co., Ltd. (OneConnect) the main technology-as-a-service platform supplier and an affiliate of Ping An Insurance coverage Group, and Singapore Administration College (SMU) right this moment introduced the important thing findings from a collectively carried out analysis on the potential of quantum computing to enhance blockchain expertise for companies. The analysis report has been vetted by the Blockchain Affiliation Singapore (BAS) and the findings have been shared on the BAS webinar titled “Enterprise Blockchain within the New Decade” earlier right this moment, moderated by Ms Tan Bin Ru, Co-Chairwoman of BAS, who can also be CEO (SEA) of OneConnect Monetary Know-how.

The findings from this analysis comply with an earlier Memorandum of Understanding (MOU) between OneConnect and SMU in 2019 to develop a Proof of Idea (POC) to analyze the traits of quantum computing for distributed ledger applied sciences (DLTs). Co-led by Affiliate Professor Paul Griffin from SMU Faculty of Computing and Info Techniques, the report centered on learning quantum algorithms that would increase blockchain expertise within the space of strong large-scale consensus.

Whereas reviewing varied varieties of consensus mechanisms and the suitability of quantum computing in enterprise, the analysis has proven that the inherent constraints confronted by classical DLTs often known as the “blockchain trilemma”, or the notion of bettering all three basic attributes of blockchain – velocity, safety and dimension – directly may very well be damaged by quantum applied sciences, thus growing potential enterprise utilization. For present blockchains, an extended time is required to succeed in a consensus for extremely safe DLTs, and growing the velocity of consensus results in decrease safety.

The outcome findings from the analysis undertaking embody:

  • Quantum and classical consensus take the same variety of rounds to agree on the identical worth, that means that with a quantum web, huge knowledge similar to social media and IoT data may very well be used for consensus and never be restricted to the few tons of of economic transactions of present blockchains. This may doubtless profit many areas of financing together with commerce finance and the under-banked.
  • Quantum consensus has extra variation than classical and might take longer or shorter occasions to realize consensus, doubtlessly dashing up consensus if the shorter occasions are engineered to be chosen.
  • Actual quantum computer systems want cautious configuration and noise mitigation, and this may take time to change into commercially helpful. Moreover, there’s rather more work wanted to attach quantum computer systems to quantum networks.

Ms Tan Bin Ru shared, “We’re excited to be asserting the outcomes and insights gathered from this joint analysis during the last one 12 months – it has certainly been a outstanding journey and a major milestone that we’re sharing with SMU right this moment. Collaborations like these will permit us to higher perceive and lay the groundwork for the potential of blockchain expertise that may be utilized to companies sooner or later, similar to bettering financing and the under-banked woes. We sit up for persevering with long-term partnerships with instructional institutes like SMU to doubtlessly broaden its usefulness in business purposes.”

Affiliate Professor Paul Griffin, a speaker on the BAS webinar, shared, “It has been a beautiful journey with OneConnect to work on this thrilling future-oriented analysis. The potential for quantum computing is simply starting to be explored and this undertaking has helped to maneuver this ahead in a related space for the business. SMU want to thank all of the folks concerned and sit up for persevering with this and different analysis with OneConnect sooner or later.”

Following the joint analysis, OneConnect and SMU will proceed to forge partnerships within the areas of innovation and constructing skills for the digital economic system.

About OneConnect Monetary Know-how

OneConnect Monetary Know-how Co., Ltd. (NYSE: OCFT) is a number one technology-as-a-service platform for monetary establishments. The Firm’s platform gives cloud-native expertise options that combine in depth monetary providers business experience with market-leading expertise. The Firm’s options present expertise purposes and technology-enabled enterprise providers to monetary establishments. Collectively they allow the Firm’s prospects’ digital transformations, which assist them improve income, handle dangers, enhance effectivity, improve service high quality and scale back prices.

The Firm’s 13 expertise options strategically cowl a number of verticals within the monetary providers business, together with banking, insurance coverage and asset administration, throughout the complete scope of their companies — from gross sales and advertising and marketing and danger administration to buyer providers, in addition to expertise infrastructures similar to knowledge administration, program growth, and cloud providers.

About Singapore Administration College

A premier college in Asia, the Singapore Administration College (SMU) is internationally recognised for its world-class analysis and distinguished educating. Established in 2000, SMU’s mission is to generate modern analysis with world affect and to supply broad-based, artistic and entrepreneurial leaders for the knowledge-based economic system. SMU’s training is understood for its extremely interactive, collaborative and project-based strategy to studying.

House to over 11,000 college students throughout undergraduate, postgraduate skilled and postgraduate analysis programmes, SMU contains six colleges: Faculty of Accountancy, Lee Kong Chian Faculty of Enterprise, Faculty of Economics, Faculty of Computing and Info Techniques, Faculty of Regulation, and Faculty of Social Sciences. SMU gives a variety of bachelors’, masters’, and PhD diploma programmes within the disciplinary areas related to the six colleges, in addition to in multidisciplinary mixtures of those areas.

SMU emphasises rigorous, high-impact, multi- and interdisciplinary analysis that addresses Asian points of worldwide relevance. SMU college members collaborate with main worldwide researchers and universities all over the world, in addition to with companions within the enterprise neighborhood and public sector. SMU’s metropolis campus is a contemporary facility situated within the coronary heart of downtown Singapore, fostering strategic linkages with enterprise, authorities and the broader neighborhood. www.smu.edu.sg

About Blockchain Affiliation Singapore

The Blockchain Affiliation Singapore (BAS) seeks to empower its members and the neighborhood to leverage blockchain and scalable applied sciences for enterprise development and transformation. The Affiliation is designed to be an efficient platform for members to have interaction with a number of stakeholders – each regional and worldwide – to find options and promote finest practices in a collaborative, open, and clear method.

It goals to advertise blockchain literacy and construct a robust expertise pipeline for the digital economic system in Singapore. BAS additionally goals to speed up the event of blockchain corporations working in or coming into into Singapore, and their subsequent integration and acceleration into the Singapore blockchain ecosystem.

For extra data, please go to https://singaporeblockchain.org/.  

SOURCE OneConnect

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