The Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) Data61 has announced alongside the Monash Blockchain Technology Centre a blockchain protocol they claim is secure against quantum computers while also protecting the privacy of its users and their transactions.
The protocol, MatRiCT, is patented by CSIRO and now licensed to Australian cryptocurrency developer HCash.
Hcash will be incorporating the protocol into its own systems and transforming its existing cryptocurrency, HyperCash, into one that is claimed to be quantum safe and privacy protecting, but according to Data61, the technology could be applied to more than cryptocurrencies.
It highlighted potential applications such as digital health, banking, finance, and government services, as well as services which may require accountability to prevent illegal use.
Data61 researchers said blockchain-based cryptocurrencies like Bitcoin and Ethereum are vulnerable to attacks by quantum computers, as they are capable of performing complex calculations and processing substantial amounts of data to