By Elizabeth Dilts Marshall

NEW YORK (Reuters) – A team of quantum computing engineers from JPMorgan Chase & Co (NYSE:), Toshiba (OTC:) Corp and Ciena (NYSE.) Corp has demonstrated, in a paper released Thursday, that a strong, new encryption network is possible to secure communications over the blockchain.

Researchers claim that this group has tested a quantum key distribution, (QKD) network. This is a two-way, super-secure communication network powered with quantum physics. It can be used to defend the blockchain against attacks by quantum computing.

Researchers are still developing quantum computers (NASDAQ:), which are capable of performing information processing and calculations at a much faster pace than conventional computers. Experts say that this makes cyberattacks on quantum computing still years away. Researchers at JPMorgan, however, are looking for ways to safeguard banking systems from the danger they present.

Marco Pistoia (head of JPMorgan Chase’s Future Lab for Applied Research and Engineering and one of its leaders) stated that “Security was paramount for JPMorgan Chase.”

This work is ongoing as we prepare for production-quality quantum computer introduction, which will transform the security landscape of technology like cryptocurrency and blockchain in the near future.”

JPMorgan was a champion of blockchain technology and launched JPM Coin, a digital currency in 2019.