MatRiCT: A quantum-safe and privacy-preserving blockchain protocol

in Project HOPE19 days ago

Researchers from CSIRO's Data61 and Monash Blockchain Technology Center have developed the world's most efficient blockchain protocol that secures from quantum computers and protects the privacy of users and their transactions.

"This protocol is designed to address inefficiencies in previous blockchain protocols such as complex validation procedures, thus accelerating computational efficiency and using less energy to solve them, leading to significant cost savings," said Drs. Ron Steinfeld, professor, co-author of research and quantum secure cryptography expert at Monash University.

The MatRiCT protocol is based on the problem of hard lattice, which is quantum security, and introduces three new key features: a secured ring signature scheme to date, which validates activities and transactions using only signatures; methods without evidence of knowledge, which conceals sensitive transaction information; and audit functions, which can help prevent the illegal use of cryptocurrency.

"Hcash will integrate the protocol into its own system, transform the existing cryptocurrency, HyperCash, into a quantum protocol and protect privacy," said Dr Joseph Liu, professor, director of the Blockchain Technology Center and Monash Chief Scientist at HCash.

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