The National Mathematics and Interdisciplinary Science Center at the Chinese Academy of Sciences, a federal institution, has created the Big Data and Blockchain Lab in a partnership with Beijing Tai Yun Technology Company. This new laboratory aims to explore blockchain technology with mathematics in order to make critical improvements.
A couple of research goals explicitly stated by the lab so far include creating new consensus mechanism technology and increasing efficiency of blockchain technology. Essentially, this lab will be dissecting current blockchain technology with mathematics, and then building a new and improved form of blockchain technology from scratch, starting with pure mathematics. This lab will feature collaboration among academics and researchers, and has the potential to become a breeding ground for the advancement of blockchain.
Currently, Bitcoin, the most popular cryptocurrency, uses an energy inefficient consensus mechanism and also it has a very low rate of fewer than ten transactions per second. Bitcoin doesn’t scale very well to larger transaction volumes, instead of handling more transactions per second it increases transaction fees. The Big Data and Blockchain Lab could work on creating a consensus mechanism more secure than proof-of-work while using far less energy, and simultaneously build the technology so the blockchain can scale to process as many transactions as banks and Visa.
Another key issue that the lab will explore is protecting blockchain from quantum attacks. According to experts, it is inevitable that quantum computers will become advanced enough to compromise the encryption that protects Bitcoin, and if this is correct, a new cryptocurrency based on quantum technology will be essential. Perhaps this lab can help develop quantum cryptocurrency, so by the time quantum attacks become a serious issue, the world will have a safe cryptocurrency to use.
The creation of the Big Data and Blockchain Lab comes less than a month after Chinese President Xi Jinping promised to launch laboratories to research and develop blockchain technology infrastructure, since he thinks blockchain is integral to a new industrial revolution in combination with artificial intelligence and the internet of things.
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