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Quantum blockchain-enabled exchange protocol model for decentralized systems

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Abstract

In recent years, blockchain technology has been established as a solution to a spectrum of issues associated with conventional financial systems, including but not limited to high transaction costs, slow processing times, and lack of transparency, leading to the proliferation of various digital assets and cryptocurrencies that are finding new use cases such as tokenization of real-world assets, access control systems, records management, etc. However, a significant impediment that has emerged is the need for interoperability between incompatible decentralized networks, which has thwarted the ability to exchange digital assets across these networks efficiently and securely. In this paper, the authors propose a novel quantum blockchain-enabled exchange protocol model (QBEEP) for the secure exchange of digital assets between various stakeholders on different decentralized networks, harnessing the potential of quantum computing, homomorphic encryption, and distributed ledgers. QBEEP is designed to be highly secure and transparent, ensuring stakeholders can trust the transaction’s outcome. Furthermore, it addresses several challenges posed by quantum computing, including the susceptibility of traditional cryptographic systems to attacks by quantum computers. The authors use quantum key distribution and quantum-resistant cryptographic algorithms to ensure that the proposed model is secure against attacks by classical and quantum computers. The authors demonstrate the feasibility and effectiveness of QBEEP through simulation experiments, and the results show that the protocol is highly secure and efficient, with low overhead and fast execution time. The authors also compare QBEEP to existing solutions and show that it outperforms them in terms of security and efficiency. The proposed protocol provides a promising solution for the growing need for secure and efficient decentralized exchange platforms in the emerging digital economy.

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Authors and Affiliations

  1. David R. Cheriton School of Computer Science, University of Waterloo, Waterloo, Canada

    Shashank Joshi

  2. Department of Computer Science, Cornell University, Ithaca, USA

    Arhan Choudhury

  3. Department of Computing Technologies, SRM Institute of Science and Technology, Kattankulathur, India

    R. I. Minu

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  1. Shashank Joshi
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  2. Arhan Choudhury
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Joshi, S., Choudhury, A. & Minu, R.I. Quantum blockchain-enabled exchange protocol model for decentralized systems. Quantum Inf Process 22, 404 (2023). https://doi.org/10.1007/s11128-023-04156-1

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