Singapore Management University (SMU) has entered into a Memorandum of Understanding (MoU) with OneConnect Financial Technology, which will see the two studying the use of quantum computing to push blockchain technology forward.
Reported by Singapore Management University on its official website, SMU and OneConnect are looking to develop a Proof of Concept (PoC) for quantum computing applications in the realm of distributed ledger technology.
The collaboration is founded on SMU’s belief that quantum computing has the potential to augment blockchain technology. Quantum computing provides high computational speeds and the ability to handle vastly complex calculations — two traits in high demand in blockchain-based solutions.
Professor Pang Hwee Hwa, Dean of the SMU School of Information Systems, explained that the partnership with OneConnect will allow the university to test practical applications.
“SMU is developing R&D expertise in blockchain and quantum computing… OneConnect will allow us to test our technology in a “real world environment”, and keep our research well aligned with the financial industry,” said Professor Pang.
An associate firm of Chinese insurance giant Ping An Group, OneConnect Financial Technology already operates FiMax, which won the “Best Blockchain or Distributed Ledger Technology or Platform Award” from The Asian Banker this year.
The company is keen on exploring quantum computing technology for blockchain due to its own mission of pushing the industry further. Tan Bin Ru, CEO of OneConnect (Southeast Asia), remarked, “Unravelling what quantum computing and blockchain can become as a whole, allows OneConnect to be the game changer bringing the best and latest technology to market. This is in line with our commitment to accelerate digital transformation.”
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