What is it about?

Can financial institutions share a ledger that keeps transactions private and is built on lattice-based, post-quantum cryptography? Our paper at #PQQS2026 introduces PQ-TaDL, the first lattice-based post-quantum transaction scheme for encrypted table-based ledgers. It hides amounts, counterparties, and asset types; guarantees every received token is spendable; and supports customizable auditing. Key results: - A new technique to prove two lattice commitments hide the same value without knowing the original randomness - Thousands of assets per transaction (think repo baskets) - ~4.3 ms proving, ~0.4 ms verification, ~1.9 KB per participant per asset (amortized over 1,024 assets)

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Why is it important?

Data encrypted today with classical cryptography could be decrypted by future quantum computers. PQ-TaDL is built on lattice assumptions, the same foundation as NIST’s post-quantum standards, so both privacy and integrity are protected for the long term.

Perspectives

Financial institutions are preparing for the post-quantum transition, and privacy-preserving ledgers have to come along too. With PQ-TaDL, we wanted to show that a lattice-based encrypted ledger can be genuinely practical. When many assets are packed into one transaction, its amortized per-asset cost is comparable to classical systems like zkLedger. What excites me most is how naturally it fits real institutional workflows. Repo or FX trades can move a whole basket of assets confidentially, and regulators can verify properties like liquidity or solvency in zero knowledge, without seeing individual transactions

Yao Ma
National University of Singapore

Read the Original

This page is a summary of: A Practical Post-Quantum Distributed Ledger Protocol for Financial Institutions, November 2026, ACM (Association for Computing Machinery),
DOI: 10.1145/3839338.3857254.
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