Multiverse Computing, a quantum computing company with offices in Canada and Spain, has partnered with the Bank of Canada to run simulations on how the adoption of cryptocurrency as a payment method might proceed.
In a statement on Thursday, Multiverse Computing said it used its team as part of a proof-of-concept project with the Bank of Canada to generate examples of how non-financial companies could end up adopting cryptocurrencies. Quantum simulations used scenarios with 8-10 financial networks with more than 1.2 octillion possible configurations.
According to the company, it was “important to develop a deep understanding of the interactions that can take place in payment networks” to understand how companies can adopt different forms of payment. Simulations suggest that cryptocurrency payments may end up coexisting with bank transfers and “cash-like instruments” in certain sectors, with the market share of each depending on economic costs and how consumers respond. financial institutions to greater adoption.
“We wanted to test the power of quantum computing in a research case that is difficult to solve using classical computing techniques,” said Bank of Canada data science director Maryam Haghighi. “This collaboration helped us learn more about how quantum computing can provide new insights into economic problems by running complex simulations on quantum hardware.”
Our work on #cryptocurrency networks with @bankofcanada is finally out in the open!
Huge congratulations to the team for their phenomenal work on this project#quantum for the #economy https://t.co/FrH678gKRm pic.twitter.com/8i84oZmKb8
— Sam Mugel (@SamMugel) April 14, 2022
With advances in quantum computing often come many suggesting that the technology could be used to “crack” the security of Bitcoin (BTC) or other blockchain networks by breaking the underlying cryptography. In February, banking giant JPMorgan Chase published research on a blockchain network resistant to quantum computing attacks. However, at least one expert from the MIT Technology Review argued in March that the technology was years away from such applications.
Cointelegraph reached out to Multiverse Consulting but did not receive a response at press time.
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