Likelihood of Crypto Payments Simulated With Quantum Computer

A quantum computing firm with offices in Spain and Canada, Multiverse Computing, has recently partnered with the Bank of Canada. In the partnership, the quantum computing firm will run numerous simulations on how the adoption of cryptocurrency as a payment method will proceed in the future.

Multiverse Computing announced on Thursday that it used its equipment to form part of a proof of concept with the bank of Canada. In the proof of concept, several examples of how non-custodial firms may inevitably end up adopting cryptocurrency were generated.

The simulations run by the firm in the proof of concept used scenarios with between 8 to 10 financial networks with the number of possible configurations reaching more than 1.2 octillion.

The firm stated that in order to understand how companies could adopt different forms of payments, it is “important to develop a deep understanding of interactions that can take place in payments networks”.

It was suggested by the simulations that cryptocurrency payments may end up existing in parallel with bank transfers and other “cash-like instruments” for certain industries, and that each method’s market share will be dependent on how financial institutions respond to scaled up adoption and economic costs relating to each payment method.

Bank of Canada’s director of data science, Maryam Haghighi, said that the bank “wanted to test the power of quantum computing on a research case that is hard to solve using classical computing techniques.”

Haghighi also said that “This collaboration helped us learn more about how quantum computing can provide new insights into economic problems by carrying out complex simulations on quantum hardware.”