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The Quantum Computing Company Is Simulating The Spread For Cryptocurrency Transactions

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  • Multiverse Computing announced on Thursday that it utilized its technology in a proof-of-concept study with the Bank of Canada to provide instances of how non-financial enterprises can end up using cryptocurrency. The quantum simulations included scenarios with 8 to 10 financial networks and over 1.2 billion different combinations.
  • Many people believe that breakthroughs in quantum computing could be used to crack the security of Bitcoin (BTC) or other blockchains by breaking the underlying cryptography. JPMorgan Chase, the world’s largest bank, published research in February on a blockchain network that is resistant to quantum computing threats.
  • It was essential to create a deep understanding of interactions that can take place in payments networks, according to the firm, to understand how organizations might adopt various kinds of payment. Cryptocurrency transactions can coexist alongside bank transactions as well as cash-like devices in some sectors, as per simulations.

We wanted to put quantum computing to the test on a research problem that is difficult to tackle using traditional computing approaches, stated Maryam Haghighi. Multiverse Computing, a quantum computing company with headquarters in Canada and Spain, has teamed up with the Bank of Canada to undertake simulations on how bitcoin acceptance as a payment method can go.

Over 1.2 Billion Different Combinations

Multiverse Computing announced on Thursday that it utilized its technology in a proof-of-concept study with the Bank of Canada to provide instances of how non-financial enterprises can end up using cryptocurrency. The quantum simulations included scenarios with 8 to 10 financial networks and over 1.2 billion different combinations.

It was essential to create a deep understanding of interactions that can take place in payments networks, according to the firm, to understand how organizations might adopt various kinds of payment. Cryptocurrency transactions can coexist alongside bank transactions as well as cash-like devices in some sectors, as per simulations, with market share determined by economic costs and how financial institutions respond to increased usage.

Sophisticated Simulations On Quantum Hardware

We wanted to put quantum computing to the test on a research problem that is difficult to tackle using traditional computer techniques, said Maryam Haghighi, director of data science at the Bank of Canada. By running sophisticated simulations on quantum hardware, we were able to learn more about how quantum computing might bring fresh insights into economic challenges.

Many people believe that breakthroughs in quantum computing could be used to crack the security of Bitcoin (BTC) or other blockchains by breaking the underlying cryptography. JPMorgan Chase, the world’s largest bank, published research in February on a blockchain network that is resistant to quantum computing threats. However, in March, at least one expert in the MIT Technology Review stated that the technology was still years away from being ready for these uses.

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