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Spain's Multiverse Computing Experiments Crypto Payments In New Simulations
According to the simulations, crypto payments may coexist with bank transfers and "cash-like instruments" in certain industries.
Kabir V.
6:29 15th Apr, 2022
Adoption

Multiverse Computing, a quantum computing startup with offices in Canada and Spain, has collaborated with the Bank of Canada to undertake simulations on how cryptocurrency adoption as a payment method can go.

According to the firm, it was “important to develop a deep understanding of interactions that can take place in payments networks”  in order to understand how organisations might adopt various types of payment.

Multiverse Computing tests viability of crypto payments

Multiverse Computing announced on Thursday that it deployed its equipment as part of a proof-of-concept effort with the Bank of Canada to provide instances of how non-financial enterprises can end up using cryptocurrency. The quantum simulations used scenarios involving 8 to 10 financial networks with almost 1.2 octillion potential combinations.

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

According to the simulations, crypto payments may coexist with bank transfers and “cash-like instruments” in specific industries, with market share determined by economic costs and how financial institutions respond to increased usage.

Blockchain vs. quantum

Many people believe that breakthroughs in quantum computing could be used to “crack” the security of Bitcoin (BTC) or other blockchains by breaking the underpinning cryptography.

Researchers estimate that it would take a quantum computer with 1.9 billion qubits to unlock Bitcoin’s encryption in less than 10 minutes. A machine with 317 million qubits would be required to complete the feat in one hour. However, if you had a full day to try to penetrate the security, a device with only 13 million qubits could do the job.

JPMorgan Chase published research on a blockchain network that is resistant to quantum computing threats in February. However, in March, at least one expert in MIT Technology Review suggested that the technology was still years away from these applications.

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