Multiverse & Bank of Canada run simulations on adoption of crypto for payment methods in Canadian markets
(CoinTelegraph) Turner Wright reports on the partnering of Multiverse Computing, a quantum computing firm with offices in Canada and Spain, with the Bank of Canada to run simulations on how the adoption of cryptocurrency might proceed as a payment method.
In a recent announcement, Multiverse Computing said it used its equipment as part of a proof-of-concept project with the Bank of Canada to generate examples of how non-financial firms may end up adopting crypto. The quantum simulations used scenarios with 8 to 10 financial networks with more than 1.2 octillion possible configurations.
Multiverse Computing chief technology officer Sam Mugel told Cointelegraph that the results were based around the adoption of Bitcoin (BTC) and Ether (ETH) in Canadian markets. According to Mugel, the simulations suggested “a high uptake of crypto in the short term” among non-financial institutions able to adopt digital assets for payments.
See IQT-News: Multiverse completes crypto payments simulation with Bank of Canada for more quantum technology details including the use of D-Wave’s quantum annealer.
The firm said it was “important to develop a deep understanding of interactions that can take place in payments networks” to understand how companies may adopt different forms of payments. The simulations suggested crypto payments may end up existing side by side with bank transfers and “cash-like instruments” for certain industries, with each’s market share dependent on economic costs and how financial institutions respond to greater adoption.
“We wanted to test the power of quantum computing on a research case that is hard to solve using classical computing techniques,” said the Bank of Canada’s director of data science, Maryam Haghighi. “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.”
Sandra K. Helsel, Ph.D. has been researching and reporting on frontier technologies since 1990. She has her Ph.D. from the University of Arizona.