Bank of Canada and Multiverse Computing Complete Preliminary Quantum Cryptocurrency Market Simulation
Multiverse Computing, a global leader in quantum computing solutions for the financial industry and beyond with offices in Toronto and Spain, today announced that it has completed a proof-of-concept project with the Bank of Canada in which the parties used quantum computing to simulate the adoption of cryptocurrency as a method of payment by non-financial businesses.
“We are proud to be a trusted partner of the first G7 central bank to explore modeling complex networks and cryptocurrencies through the use of quantum computing,” said Sam Mugel, CTO at Multiverse. computing. “The results of the simulation are very intriguing and insightful as stakeholders look to further research in the area. Using the algorithm we developed with our partners at the Bank of Canada, we were able to model a complex system reliably and accurately given the current state of quantum computing capabilities.
Businesses can adopt various forms of payments. It is therefore important to develop a thorough understanding of the interactions that can take place in payment networks.
Multiverse Computing conducted its pioneering work in applying quantum computing to model complex economic interactions as part of a research project with the Bank of Canada. The project explored quantum computing technology as a way to simulate complex economic behavior that is otherwise very difficult to simulate using traditional computational techniques.
By implementing this solution using D-Wave’s annealing quantum computer, the simulation was able to tackle financial networks of up to 8-10 players, with up to 2^90 configurations possible networks. Note that classical computational approaches cannot solve large networks of practical interest because a 15-player network requires as many resources as there are atoms in the universe.
“We wanted to test the power of quantum computing on a research case that is difficult to solve using classical computing techniques,” said Maryam Haghighi, Director, Data Science at the Bank of Canada. “This collaboration allowed us to learn more about how quantum computing can provide new insights into economic problems by performing complex simulations on quantum hardware.”
Motivated by empirical observations on the cooperative nature of the adoption of cryptocurrency payments, this theoretical study found that for some industries, these digital assets would share the payments market with traditional bank transfers and cash-like instruments. The market share of each would depend on how financial institutions respond to cryptocurrency adoptions and the economic costs associated with these transactions.
Quantum simulations have generated examples that illustrate how similar businesses can end up adopting different levels of cryptocurrency usage.
About Multiverse Computing
Multiverse Computing is a leading quantum software company that applies quantum and quantum-inspired solutions to solve complex problems in finance to create value today and enable a more resilient and prosperous economy. The company’s expertise in quantum control and computational methods as well as finance enables it to achieve optimal results from today’s quantum devices. Its flagship product, Singularity, enables finance professionals to leverage quantum computing with common software tools. The company is also targeting other verticals, including mobility, energy, life sciences and industry 4.0.
+346 60 94 11 54