https://ift.tt/Ukue6wv Computing And Bank Of Canada Complete Pilot Quantum Simulation Of Crypto Market – Cryptovibes.com – Daily Cryptocurrency and FX News

On April 15, 2022, Multiverse Computing, a global leader in quantum computing solutions for the financial sector and beyond with offices in Spain and Toronto, stated that it has managed to complete a proof-of-concept project in conjunction with the Bank of Canada. By using the solution, the parties used quantum computing to simulate crypto adoption as a payment strategy by non-financial companies.

Sam Mugel, CTO at Multiverse Computing, said:

“We are proud to be a trusted partner of the first G7 central bank to explore the modeling of complex networks and cryptocurrencies through the use of quantum computing. The results of the simulation are very intriguing and insightful as stakeholders consider further research in the domain. Thanks to the algorithm we developed together with our partners at the Bank of Canada, we have been able to model a complex system reliably and accurately given the current state of quantum computing capabilities.”

Firms may adopt different types of payments. Thus, it is essential to create an in-depth understanding of interactions that can happen in payment networks. Multiverse Computing did its innovative work that is related to applying quantum computing for modeling complex economic interactions in a research project with the Bank of Canada.

This project explored quantum computing technology as a method of simulating some complex economic behavior that is otherwise quite challenging to simulate using traditional computational methods.

By implementing that solution using D-Wave’s annealing quantum computer, the simulation managed to tackle financial networks as big as 8-10 players, with up to 2^90 possible network configurations. Please note that classical computing strategies cannot resolve huge networks of practical relevance as a 15-player network needs as many resources as there are atoms available in the universe.

The Director of Data Science at the Bank of Canada, Maryam Haghighi, stated:

“We wanted to test the power of quantum computing on a research case that is hard to solve using classical computing techniques. 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.”

Motivated by the empirical observations about the cooperative adoption nature of crypto payments, the theoretical study found that for some sectors, these digital assets would eventually share the payments market with cash-like instruments and traditional bank transfers. The market share for each of them would depend on the way the financial institutions respond to the crypto adoptions, and on the economic costs associated with these types of trades.

The quantum simulations helped in generating examples that show how similar companies may end up adopting various levels of crypto use.

Multiverse Computing Overview

Multiverse Computing has been a leader in the quantum software space. The firm applies quantum and quantum-inspired solutions to help in tackling complex issues in finance to deliver value in the current world and underpin a more resilient and prosperous economy.

The firm’s expertise in quantum control and computational strategies and finance means that it can secure maximal results from the current quantum devices. Its flagship product called Singularity enables financial professionals to leverage quantum computing with normal software tools. The firm is aiming for extra verticals, including mobility, energy, and the life sciences, coupled with industry 4.0.