Quantum computing entity Multiverse Computing reportedly forged an alliance with the Bank of Canada, to carry out simulations regarding the way crypto adoption can function as a payment measure. 

Specifically, Multiverse Computing – based in Canada and Spain – reportedly revealed its initiative to utilize existing equipment as part of a proof-of-concept project with the Bank of Canada, to run trials of the way non-financial companies may end up adopting crypto. 

The quantum simulations used scenarios with 8 to 10 financial networks with over 1.2 octillion possible configurations.

Multiverse Computing chief technology officer Sam Mugel reportedly revealed that the outcome was dependent on the adoption of Bitcoin (BTC) and Ether (ETH) in Canadian markets.

Per Mugel, the simulations come up with suggestions regarding “a high uptake of crypto in the short term” throughout non-financial institutions, possessing the ability to adopt digital assets for payments. 

The company further claimed that it was “important to develop a deep understanding of interactions that can take place in payments networks”, in order to comprehend the way firms may adopt different forms of payments. 

The simulations reportedly generated a recommended scenario where ultimately, crypto payments may function alongside with bank transfers and “cash-like instruments” for a few particular sectors, 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. 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” The Bank of Canada’s director of data science, Maryam Haghighi, additionally remarked. 

The innovations witnessed in quantum computing have reportedly generated suggestions regarding utilizing them for “cracking” the security of Bitcoin (BTC) or other blockchains, via breaking the underlying cryptography.