Quantum Blockchain Technologies PLC (LON:QBT) said it will use the Leap quantum cloud service from D-Wave Systems Inc to develop cryptography algorithms for use in cryptocurrency mining.
The AIM-listed quantum computing and artificial intelligence (AI) research firm said it will now be able to access D-Wave’s quantum-classical hybrid solvers, which leverage both quantum solutions and classical algorithms to run large-scale business-critical problems.
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With real-time access to quantum computers via the cloud, the company said it is aiming to transform classic computing cryptography algorithms, such as the one used for Bitcoin mining, in quantum computations, or quantum-classic hybrid computations.
Quantum also said its computing team are working with the Leap platform to exploit the speed of quantum computations, which under the appropriate conditions can be several orders of magnitude faster than a classic computer.
The firm added that it has already created a team that has started working on the conversion of optimised cryptographic algorithms in order to make them suitable to run on D-Wave’s quantum system and quantum hybrid solvers.
“QBT is delighted to work with the D-Wave team, which we believe will provide us with an alternative approach to the computation of cryptographic algorithms,” Quantum Blockchain’s chief executive and executive chairman Francesco Gardin said in a statement.
“We have selected what we believe is a major international consolidated player in the quantum computing market and we look forward to working with them during the first phase of the project. In particular, we are excited to have the benefit of utilising D-Wave’s Advantage quantum processor, with more than 5,000 qubits where we intend to develop our optimised cryptographic algorithms,” the CEO added.