D-Wave Quantum Inc. (NYSE: QBTS) has introduced a new quantum blockchain architecture that leverages the company's quantum supremacy achievement. The new architecture aims to enhance blockchain security and efficiency by incorporating quantum computation into traditional blockchain processes.
In a recent research paper titled "Blockchain with Proof of Quantum Work," D-Wave introduced a "proof of quantum" algorithm designed to use quantum computation to generate and validate blockchain hashes. The company successfully executed the first-ever demonstration of distributed quantum computing by deploying the blockchain architecture across four cloud-based annealing quantum computers in Canada and the United States.
The research indicates that using quantum computation for hashing and proof of work could reduce electricity consumption significantly. It is estimated that this approach could potentially reduce electricity costs by up to a factor of 1,000 compared to classical resources alone. This is a significant development, considering the substantial energy consumption associated with blockchain technologies. For instance, the power consumption of Bitcoin alone is estimated to be comparable to the power consumption of the entire country of Poland.
Dr. Alan Baratz, CEO of D-Wave, highlighted the potential for broad usage across businesses, emphasizing the value of quantum computing in the blockchain industry. Additionally, Dr. Mohammad Amin, Chief Scientist at D-Wave, emphasized the ability of this new approach to significantly reduce energy consumption and enhance security.
The company's recent quantum supremacy demonstration and the new blockchain research are based on D-Wave's annealing quantum computers, which are available for customers to use via the company's Leap™ real-time quantum cloud service. D-Wave intends to continue developing this capability and collaborating with partners to bring products based on this new blockchain architecture to the market.
This advancement is particularly noteworthy as blockchain technology has diverse applications across various sectors, including supply chain management, healthcare, identity verification, and decentralized finance.
As a result of these announcements, the company's shares have moved -21.5% on the market, and are now trading at a price of $8.32. Check out the company's full 8-K submission here.
