Quantum Computing Aids Energy Efficiency For Blockchain Hashing: ‘Require A Fraction Of The Electricity Used By Classical Resources,’ Says D-Wave CEO
After posting record earnings on Thursday, D-Wave Quantum Inc.’s (NYSE:QBTS) management highlighted its progress in enabling energy-efficient measures to enhance blockchain hashing using quantum computing.
What Happened: CEO Alan Baratz highlighted the inference of its recent research paper titled Blockchain with Proof of Quantum Work.
The study showed that quantum computation can be used to generate and validate blockchain hashes. Hashes are unique “digital fingerprints” of data, which makes it easy to detect tampering.
The CEO said that “using quantum computation for hashing and proof of work could potentially require a fraction of the electricity used by classical resources alone and reduce electricity costs by up to a factor of 1000.”
He explained that blockchain “security and efficiency” can be increased by adding quantum to traditional blockchain computation.
“D-Wave scientists deployed the blockchain architecture across four of its cloud-based annealing quantum …
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