How Quantum Computing Will Help Solve Real-World Problems Much Faster

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Over the past couple of years, there has been a significant interest in Quantum Computing. It is one of the fast-emerging disruptive technology that can significantly impact many industries and societies. BCG estimates that quantum computing will touch $2-$5 billion by 2024, reaching $50 billion by the end of the decade. The technology is already witnessing exponential growth in its computing power as measured in "Quantum Volume" and is expected to grow further. The "quantum advantage" is likely to be realized in the next few years where real-world problems of consequence can be solved efficiently using a quantum computer that even the most giant supercomputer will not be able to achieve.  IBMPotential applications span multiple sectors including finance, healthcare, manufacturing to supply-chain and logistics. For...

A complex quantum computing approach to complex financial risk

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A new quantum algorithm could eventually make it easier for banks to manage the systemic risk that helped bring down the financial system more than a decade ago.Why it matters: Major financial institutions spend huge computing resources in calculating the systemic risk that may be contained in their portfolios. Replacing classical computing with a quantum architecture could allow them to do it faster and cheaper.What's happening: Zapata Computing, a Massachusetts-based quantum software company, and the Spanish bank BBVA are collaborating to develop a quantum algorithm to target credit valuation adjustment (CVA).CVA is a change to the market value of derivative adjustments that account for credit risks from counterparties. It was introduced as a new requirement for banks following the 2007–2008 financial crisis, when the banking system was almost...

Quantum computing specialist hiring globally after trading breakthrough

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It's not just Goldman Sachs and JPMorgan that are making breakthroughs in quantum computing. After Goldman Sachs recently revealed the success of some of its Monte Carlo simulations using quantum techniques developed by start-up QC Ware, Cambridge Quantum Computing (CQC), said today that it's developed an algorithm that accelerates Monte Carlo integration. And CQC is hiring. Monte Carlo integration is used for financial risk analysis, plus drug development and supply chain logistics. CQC's new algorithm decomposes the Monte Carlo integration, running it partially through a quantum computer and partially through a classical computer, without losing any quantum advantage.  “We are now capable of achieving what was previously only a theoretical quantum speed-up. That’s something that none of the existing quantum Monte Carlo integration...

Quantum computing investments on the rise

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Investments in quantum computing are expected to increase in the next 24 months, according to the survey results from IDC. The number of organizations allocating more than 17% of their annual IT budgets for this technology is expected to rise from 7% in 2021 to an estimated 19% in 2023. These investments will be driven by organizations seeking to achieve a competitive advantage by using quantum computing technology to improve and accelerate business processes with enhanced AI capabilities, better security, and optimized algorithms. Companies increasingly interested in quantum computing Recent survey findings indicate that, at the start of 2021, one fifth of companies interested in quantum computing technology reported current usage and two thirds expect to be experimenting with this technology in the next 18-24 months. This growth is due to...

A BBVA and Zapata Computing study shows the potential of quantum computing for derivative calculations

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Monte Carlo simulations are widely used in the financial industry in everything, from policy making and risk assessment processes to financial product pricing calculations. “We wanted to understand whether quantum computing could help us improve how we approached these calculations, starting with a very specific problem that can be solved using Monte Carlo, such as the calculation of credit valuation adjustments”, said Andrea Cadarso. This project – led by Cadarso, head of Quantitative & Business Solutions, BBVA Mexico – is one of the research initiatives launched by the Research & Patents area of BBVA in 2019 to explore the potential applications of quantum computing in the financial sector. As of today, establishing the valuation and pricing of certain derivative products remains a daunting task: “Finding the right price of...

Quantum Computing: Assessing the Risks

Quantum Computing Assessing the Risks
Encryption & Key Management , Next-Generation Technologies & Secure Development , Security Operations William Dixon of World Economic Forum on Improving Infrastructure Anna Delaney (annamadeline) • May 26, 2021     William Dixon, head of future networks and technology,...

‘Passing of torch’ in quantum computing race as Toronto’s Xanadu raises $100-million from Bessemer, CIA, Jeff Skoll

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Christian Weedbrook, founder of the quantum technologies company, Xanadu, listens in as Varun Vaidya, left, discusses the working principle of one of the building blocks of quantum computers, at their office in Toronto on June 20, 2019. Tijana Martin/The Globe and Mail Toronto startup Xanadu Quantum Technologies Inc. has raised US$100-million led by U.S. venture capital giant Bessemer Venture Partners as competition intensifies to bring quantum computers to market. The financing, first reported by The Globe and Mail this month, is also backed by Canadian billionaire Jeff Skoll’s Capricorn Investment Group and U.S. investment giant Tiger Global and past investors Georgian, OMERS Ventures and U.S. venture capitalist Tim Draper. The funding values Xanadu at US$400-million post-transaction. Notably, BDC Capital and In-Q-Tel, the U.S. Central...

Goldman Sachs moves a step closer to quantum computing

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Goldman Sachs has been working with technology companies to rewrite algorithms so they can run on quantum computers expected to roll out over the next two to four years. Like all big banks, the $1.3 trillion-asset Goldman has teams of math geniuses, also known as quantitative analysts, who create algorithms that do things like calculate risk and price derivatives. Their models consume massive amounts of computing power and still have to be run overnight in some cases. Quantum computing, in theory, could be used to solve complex mathematical problems much faster than traditional computers. IBM says it will have a 1000-qubit quantum computer by 2023. Goldman is not alone in this work. Barclays and JPMorgan Chase have been experimenting with IBM’s quantum computers since...

Keysight Technologies Acquires Quantum Benchmark

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SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight Technologies, Inc. (NYSE: KEYS), a leading technology company that delivers advanced design and validation solutions to help accelerate innovation to connect and secure the world, announced today it has acquired Quantum Benchmark, a leader in error diagnostics, error suppression and performance validation software for quantum computing. Based in Kitchener, Ontario, Canada, Quantum Benchmark was a privately held company backed by venture funds VanEdge Capital and Quantonation. Quantum Benchmark provides software solutions for improving and validating quantum computing hardware capabilities by identifying and overcoming the unique error challenges required for high-impact quantum computing. "Joining forces with Keysight is a strategic and timely opportunity to accelerate the development and delivery...

Xanadu Lands $100 Million as Investments Pour Into Quantum Computing

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Xanadu Quantum Technologies Inc., which aims to commercialize quantum computing using particles of light, has raised $100 million in new funding as investor interest in the industry heats up.On Tuesday, Xanadu announced a Series B funding led by Bessemer Venture Partners, one of Silicon Valley’s oldest such firms. Funding to date for the five-year-old company now totals $145 million, said Christian Weedbrook, founder and chief executive of Xanadu. Quantum computing has the potential to solve some problems many millions of times faster than a conventional computer, which is why major technology companies and startups are working to commercialize it using various approaches. Traditional computers store information as either zeros or ones. Quantum computers use quantum bits, or qubits, which represent and...