JPMorgan To Harness Power Of Quantum Computing In Its Operation

JPMorgan, an American investment bank, is exploring the usage of blockchain technology in its operation. The firm believes quantum computers can help with fraud detection, complex calculations, and faster processing. 

JPMorgan Experimenting Usage Of Quantum Computing 

According to the executives at JPMorgan, quantum computers can help the Wall Street giant to calculate complex transactions and massive data with ease. Quantum computers have emerged as a substitute for traditional computers, which are slower.

JPMorgan executives believe this new technology would change how financial companies conduct computations. As a result, the largest bank in the US, according to assets, is exploring the usage of quantum computing. 

The company has a group called Global Technology Applied Research. This group is working on ways to integrate quantum computers into the company’s operations.

Quantum computers use qubits or quantum bits compared to traditional computers that store data as 1 or 0. Qubits can save several values simultaneously, which gives quantum computers more speed.

Unfortunately, the usage of quantum computers for practical tasks is still mainly theoretical. Critics say the hardware is still at the preliminary stage as quantum machines need more resources to operate. 

However, JPMorgan researchers said the banking industry is still far from achieving quantum advantage. Quantum advantage is the stage where quantum computers process problems faster than traditional computers. 

“We are years away from achieving quantum supremacy or advantage. However, there has been little progress in the development of hardware for quantum computing,” Marco Pistoia, leader of global tech research, stated. 

Other Banking Giants Explore Quantum Computing 

Pistoia added that this is the time to experiment and explore the usage of quantum computing. This will make organizations quantum ready when the technology kicks off.

JPMorgan is not the only firm betting on the usage of quantum computing. The research and development team of Goldman Sachs is working on new tools.

These tools would allow users to assess markets faster. It would also refine the way financial instruments are priced. 

Goldman Sachs also invested in various quantum startup firms like QC Ware. QC Ware builds code bases with quantum-processing components that are compatible with the four largest public cloud vendors. 

Fidelity is also exploring quantum computing usage in wealth management. Fidelity and Amazon Web Services developed a quantum algorithm that imitates the function of a market index. 

Fidelity’s plan is to use this algorithm to teach its employees to write quantum computer programs and process quantum algorithms. 

Also, Wells Fargo bank is experimenting with quantum computing. The bank wants to use quantum computing to process complex data and detect fraud. The company said quantum computers would reduce the time needed to onboard new customers.