Although still seen as a niche technology by many in the IT sector, quantum computing is on the verge of expanding into broader business applications. A recent conference in London highlighted that by 2028, machines equipped with 100 logical qubits could provide significant advantages in fields like materials science, outperforming traditional high-performance computing systems.
AI and Quantum Computing
At the forefront of this evolution is Quantinuum, where Senior Quantum Evangelist Mark Jackson discussed the interplay of quantum computing and artificial intelligence (AI) at the conference. While conventional quantum computers may struggle with precise data analysis, Jackson emphasized their potential in machine learning, particularly for processing large datasets efficiently and recognizing patterns that may elude traditional methods.
The implications for cyber security are substantial. Becky Pickard, managing director of global cyber operations at Barclays, noted advancements in leveraging machine learning to handle vast amounts of data. She expressed optimism about the potential of quantum machine learning to enhance cyber defense strategies.
Financial Services and Quantum Computing
HSBC has been exploring quantum computing for several years, considering it a major opportunity for enhancing financial models. Phil Intallura, the bank’s global head of quantum technologies, explained that the financial services sector stands to gain significantly from quantum computing innovations. As Intallura stated, demonstrating solutions that outperform supercomputers can propel financial organizations forward.
Quantum technology’s ability to generate true random numbers is another promising application for financial simulations. A collaborative study by JPMorganChase and other institutions introduced a methodology called Random Circuit Sampling (RCS) to expand randomness more efficiently than traditional methods. Intallura confirmed that integrating quantum random numbers into classical simulations enhances their effectiveness without altering existing model practices.
Quantum Computing and Cryptography
Regulatory pressure is prompting financial institutions to prioritize secure transactions through quantum computing advancements. The U.S. National Institute of Standards and Technology has established new post-quantum cryptography (PQC) standards, pushing banks to transition from RSA-2048 encryption to quantum-safe solutions by 2035. Mark Carney, who leads quantum cyber security research at Santander Global, underscored the necessity of both software and hardware improvements to achieve this goal.
Gerard Mullery, interim CEO of Oxford Quantum Circuits, acknowledged the need for quantum computing to integrate with existing enterprise workflows as AI continues to automate processes. He stressed that as quantum computing matures, its synergy with traditional IT infrastructure will be vital for solving complex optimization challenges.
Experts at the Commercialising Quantum Computing conference agree that practical quantum machines capable of addressing real-world challenges are within reach, potentially transforming sectors like finance and cyber security as accessibility increases and cryptographic standards evolve.