Featured in IBS Intelligence: Quantum Computing: The Next Frontier.
Growth and relevance are quintessential business matters that keep organizations on the qui vive for opportunities to conduct business more efficiently and profitably while keeping step with changing times. The last few decades saw digitisation and technology emerging as this opportunity – starting off as a differentiator that set the leaders apart from the laggards to eventually becoming the only option available to stay relevant. The tech quarters are now abuzz with Quantum Computing – the nouveau arrive that promises to bring in the new wave of disruption.
Quantum Computing and Financial sector – What’s the fit?
Quantum Computing is a field which applies theories developed under quantum mechanics to solve problems. It entails the use of qubits to represent data as opposed to traditional binary units (0 and 1). Qubits are more flexible and allow for a combination of 0 and 1 simultaneously thus storing way more data than traditional bits wherein data must be either a 0 or a 1.
Quantum Computing’s enormous advantages over traditional computing stem from its conceptual design – the solution space of a quantum computer is orders of magnitude larger than traditional computers, even immensely powerful ones. The power of a quantum computer can be approximately doubled each time only one qubit is added. Relative to classical information processing, quantum computation holds the promise of highly efficient algorithms, providing exponential speedups in a multitude of processes.
Armed with these, Quantum Computing lends itself seamlessly to the financial sector since faster, more accurate, and more secure processing is at the core of how the industry needs to function.
Sample this – Google’s most advanced quantum computer named Sycamore could possibly solve a specific computational task that a traditional supercomputer takes 10,000 years to solve within 3 minutes. With that kind of speed and efficiency in tow, Quantum Computing is expected to produce breakthrough products and services likely to successfully solve very specific business problems. This could well usher in a new heyday, with financial sector holding the odds for being one of the most mightily favoured.
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