J.P. Morgan and Barclays will begin exploring the potential of quantum computing in a new partnership with IBM.
The U.S. investment bank and the U.K.'s Barclays are taking advantage of the commercialization of quantum technology and how it might be applied to trading strategies, portfolio optimization, asset pricing, and risk analysis in a new partnership with IBM.
The two banks have become charter members of a quantum computing network established by IBM, the tech giant said in a press release. IBM believes one of the potential applications of quantum technology could be to utilize the huge amounts of financial data available to better assess risk.
Practical Quantum Applications
Organizations will work directly with IBM scientists, engineers and consultants to pioneer quantum computing for specific industries and have direct cloud-based access to IBM Q systems.
Each of the IBM Q Network Partners will explore a broad set of potential applications of quantum computing in their industry – demonstrations of real-world problems that may be solved faster or more efficiently with a quantum computer than with a classical computer.
J.P. Morgan Chase will be the global financial services partner with IBM, focusing on use cases for quantum computing applicable to the financial industry, whereas the British lender is just beginning to explore potential uses for the financial industry.
Already in Use Down Under
QxBranch, the quantum computing and data analytics software company, announced the release of a quantum computing simulator for the Commonwealth Bank of Australia earlier this year. The new tool emulates the functions of future quantum computers, enabling software and algorithm development to proceed in parallel with the race to create breakthrough hardware.
