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1. MICROSOFT BIG WIN QUANTUM ERROR AFTER SOFTWARE
2. MICROSOFT BIG WIN QUANTUM ERROR AFTER PLUS
3. MICROSOFT BIG WIN QUANTUM ERROR AFTER SERIES

Recent years have seen these collaborations move from the purely experimental to a greyer area, where commercial applications seem just around the corner. It has effectively turned the IBM facility in Zurich into a kind of forward operating base directing its work with big banks, which has seen the firm collaborate with Barclays, HSBC, Goldman Sachs and JPMorgan Chase at various points over the past five years. “I think the financial services sector is definitely an early adopter,” says Woerner, who claims to spend much of his time collaborating with research teams at a variety of major banking institutions. View all newsletters Sign up to our newsletters Data, insights and analysis delivered to you By The Tech Monitor team Sign up here The sights along the path unfold like a crude metaphor about socioeconomics, winding upward from the shabby pharmacies and cosmetic boutiques near the bahnhof to the ultramodern villas boasting underground, Porsche-laded garages built into the hillside, until finally the visitor glimpses the squat, whitewashed walls of the IBM compound. Situated atop a hill overlooking the city’s eponymous lake, visitors can glimpse the complex by means of a circuitous route from Thalwill’s train station. The engineers at IBM Research’s facility in Zurich breathe rarefied air. (Photo by Vinnikava Viktoryia / Shutterstock) Use cases galore for quantum computers in finance Major financial institutions hope that quantum computers won’t have that problem. Most financial modelling is conducted using classical computers, which can’t always crunch huge datasets efficiently. But as the big banks chomp at the bit to obtain an edge in the most niche, unfathomably complex mathematical problems, questions remain as to the viability of the hardware being used – and how jealously major financial institutions will guard their newfound quantum advantage. These efforts are leading an increasing number of industry observers to think that the financial sector will spearhead the first widespread practical usage of quantum computers. “I’m definitely biased here,” he says, but “there are more banks doing this serious effort in quantum than…in any other industry”. Much of Woerner’s day is now spent liaising with teams in banks about how best to apply the raw computing power of IBM quantum processors to new and exotic mathematical challenges.

MICROSOFT BIG WIN QUANTUM ERROR AFTER SOFTWARE

“It’s not like a hobby,” says Stefan Woerner, manager of quantum applications research and software at IBM Quantum.

MICROSOFT BIG WIN QUANTUM ERROR AFTER SERIES

It’s this potential that has led a series of major financial institutions to invest in quantum research teams – and tech giants such as Google and IBM to grant them access to their increasingly sophisticated quantum machines. The computational speed-up offered by quantum computers, by contrast, can be applied to a multitude of optimisation problems, as well as train new machine learning algorithms to summarise complex documents at scale and spot suspicious transactions. By the early 2000s, researchers began demonstrating that the use of quantum algorithms in Monte Carlo simulations could lead to a quadratic speed-up in reaching a prediction, thereby creating new opportunities for ever more complicated models stretching further into the future. The complexity of these models, however, is constrained by the processing power of the classical computers running them.

As a result, Monte Carlo simulations provide a reasonable approximation of a future outcome – a useful tool for a trading desk looking to make a cool billion on sesame futures.

MICROSOFT BIG WIN QUANTUM ERROR AFTER PLUS

Named after the spendthrift habits of its inventor’s uncle, the approach takes all the inputs available to predict an uncertain outcome, plus a series of random ones, and simulates that scenario, over and over, to compute an average. Computing the price of, say, stock options usually sees banks lean on the Monte Carlo method of statistical analysis. ‘In the sixth month he will repay it with sesame according to the going rate.’Ĭalculating the price of derivatives today is a shade more complicated. ‘Six shekels silver as a šu-lá loan,’ reads one tablet. Derivatives – types of contract wherein an asset’s value is derived from the performance of an underlying factor – originated in ancient Mesopotamia, where they were used by local kings to govern their payments for grain in case of drought, and by merchants to finance long-distance trade. Quantum computing in finance owes a lot to your average Bronze Age merchant.