Quantum Computing Use Competitive Analysis
The goal is to find and analyze large technology companies (with a specific focus on the finance and payments sectors) who are utilizing quantum computing technology. The primary areas of focus for each company found include the positioning statement and key use cases/application among other items.
- In preparation for quantum technology, JPMorgan Chase has asked their senior engineer Constantin Gonciulea to help them construct a "quantum culture."
- JP Morgan Chase has partnered with Honeywell to utilize their quantum computers. Honeywell has partnered with Zapata Computing to develop its quantum computing programs.
- JP Morgan Chase published their quantum computing experiment as a paper as Cornell's arVix. The paper discusses the construction of quantum oracles, or a black box operation that's designed as input for another algorithm.
- The company feels that the utilization of quantum computing could help them rethink classical solutions they are currently using in the financial services market.
- Gonciulea states that one of the applications of quantum computing could be to help investors reduce the risk of fraud by applying quantum computing to assessing potential fraudulent payments and other risk assessment opportunities.
- At this point in time, quantum computing can still be beaten in most cases (is slower) than traditional computing. This is likely to change in the near future.
- Commenting on JPMorgan Chase's positioning in the quantum race, Gonciulea says: “A lot of people probably don’t see the value in quantum computing right now. But the fact that we are allowed to work on problems of our choice that are interesting, and we think are important, tells you that JPMorgan Chase really intends to be a leader of the evolution.”
Proposed next steps:
You need to be the project owner to select a next step.