Quantum computing has become hot topic in most industries, including finance. Yet, most of us have never hear of it. Quantum computing applies theories developed under quantum mechanics to solve problems. Its applications have the potential to reimagine financial solutions, as well as financial security.
What's the Hype?
It is popular because of its ability to process data faster. It uses qubits, instead of traditional binary units (0 and 1), which are more flexible and enable a combination of 0 and 1 simultaneously. Therefore, qubits can store more data than traditional bits.
Big technology giants, such as Google, IBM, and Amazon are investing billions in this new field, seeing its infinite applications. Global leaders in China, the United States, Germany, Russia, India and the European Union, are also promoting research and investment in quantum computing, going as far as to say we’ll soon have a “Quantum Age.”
The lure of the potential benefits of quantum computing, also invites the fear of its endless adverse applications. Its applauded ability to accelerate data processing due of its greater information storage capacity, could be extremely damaging through a cybersecurity lens. For example, quantum computers can easily decode (or process) the encryption algorithms currently used by most financial businesses; which poses many questions about data security and risk. A DigiCert survey reported the alarming statistic that 71% of IT professional believe quantum computing poses a significant threat to existing crypto currencies with visible damaging consequences becoming apparent as early as 2022.
Knowledge is Power!
An MIT physics professor, Seth Lloyd describes this popular processing tool using a great analogy: “a classical computation is like a solo voice—one line of pure tones succeeding each other; a quantum computation is like a symphony—many lines of tones interfering with one another.” This paints a perfect picture of the complexity of quantum computing, and its beautiful potential. As Thomas Jefferson said, “Knowledge is power.” Therefore, it is the responsibility of all financial players to understand quantum computing, its applications and risks.
For this reason, we invite you to visit our website or contact us directly to learn more how we can work together to not only guide you through the uncertainties of new practices such as quantum computing, but also work to transform the way you do your business. At Cobiscorp, our customers become our financial agility partners, and together we lead the digital transformation of the financial industry.