Even though quantum computing is still in its infancy, a 2022 World Economic Forum study found that national governments have already invested over $25 billion in research in the field, with over $1 billion committed in venture capital deals in the previous 12 months—tripling what was invested in the previous three years combined.
The potential of quantum computing has recently come to the forefront in discussions encompassing regulation, security, privacy, capital markets innovation, and ESG.
But quantum computing isn’t just getting attention for the innovation it promises. Instead, it is the possibility of a catastrophic “Q-Day,” in which a quantum computer in the wrong hands could decode or “crack” our most advanced data encryption.
Governments all around the world are concentrating their efforts to make sure that systems in both the public and private sectors are prepared and secure in case that day ever comes.
How does quantum computing work?
Quantum computing, according to IBM, is a fast developing field of science that uses the principles of quantum physics to tackle problems that are too difficult for conventional computers to handle.
It is hoped that quantum, which uses qubits to perform multidimensional quantum algorithms, will be able to tackle much more complicated quantum problems than our classical computers and even supercomputers, which are constructed of binary code-based machines and rely on 20th-century technology.
With qubits having several states at once, quantum computing is based on the branch of science known as quantum mechanics. In contrast to the single binary operation a conventional computer can handle, this mechanism, known as superposition, enables the processing of several zero and one combinations simultaneously.
It is substantially more efficient than traditional computers due to its capacity to process far more data at once.
We won’t try to surpass the fantastic visual picture provided by the FT for a detailed description of how the quantum computer operates.
Speed and Sophistication
The global market for quantum computing is expected to reach $13.67 billion in 2022 because to the speed and sophistication with which it can solve problems.
According to a research report released by Spherical Insights & Consulting, the worldwide quantum computing market size is predicted to reach $143.44 billion by 2032.
What effects will quantum computing have on the financial sector?
Risk management, asset pricing, and portfolio optimisation are just a few areas where quantum computing has the potential to improve upon or severely disrupt the financial services industry.
Despite being in the early phases of development and having very far-off general commercial applications, IBM anticipates that ground-breaking quantum computing products and services should start to arise for specific business use cases within three to five years.
Early targets could include front-office and back-office procedures including client management surrounding KYC, credit origination, and on boarding.
IBM also lists the following major categories as those most likely to benefit from quantum computing in the next five years: treasury management, trading, asset management, business optimisation, risk management, and compliance.
Application cases of Quantum Computing in the Financial Services
Targeting and prediction, trading optimisation, and risk profiling are the three areas into which IBM divides the application cases of quantum computing in the financial services industry.
Targeting and prediction: Given its capacity to process enormous and complex data structures, quantum computing could enable much improved data modelling capability, which will increase classification accuracy and predictions.
Trading optimisation: Because quantum enables much more complex combinatorial processing and optimisations, financial institutions will be able to increase portfolio diversification, more precisely rebalance portfolios (taking into account complex market situations), and settle trades for less money.
The UK government announced earlier this year that it would invest £2.5 billion in quantum computing research as part of a 10-year plan to finance “new frontiers of quantum research, support and develop our growing quantum sector, prepare our wider economy for the quantum revolution.
And ensure that the UK leads internationally in the regulation and ethical use of quantum technologies.”
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B.Tech. in Mathematics and Computing is now available from Central University
On its campus in Kadaganchi near Kalaburagi, Central University of Karnataka on Thursday began offering a B.Tech curriculum in Mathematics and Computing.
The course, according to the university’s vice chancellor Battu Satyanarayana, is one of the crucial ones provided by a select group of top institutions in the nation.
“Now that Central University boasts B.Tech. programmes in both mathematics and computing, it has joined the elite institutes in the nation.
The current academic year’s students will be admitted for the course. After releasing the programme booklet, Prof. Styanarayana stated that the course was multidisciplinary in accordance with the NEP’s goals.
Prof. Satyanarayana emphasised the value of mathematics, saying that it is impossible to think of a modern educational system without it.
It has grown in relevance and is predicted to play a bigger part in the era of artificial intelligence, machine learning, and the internet of things. India has made significant contributions to mathematics.
The development of mathematics has been greatly influenced by individuals from this country, including Aryabhatta, Bhaskaracharya, Srinivasa Ramanujan, and many others. Our engineers are currently driving the global technological revolution, he remarked.
Supplying the Necessary Resources
The vice chancellor reaffirmed his commitment to supplying the necessary resources, including teaching staff, to satisfy students’ aspirations and help them realise their dreams.
Every student who completes a course and receives a degree from the university should be able to find employment or pursue further education, according to our policy. To satisfy the demands of the students, we are devoted to providing the necessary facilities and qualified faculty.
Along with our engineering and mathematics instructors, we will invite specialists from the IITs, IISc, ISRO, DRDO, and other prestigious institutions to offer lectures, the speaker stated.
The programme has been created with the demands of business in mind, as well as the chances for higher education at IITs, according to Janardhan Reddy, Head of the Department of Mathematics.
This programme takes place in the future. Computing extends beyond computers. Science, engineering, machine learning, computing, statistics, and value-added courses will all be included in the plan.
Gaining opportunities for campus placements and to pursue an MS or PhD at foreign universities is the major goal. To make this programme succeed, we will put in a lot of effort, he stated.
The institution has already made the registration process known as the NTA-CUET (UG) results have been released, according to Controller of Examination Kota Sai Krishna.
Candidates for Central University’s various undergraduate programmes must have taken the CUET and IIT-JEE exams. The registration deadline is July 26 at 12:00.
The university website will publish a list of enrolled students on July 31 at 10 a.m., and the deadline for filing grievances is August 2 at 10 a.m.
Only https://cukcuet_samarth.edu.in is used for registration, he said, advising the candidates to visit www.cuk.ac.in for additional details.
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