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Issue 5: August 2018

We’ve started to test quantum-inspired computing by solving some of our most complex, challenging, time consuming and expensive problems.

In the last issue of Disrupt, we gave you an insight into quantum computers and how they could, in theory, be more powerful than all the supercomputers in the world.

1QBit, the Canadian software firm that we’ve invested in and been partnering with for a few years, develop tools and applications for quantum computing that could allow users to process information and solve complex problems thousands, if not millions, of times quicker than we can today with conventional computers. Now that’s just mind blowing!

And, the exciting news is, just recently we’ve been working with 1Qbit to test Fujitsu’s quantum-inspired computing technology, called Digital Annealer, trying to solve some of the most complex, challenging, time consuming and expensive problems that we face.

Right now, we’re in prototyping phase and have just ran a Code Spike to work out how we could use quantum-inspired computing to best calculate the right mix of high quality liquid assets (HQLAs) that we should hold. HQLAs are assets like securities, bonds and equities that every UK bank must hold a certain amount of, as a buffer in case it runs into financial trouble.

Typically, the process to calculate the best mix of HQLAs runs infrequently, involves many people and addresses only a few scenarios. But our initial prototyping shows that using quantum-inspired computing for the same task could mean that the work could be completed in just seconds, with less people and with a better understanding of risk – with calculations updated at just the touch of a button!

“We’re really excited about the possibilities that quantum computing presents. If we can apply what we’re testing here, the benefits could be significant in terms of time, effort and cost, freeing up resources to apply to other calculations and other opportunities to better serve our customers.”

Kevin Hanley, Director of Innovation

In future, it could mean that if a central bank, like the Bank of England, makes a surprise rate announcement, we could respond in real time. If successful, the technology could be applied to make financial modelling calculations across the bank’s £180bn portfolio of assets.

Stay tuned for how our journey with quantum computers continues to progress and evolve.

For more from 1Qbit make sure you join Disrupt2.0 on 16 August on Workplace, where Andrew Fursman, Co-Founder & CEO of 1Qbit will be hosting a masterclass demystifying quantum.

"In the long run, quantum computing could completely change the way banks and many other firms operate, in fact, its potential impact for positive change in world is enormous.”

Kevin Hanley, Director of Innovation