HSBC To Harness The Power Of Quantum Computing To Enhance The Finance Sector
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HSBC is working on a project called Quantum Computing to enhance its finance section. It plans to use the power of the technology in areas like natural language processing, fraud detection, and cyber security.
In collaboration with Quantinuum, the company will have the opportunity to use quantum computing for a long time.
Quantinuum and HSBC will first use quantum computers in cybersecurity to generate erratic cryptographic keys that are difficult to break or predict. After that, they will use it for tasks like quantum machine learning, which can help detect and prevent fraudulent practices. They are also exploring natural language processing, which improves the computer’s ability to understand and interpret human language.
HSBC To Harness Quantum Technology for Smarter Banking
Both companies are working together to be the leaders in using advanced quantum technology to improve banking. They are harnessing the power of technology to make banking smarter and safer.
The chief of quantum technology at HSBC, Philip Intallura, said that the collaboration will increase the use of the technology in the financial sector.
The calculations that traditional computers can’t handle will be easy for quantum computers. This would improve computing ability, which is superior to conventional computers’ capabilities.
Last year, IBM and HSBC collaborated to learn how to use quantum computing to promote their business. HSBC said it will likely use the project to support its environmental goals, risk and fraud detection and prevention, and pricing and portfolio management. The collaboration made quantum computing systems available.
More Firms Explore The Use Of Quantum Computing
HSBC is not the only company to explore the use of quantum computing. In 2020, the Spanish bank BBVA conducted a test to determine how the technology could improve investment decisions. They discovered that it works much faster when dealing with calculations containing over 100 variables.
In the meantime, ABN Amro is collaborating with researchers to discover how a technology known as quantum key distribution can help secure online banking.
Quantum computing could be a significant threat in the future, and experts predict that cybersecurity experts have about a decade to prepare for these security risks. Yet, Vodafone and IBM say that they should start getting ready now instead of waiting.
