HSBC To Work With Quantinuum To Explore Quantum Computing In Banking
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HSBC is currently working with the Quantinuum technology company. The two will be working together on a series of exploratory projects that seek to adopt quantum computing in the banking industry.
HSBC partners with Quantinuum
HSBC has been ramping up its efforts in quantum computing over the past year. The partnership between HSBC and Quantinuum will revolve around creating a multi-year deal with the IBM tech company. This partnership will focus on the research surrounding quantum computing technology.
The objective of this partnership deal is to launch investigations into quantum technology and to also actively recruit research scientists that will help in creating a dedicated capability within the innovation team of the company.
HSBC is now working on a long-term partnership with Quantinuum. Quantinuum is the largest quantum computing company globally. The main focus of this company has been cybersecurity and ensuring that there is enough security in the online space to support development.
Quantum computing is one of the eagerly awaited technology capabilities. This technological advancement will open a host of possibilities for the financial service industry to offer new ways to interact with the market. However, the technology also poses a threat as it can be used by malicious players to exploit different industries and cause large-scale disruption.
In 2022, the DTCC released a white paper that warned about the dangers posed by the advancement in quantum computing. The whitepaper noted that quantum computing could trigger a significant increase in new risks for financial companies by making some of the most protected computer systems vulnerable to hacking attacks.
The global head for quantum technologies at HSBC, Philip Intallura, said, “Our collaboration provides us a great opportunity to access cutting-edge quantum hardware and take our use cases to a truly transformational level. We are looking forward to seeing the results of our joint work and bringing long-term value to the bank.”
Research into quantum computing
Because of the dangers posed by quantum computing, there is a need to conduct more research into the industry to ensure that it is used in the right manner. The partners will conduct investigations into the use of cryptographic keys that are hardened using quantum computing.
The research will also look into combining the quantum computing-hardened cryptographic keys with post-quantum cryptographic algorithms. The work in question will involve the Quantum Origin that Quantinuum has created.
Quantum Origin is a platform that makes use of the operations of a quantum computer to make the cryptographic keys stronger and to ensure that they are used in safeguarding transactions and enabling identification processes.
Quantum Origin is used on the existing classical cybersecurity infrastructure. The platform is the first commercial product in the market that has used a quantum computer to deliver cryptographic keys that are unpredictable. The launch could create an added layer of security that will protect data that is valuable to HSBC.
The two companies will also work on exploring the advantages that come with using quantum machine learning and quantum natural language processing for the business offered by HSBC, especially around fraud detection.
