Inside Quantum Technology

Quantum News Briefs: January 15, 2024: Chinese scientists bring quantum tech into e-commerce applications; The International Electrotechnical Commission (IEC) and the International Organization for Standardization (ISO) today announced the establishment of a joint technical committee on quantum technologies; Quantum mechanics uncovers hidden patterns in the stock market; and MORE!

Quantum News Briefs looks at news in the quantum industry.

Quantum News Briefs is a news series that looks at news in the quantum computing industry.

Quantum News Briefs: January 15, 2024: 

Chinese scientists bring quantum tech into e-commerce applications

In a significant advancement in quantum technology and e-commerce, Chinese scientists from Nanjing University and Renmin University of China have developed a novel e-commerce strategy. This strategy, detailed in a recent publication in Science Advances, leverages a new quantum digital signature (QDS) to enable the world’s first five-user online trading system. This QDS approach combines quantum secret sharing with one-time universal hashing, enhancing transaction integrity, authenticity, and non-repudiation. Classical encryption algorithms, currently protecting e-commerce messages, are prone to hacking by advanced quantum computing, posing risks such as identity theft and payment fraud. This quantum network circumvents such vulnerabilities and eliminates needing a pre-identified trusted third party, ensuring fast and accurate contract signing and payments. Associate Professor Yin Hualei from Renmin University highlights this development as a significant contribution to e-commerce in the quantum era, offering a practical and efficient solution with superior security.

We’ll be covering this paper in our Friday post for the IQT “Journal Club,” stay tuned! 

The International Electrotechnical Commission (IEC) and the International Organization for Standardization (ISO) today announced the establishment of a joint technical committee on quantum technologies

The International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) have launched a joint technical committee to develop international standards for quantum technologies, recognizing their potential to revolutionize various sectors, including IT, communications, healthcare, and more. This initiative, chaired by South Korea with the British Standards Institution (BSI) holding the secretariat, aims to unify diverse quantum efforts through a shared language and standards. These standards are crucial for driving progress, ensuring reliability, and making quantum advancements globally accessible and interoperable. Sergio Mujica, ISO Secretary-General, emphasizes the role of standards in catalyzing the quantum revolution. At the same time, IEC Secretary-General Philippe Metzger highlights the need for a coordinated international approach to maximize impact and coherence in the market.

Emerging field of quantum computing advances at Mississippi State University through $500K Department of Energy grant

A Mississippi State University (MSU) research team led by Professor Gautam Rupak has received a $550,000 grant from the U.S. Department of Energy to study quantum computing. This project, part of MSU’s Quantum Task Force’s 2020 goal, aims to train students in quantum computing and quantum information science. Alongside co-PIs Professors Mark A. Novotny and Yaroslav Koshka, the team focuses on the “Three-body Interactions on a Quantum Computer” project. Their research will explore using quantum mechanics to solve complex problems more efficiently than classical computers, which could significantly advance our understanding of molecular structures and atomic interactions. The team’s collaboration with experts in nuclear physics, NISQ computers, and machine learning will contribute to developing algorithms for current quantum computers. A key aspect of their research is studying three-body nuclear forces and the “binding energy of the triton,” potentially impacting future research in nuclear structure, reactions, and drug and chemical research applications.

In Other News: SiliconRepublic article: “Scientists in Japan claim quantum coherence breakthrough”

A research team in Japan, led by Prof Nobuhiro Yanai of Kyushu University, has made a significant breakthrough in quantum computing by achieving quantum coherence at room temperature, a feat previously considered elusive in scientific research, highlights a recent SiliconRepublic article. Their study, published in Science Advances, demonstrates the quantum coherence of a “quintet state with four electron spins” in molecular systems at ambient temperature. Quantum coherence, essential for the function of quantum computers, allows a quantum system to maintain a stable state over time. The team utilized chromophores within a metal-organic framework (MOF) to control electron spins through singlet fission, enabling the achievement of quantum coherence at room temperature, which traditionally required liquid nitrogen-level temperatures. Despite the brief coherence duration (only nanoseconds), this advancement opens new possibilities for room-temperature quantum computing. It could lead to the development of materials capable of generating multiple qubits at such temperatures. Prof Yanai envisions this breakthrough leading to molecular quantum computing and quantum sensing applications, building on recent global advancements in quantum information processing and quantum superchemistry.

In Other News: Investor Place article: “The 3 Best Quantum Computing Stocks to Buy in January 2024”

Quantum computing, known for its potential to revolutionize processing beyond the binary bit-based framework, is gaining momentum alongside the generative AI boom, a recent InvestorPlace article highlights. Investors focus on companies like Intel, Honeywell, and D-Wave Quantum. Intel is making strides with its quantum computing chip initiative, “Tunnel Falls,” despite a recent slowdown in revenue growth. Honeywell, a leader in quantum computing, is enhancing its capabilities through strategic acquisitions and innovation in trapped-ion technology. D-Wave Quantum, notable for its annealing quantum computers, is attracting attention despite a stock fall in 2023, thanks to its continuous booking growth and a client list that includes Google. The synergy between quantum computing and generative AI fosters industry growth, predicted to expand at a CAGR of 35.2% from 2022 to 2030, impacting industries like semiconductors, EVs, and more. This convergence is seen as a lucrative opportunity for investors seeking to capitalize on the next big technological leap.

In Other News: Future Market Insights article and Yahoo Finance article: “Quantum Cryptography Market Soars with a 22.6% CAGR, Eyes US$ 2,332.1 Million by 2033”

Future Market Insights has found that the global quantum cryptography market is experiencing rapid growth, with its size reaching US$ 253.46 million in 2022 and expected to grow at a CAGR of 22.6% to reach US$ 2,332.1 million by 2033. Quantum cryptography, which uses quantum mechanics principles for secure communication, is immune to computational power attacks. This burgeoning field is driven by increasing demand for secure communications, heightened cybersecurity threats, and the development of quantum computers. Governments worldwide invest in quantum technologies for national security, further propelling the market. However, the field faces challenges such as a shortage of quantum-resistant cryptographic algorithms and the need for specialized expertise. Opportunities lie in the growing demand for post-quantum security solutions and their potential application in sectors like finance, healthcare, and government. Innovations in quantum cryptographic protocols and ongoing research are crucial for the market’s expansion. Notably, quantum cryptography is becoming vital in the United States, India, China, Japan, and Germany, with these countries exhibiting substantial growth rates. Key market players focus on new developments and collaborations to stay competitive in this advancing field.

In Other News: Earth.Com article: “Quantum mechanics uncovers hidden patterns in the stock market”

A recent article highlights that a new study has merged the principles of quantum mechanics with financial analysis to offer a new perspective on stock market behavior. This innovative approach, led by Dr. Kwangwon Ahn of Yonsei University and Dr. Daniel Sungyeon Kim of Chung-Ang University, aims to decipher complex market phenomena such as fat tails and volatility clustering. By applying the Schrödinger equation, a fundamental concept in quantum mechanics, the research team discovered a power law distribution in stock return tails, suggesting that extreme market events like crashes are more common than traditionally predicted. This model also identifies economic uncertainty as a key driver of investor herding behavior, particularly in volatile or uncertain market conditions. The study successfully correlates its theoretical findings with empirical data from the U.S. stock market. It reveals a positive link between the power law exponent and GDP growth and a negative one with forecaster uncertainty. This quantum mechanics-based model offers a novel lens for understanding stock market dynamics, potentially guiding investors and policymakers in navigating the complexities of financial markets. The research, emphasizing the fusion of physics and finance, was published in the journal Financial Innovation, marking a significant step towards interdisciplinary approaches in market analysis.

Kenna Hughes-Castleberry is the Managing Editor at Inside Quantum Technology and the Science Communicator at JILA (a partnership between the University of Colorado Boulder and NIST). Her writing beats include deep tech, quantum computing, and AI. Her work has been featured in Scientific American, Discover Magazine, New Scientist, Ars Technica, and more.

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