(JPMorganChase) JPMorgan Chase is planning its readiness for quantum computing. The company tasked a senior engineer Constantin Gonciulea with building a “quantum culture.” Gonciulea is the unofficial leader of the company’s foray into discovering how quantum computing can change the financial industry. Every two weeks he gathers a select group of 25 computer scientists to pour through the latest research and breakthroughs in quantum computing.
“Once quantum actually arrives, we’ll be ready,” Gonciulea said. Last year, JPMorgan Chase established a partnership with IBM, which owns one of the few quantum computers in the world. Through this partnership, JPMorgan Chase engineers, like Gonciulea, have access to IBM’s quantum computer, to test out algorithms and applications that might benefit from the use of quantum computing.
He sees positive ramifications for investors and fund managers. “Right now fund managers have to choose among an infinite number of investment combinations for their portfolios, based on the level of risk they want to take. Just imagine if you had a computer that could detect potential risk, based on your appetite for risk, within seconds of the change taking place in a particular security or market.”
That risk assessment strength could also be applied to fraud. “Right now we have thousands of employees who detect fraud as part of their job. Applying quantum computing to assessing potential fraudulent payments, and connecting that capability to a virtual assistant would be beneficial for our merchant services clients.”