Chart of the day
A quantum future?
Quantum computing is a rapidly emerging technology that increases the processing power of computing systems exponentially by harnessing quantum mechanics. The functionality of quantum computers is incredibly complex, and you’d be forgiven for thinking that it belongs only in a mad scientist’s laboratory!
In short, quantum computers use qubits to encode data, rather than binary ‘bits’ used by traditional computer systems. In traditional computer systems, bits encode data using either a '0’ or a ‘1’, meaning that bits can only have one of two states. In quantum computers, qubits can adapt multiple states simultaneously, meaning their processing power is greatly increased.
As such, as quantum computing moves into commercialisation, the opportunities it presents are starting to be realised, especially in the financial sector. In particular, HSBC and UBS have already dipped their toes into the quantum computing markets as they seek to realise new efficiencies.
Above, you can see some of the emerging use cases of quantum computing among financial firms. One of the main uses for quantum computing is data optimisation, with systems able to collate and articulate large data sets, while interpreting it in a way that maximises portfolio returns. Of course, the technology is still very raw, and doesn’t come without its financial and implementation constraints. Nevertheless, GreySpark envisages this trend gaining further traction over the coming years in the financial sector as the technology becomes more mature.