/BBVA believes quantum computing could change the face of banking (via Qpute.com)
BBVA believes quantum computing could change the face of banking

BBVA believes quantum computing could change the face of banking (via Qpute.com)


This paradigm shift is likely because of the huge potential the massive processing power quantum computing offers – and BBVA for one believes it could fundamentally change the face of banking.

This increase in processing power matters because while Moore’s law – the premise that classical processing chip power would double every two years – isn’t exactly dead, a lot of experts think it is certainly slowing down as the scale at which semiconductors approaches the individual atom scale.

And that means, fundamentally, there is a potential problem with classical computers on the horizon.

However it’s that problem that quantum computing – an area where BBVA has been working individually and with partners for the past few years – is beginning to show signs of overcoming.

At South Summit in Madrid the power, or at least potential power, of quantum computing was one topic that drew a lot of focus, with several sessions dedicated to understanding the technology ́s potential impact.

One of those sessions featured BBVA´s quantum computing algorithms’ lead, Escolastico Sanchez, alongside specialist quantum computing start-up Multiverse Computing, that is currently working with BBVA in this line of Research.

Opening the session, Sanchez began by reiterating the statement that while quantum computing was a dream for mathematicians and physicists, it was a nightmare for engineers.

The real power in qubits comes from what Einstein described as “spooky action at a distance”

Part of this is undoubtedly the actual physical conditions that are needed to get quantum computers to work – so far requiring temperatures of close to absolute zero, -273.15 degrees Celsius.

At this temperature, scientists are able to measure the state at which the quantum bits, or qubits, are in – and upon which calculations can be achieved – comparative to the 1 and 0 states you get in the semi-conductors of classical computers.

But the big difference here – and why this could change the shape of both computing and the financial services sector – is that due to the strange nature of quantum mechanics, qubits can be in both the 1 or 0 state at the same time, as well as many other states in between.

However the real power in qubits comes from what Einstein described as “spooky action at a distance”- or quantum entanglement – where pairs or more of qubits act together despite any distance between them. In computing terms, it’s as though all the bits in a classical computer were suddenly linked and could be measured simultaneously rather than one after another.


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