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.
This is a syndicated post. Read the original post at Source link .