appointed JP Morgana scientist in quantum computing, to be the global head of the bank for quantum communications and cryptography.
National University of Singapore assistant professor Charles Lim will focus on exploring the next generation of computing technology in secure communications, according to a note by Marco Pistoia, who directs the bank’s Global Applied Technology Research Group.
According to Pistoia, Lim is a “recognized world leader” in quantum-powered communication networks.
Hired from IBM in early 2020, Pistoia has built a team at JPMorgan focused on quantum computing and other emerging technologies. Unlike classical computers that store information as either zeros or ones, quantum computing hinges on quantum physics. Rather than being binary, qubits can simultaneously be a mixture of zero and one, plus any value in between.
new Horizons
Future technology, which involves keeping devices at frigid temperatures and out of commercial use for years, promises the ability to solve problems beyond the reach of today’s traditional computers. Tech giants, including Alphabet and IBM, are racing to build a reliable quantum computer, and financial firms including JPMorgan and Visa are exploring its potential uses.
“New horizons will become possible, things we never thought would be possible before,” Pistoia said in a podcast interview with US investment bank JP Morgan.
In finance, machine learning algorithms will improve to help detect transaction fraud and other “exorbitant complexity” areas, including portfolio optimization and option pricing.
He added that the development of pharmaceuticals and materials science for batteries and other fields will be transformed by greatly advanced computing.
But when advanced computing technology becomes a reality, the encryption technologies that underpin the world’s financial communications and networks can immediately become useless. This prompted the study of quantum-resistant next-generation communication networks, which is Lim’s area of expertise.
quantitative supremacy
Pistoia said during the podcast that new forms of encryption and secure messaging are needed before what’s called “quantum supremacy,” the point at which quantum computers are able to perform computations outside of traditional computers in any reasonable time frame.
This might happen by the end of the decade, he said.
The moment of “quantum supremacy” will be early, when new computers will be more powerful and precise than traditional computers, but the two machines will be competitive. He said that might happen in two to three years from now.
Pistoia said Lim “will continue foundational and applied research in quantitative information, with a focus on innovative digital solutions that enhance the security, efficiency, and strength of financial and banking services.”
Pistoia added that Lim is a National Research Foundation Fellow in Singapore and won the National Young Scientist Award in 2019 for his work on quantum cryptography.
Lim was also asked last year to lead his country’s efforts to create quantum-resistant digital solutions, and has been involved in international efforts to standardize quantum security technologies.
