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Quantum Computing in 2019: Quantum Electronic Payments

The notion and development of quantum computing technology has existed for more than 20 years. However, a quantum computer hasn’t still been developed because of its complex structure – the quantum circuits transfer information via photons or trapped ions unlike the classic circuits. This implies figuring out how to build physical devices and software that supports this. Now, recent innovations from companies such as IBM have the technology close to becoming a reality with new frontiers and applications appearing for quantum computing.

Quantum computing explained

Quantum computing is basically physics. It is a process that takes advantage of the powerful ability of subatomic particles to exist in more than one state at any time. Due to the way these particles behave, operations can be done much more quickly and use less energy than classical computers.

In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or ‘qubits’ instead. Unlike a usual bit, they can store much more information than just 1 or 0, creating shortcuts in the computing process.

Quantum computing represents a major leap forward in computing power, surpassing the potential of the cloud or blockchain. However, it will likely be years before it is widely used in business applications, due to many stability and security concerns. Despite this, firms like JPMorgan and Barclays are part of a group investigating quantum computing potential in conjunction with IBM.

In May, IBM introduced a cloud-based, 5-qubit quantum processor for widespread consumer use.

What are quantum electronic payments?

The use of quantum computing has logically spread into payment technology. Although the systems are expensive and much of the technology is still at experimental phase, organizations in financial industry are finding ways to implement quantum technology and get ahead of the competition.

A lot of organizations in financial services now are experimenting with ways to use quantum computing, which is encouraging,

Ian Bradbury, CTO of financial services at Fujitsu.

Many experts argue that quantum computing will solve financial firms’ need for increased computing capacity, while requiring less energy than traditional computers.

The quantum technology is widely anticipated to provide advanced fraud detection, payments and cyber security. Over the course of the past two years, technology giants IBM and Google have offered experimental systems.

Quantum payments in the future

As quickly as some past technologies have become the norm, there will be soon a new wave of emerging technologies that will set new standards. Not every business has the same priority to invest in such technologies. For example, while the marketplace as a whole does not invest much in blockchain technology, the financial services industry ranks this as a high priority.

Most organizations recognize the skills gap that put transformation efforts at risk. It is important for all financial organizations to make emerging technology a ‘core competency,’ with engagement at the cross-organizational level. To achieve a successful transformation, the focus of every implementation should be both on internal and external human experiences, as opposed to profit and cost savings.

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