The tool emulates the functions of future quantum computers, enabling software and algorithm development to proceed in parallel with the race to create breakthrough hardware.
Commonwealth Bank of Australia Chief Information Officer, David Whiteing, said: “Commonwealth Bank has a long history supporting Australian people and communities and this is why we are supporting the research and development of a silicon-based quantum computer. Quantum computing brings with it many benefits due to the speed and complexity of problems it can calculate and resolve. By developing a simulated quantum computing environment this allows us to assess the feasibility and performance of applications well before the first silicon-based quantum computer is finished.”
The QxBranch Quantum Computing Simulator System can run on existing cloud computing infrastructure, or on premise as it does at CBA, allowing business leads, developers, and quantitative analysts to explore and validate uses of quantum computing hardware.
“The firms that are well prepared for the arrival of quantum computing will be positioned to exploit once-in-a-generation business opportunities”, said QxBranch Executive Chair Dr. Ray O. Johnson. “Quantum computing will transform data analytics, and the finance industry will be among those most likely to experience both capability and business growth. QxBranch is delighted to be working with CBA as they stake out global leadership in quantum application development.”
Quantum computers will offer new approaches to solving complex, multi-variable problems, such as those currently addressed using optimization, machine learning, and artificial intelligence. The basis of the computational speedup is an ability to assess a massive range of possible outcomes simultaneously, rather than in sequence or in parallel. The potential for speedups measured in thousands and millions of years are possible within the next decade.
“Our simulator gives users the power to start developing applications for critical financial operations today,” said QxBranch CEO Michael Brett. “Risk management, trading, portfolio management, analysis, and security – there are few areas of finance that won’t be touched.”
QxBranch explores quantum computing applications with industry leaders across verticals globally, building the software that translates emerging quantum technology into competitive advantage. The company is active in finance, cyber security, biotech, energy, and sports; with offices in Washington DC, London, and Adelaide.