The advent of quantum computing is enabling a new type of cyber-attack, which the National Security Agency (NSA) defined as “harvest now, decrypt later,” indicating that attackers do not need to wait for a powerful quantum computer to break today’s cryptography they can-and they are already known to be doing this-take a snapshot of confidential data encrypted today, with the intent of decrypting it when a sufficiently powerful quantum computer becomes available. Unfortunately, quantum threats are already present today. Indeed, quantum hardware providers are making significant progress, showing roadmaps that promise usable computers with hundreds of high-quality qubits (if not thousands), coming in the next few years. It is hard to predict when quantum computers will become sufficiently powerful to break today’s asymmetric cryptography. What’s your sense of the imminence of that data security threat posed by quantum computers? How close is it and what is JPM Chase doing to prepare? Meanwhile, quantum hardware providers are already showing the prospect of thousands of qubits in their roadmaps.
Last fall you talked about accelerating efforts to use quantum computers for decryption purposes, and cited a study that suggested just 13,436 qubits could be used to break a public/private key encryption although it would take almost 6 months to do so. Data security is critical in financial services and the prospect of quantum computers using some form of Shor’s algorithm to break conventional RSA codes is terrifying. In general, any use case that exhibits exponential complexity are of interest to us, because quantum computing has the potential to reduce the complexity of problems, making them more scalable. At JPMorgan Chase, we are particularly interested in derivative pricing, various optimization problems (particularly for financial portfolios), and use cases in the domain of machine learning, such as extractive text summarization. Markets are very volatile, and for this reason financial applications need to be executed in real time without sacrificing accuracy. Indeed, the financial services sector lends itself to quantum computing, for two main reasons: the abundance of use cases, and the fact that in finance, time is of the essence.
What are the top nearest-term use cases on which quantum computing will be applied? Of those cases, which will JPMorgan Chase deploy first and when do you expect will that happen? The financial services sector has long been an early adopter of advanced technology. Congratulations on your selection as a 2023 HPCwire Person to Watch. Watson Research Center, where he worked for 24 years. That work with JPMorgan started in 2020 prior to that, Pistoia was a senior manager, distinguished research staff member and master inventor at IBM’s Thomas J. HPCwire Person to Watch Marco Pistoia wears a lot of hats at JPMorgan Chase & Co.: managing director, distinguished engineer, head of global technology applied research and head of quantum computing. Since 1987 - Covering the Fastest Computers in the World and the People Who Run Them
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