Quantum with EdenBase
We were delighted to be joined by our growing community at our first EdenBase Learning Circle of 2023: - Quantum Opportunity for Business and Society.
Our speakers Romeo Radanyi (Moody’s Corporation), Mike Keymer (Quantum Computing Inc.) and Marta Piekarska-Geater (EQAL), moderated by Eric Van der Kleij (EdenBase), shared insights on the opportunities, challenges, and dispelled some myths of this ground-breaking technology.
The following day, Mike Keymer from QCI joined us in the EdenBase Hub for a packed agenda of stimulating and valuable meetings with a number of enterprises exploring exciting use cases for doing a Quantum Proof of Concept to be managed by the EdenBase Quantum Applications Lab.
From Eric Van der Kleij’s Perspective
The EdenBase Learning Circle was an incredible opportunity to hear from a major organisation like Moody's Corporation, who’s Romeo Radanyi helped the major corporates in our community understand why they have set up a quantum activity and how it can become relevant for so many of their clients.
Romeo also outlined the different types of quantum computers and a list of financial services use cases, and how entropy quantum computers, of the type that QCI offer, are particularly good at optimization problems.
The second part of the evening hit the Learning Circle sweet spot, which is to share insightful and actionable knowledge in an accessible way.
Mike, from Quantum Computing Inc., gave an excellent primer of the different forms of quantum computers, and showcased QCI’s own Dirac Entropy Quantum Computer platforms. It stands out precisely because it’s designed to work at room temperature and to fit within existing infrastructure making quantum accessible for a larger number of organisations.
Mike then put quantum into the real world, highlighting an investment portfolio optimization problem based on reviewing the performance of a sample portfolio of 100 NASDAQ listed companies - the last 6 months of performance was analysed by their Quantum Computer with a view designed to estimate forward performance by one month. The results stood out for how they managed to grow the value of the fund consistently each month in comparison to the control data set. The computing power it took compared to a classical computer showed the true benefit of Quantum.
Our most important takeaway is that now is the time to be learning quantum methods and planning how to use them. As the number of “qubits” increase and become available, those businesses that are prepared will be able to take "quantum advantage", which seems to be much sooner than we thought.
Marta Piekarska-Geater (Programme Advisor, EQAL) presented how EdenBase Quantum Applications Lab (EQAL) helps with quantum education, both for executives learning the questions to ask in quantum-readiness, as well as developer education - who have to learn a new way of coding their applications to use quantum computers. Marta covered how EQAL will help corporates to quickly run PoC's on their particular business challenges, helping them prepare for a quantum-powered future without needing to hire an army of PhD quantum computer programmers.
What we really appreciated from all the speakers was that they were very realistic about what is possible today, while at the same time very optimistic about the opportunities of a quantum powered world in the not-too-distant future. Finally, the speakers explained some of the challenges that we all have to be aware of very soon, especially in becoming quantum-ready and quantum-safe in a post-quantum world, something that EQAL’s specialist security workstreams are helping its clients to prepare for.
Just when we thought we were beginning to get our minds around qubits, and how 0's and 1's can exist simultaneously, our minds were blown as Mike Keymer introduced us all to the concept of qudits, where bits can exist in up to 64 different states simultaneously. Very exciting!
You can bet that the EdenBase Quantum Applications Lab will be doing a deep dive into qudits and understanding how they can be used to great advantage.
Key Takeaways:
Now is the time to become quantum secure and make sure our systems are ready for a post quantum world.
We should invest in learning quantum methods, so we are ready to take quantum advantage.
Quantum Computing unlocks industry-changing potential in key sectors including finance, healthcare, cryptography, logistics, security, and artificial intelligence to name just a few.
Certain quantum computers can perform calculations for optimisation problems that have a vast number of potential answers, sometimes more answers than the number of atoms in the observable universe (for an idea of scale).
Quantum computing is attracting an increasing amount of investment. In 2021, VC's invested $3 billion into the quantum computing market and this continues to grow.
The power of quantum computing is exponential, versus linear for classical computers. They will likely be used to complement each other as they are fundamentally different in their limitations and architecture.
Day 2
On Day 2 the EQAL team arranged one-to-one meetings with a wide range of organisations ranging from huge multinational banks to challenger banks and investment funds with specific business problems being discussed for PoC's. At least four immediate use cases were identified to move forward to PoC, including portfolio optimization, risk and fraud detection.
Marta Piekarska-Geater, Leading the EQAL Strategy, said: "2023 will be the year of learning and experimentation with many organisations becoming quantum ready, as well as carving out resources to do proof of concepts and upskill their teams. We look forward to EQAL supporting them with that journey."
About Eric Van der Kleij
Eric Van der Kleij, Co-Founder of EdenBase, is a technology entrepreneur having previously delivered the Tech City (now Technation.io) strategy and organisation for the U.K. Prime Minister and then created the famous Fintech hub, Level39, home to many supergrowth fintech companies.
About Quantum Computing Inc.
Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI’s flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI’s expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations.
About Moody’s Corporation
Moody’s is a global integrated risk assessment firm providing credit rating opinions, analytical solutions and insights that empowers organizations to make better decisions faster. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information and financial intelligence open the door to shared progress. With over 11,000 employees in more than 40 countries, Moody’s combines international presence with local expertise and over 100 years of experience in financial markets.
About EdenBase
EdenBase is a fund, hub and ecosystem supercharging the next set of Game Changers, powered by Frontier Technologies. By building a community and ecosystem, EdenBase supports portfolio companies to deliver responsible growth and valued impact to create a better future.