Honeywell rolling out world’s most powerful quantum computer
Published: 12:50 PM, 5 March 2020 Updated: 03:34 PM, 5 March 2020
Honeywell International Incorporation, shortly known as HON (Honeywell), a US-based Technology giant has declared to build a powerful quantum computer that is in work for a decade, to beat big names such as Google (GOOGL) and IBM (IBM); reports CNN.
Industrial conglomerate Honeywell said Tuesday that it plans to introduce an early-stage quantum computer for commercial experiments within about three months, with JPMorgan Chase & Co. as the first public user.
The company famous for Aerospace, Building Technologies, Performance Materials & Technologies (PMT), and Safety & Productivity Solutions (SPS) services worldwide, has signed a deal with JPMorgan Chase (JMP) in this regard recently.
The HON sources said the early-stage quantum computer will be used for the finance business in areas such as fraud detection and artificial intelligence for trading especially.
Honeywell Quantum Solutions President Tony Uttley said: "We wanted to be able to shape how quantum computing gets used.” “We actually want to be our own best customer in this,” he added also.
Honeywell is already working on quantum computing solutions for its aerospace and materials development businesses, Uttley said further.
It is learned that, in addition to the JMP, Honeywell will lease the computing power to other firms for commercial use allowing customers to send calculations to be run on the quantum computer via Microsoft (MSFT)'s Azure cloud platform.
It's unlikely that companies will rely on quantum computers any time soon, but competition in development is fierce. Last year, Google spurred excitement and controversy when it proclaimed "quantum supremacy" with a machine that it said could solve a calculation in seconds that would take traditional computer thousands of years, a claim IBM pushed back on.
Honeywell says its machine will even be more powerful than its competitors' because it uses a different method, called "trapped ion" quantum computing. This method makes the machine more accurate, among other benefits, giving it a higher "quantum volume," a unit used to measure a quantum computer's performance and processing capacity.
Honeywell's computer will have a quantum volume of 64, and the company expects that metric will grow tenfold every year. By comparison, IBM recently said one of its computers reached a quantum volume of 32. Google has not shared the metric for its computer.
In this regard Uttley said “For Honeywell, this has never been a science project,” “We believe in it because our businesses are going to be impacted by it.”
Regarding this issue, Marco Pistoia, managing director and global technology head of applied research and engineering at JPMorgan Chase, said: “Honeywell’s quantum computer is revolutionary in that it has been able to reduce its error rate and increase the stability of its qubits by using trapped ions.” “They’re releasing a computer that’s extremely powerful,” he added.
Mr. Pistoia declined to disclose whether JPMorgan is a paying customer of Honeywell’s quantum computing services. JPMorgan intends to continue experimenting with a quantum computer built by IBM, a partnership that began in late 2017.
The JPMorgan executive said he expects to use quantum computing to speed up computing-intensive calculations. Such calculations include Monte Carlo simulations, which are commonly used to calculate the theoretical value of an option, or a contract that gives individuals the right to buy or sell an underlying asset at a specific price and time.
Quantum computing could also be used in portfolio optimization, where the firm would want to select the best asset distribution while maximizing expected returns and minimizing costs and financial risks.
“These are all problems that when you look at them classically they have very high complexity, so they lend themselves very naturally to quantum computing,” said Mr. Pistoia, who spent 24 years in IBM and joined JPMorgan in January.
JPMorgan could also use the technology to detect fraud, because quantum computers can potentially take into account vastly more data points than traditional computers, including a mix of fraudulent and no fraudulent data. This means a quantum computer could potentially use machine algorithms on imbalanced data, where fraudulent data represents a tiny fraction of a data set.
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