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NEW DELHI :The budget proposal to earmark 8,000 crore for quantum computing over the next five years can boost critical areas of the Indian economy, including space research and defence capabilities. However, the impact will only be felt over the long term, industry officials said.

The quantum of money proposed for the sector is almost on a par with the amount invested by the US to develop the technology.

However, the success of the initiative will depend on careful planning and implementation. Moreover, considering that there are no private companies in India working on quantum computing, the initiative, by and large, will have to be led by state-run institutions.

The fact that Indias allocation for quantum research is close to what some of the larger economies like the US are planning to spend, reflects a serious effort on the governments part," said Vishal Malhotra, tax partner, Ernst and Young (EY).

Quantum computers will open up enormous opportunities for India, particularly in the field of defence, space research, weather forecasting, and healthcare by crunching large amounts of data and solving problems infinitely faster than existing supercomputers. Googles 54-bit quantum computer took merely 200 seconds for an experimental computation that a supercomputer would have taken 10,000 years to solve.

The announcement is significant as the scale of investments necessary to make headway in quantum computing is not possible without the support of the government or large corporations. It should boost attempts of domestic technology providers, who have been keen to enter this field, but did not have the necessary scale or resources," said Nishant Singh, head of technology and telecom data, GlobalData, a data analytics firm.

The recent advancements in the field of quantum computing, including IBMs unveiling of the worlds first quantum computing system for scientific and commercial use, Googles quantum supremacy, and Microsoft taking quantum computing to the cloud, have made the world realise the possibilities it can offer.

Governments the world over are starting to grasp the potential of the technology. China already has a national strategy on quantum computing, having spent $400 million on a national quantum lab and filing twice as many patents as the US on quantum technology.

The US government had also announced a National Quantum Initiative in 2019 with an outlay of $1.2 billion ( 8,500 crore).

The recent announcement by the finance minister is a significant development for the scientific and industrial community of India, said Anil Prabhakar, professor, department of electrical engineering, Indian Institute of Technology, Madras.

The quantum science and technology initiative in India has been broadly defined around computing, communications, and measurements. Of these, quantum computing is expected to provide the ability to solve hitherto intractable problems in resource optimisation, machine learning, and data security, and also help us design new materials with futuristic applications," Prabhakar said.

However, we are 5-10 years away from seeing quantum computing being used to solve real-world problems., according to experts.

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Budget 2020: Govt bets on AI, data analytics and quantum computing - Livemint

Quantum Computing Inc () CEO Robert Liscouski tells Proactive the technology company has released its Mukai quantum application development platform, featuring a software stack ready to solve extremely complex optimization problems.

Liscouski says applications like Mukai are necessary to drive business value, as it ultimately gives access to end-users using quantum computing.

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Quantum Computing releases its new software application called Mukai - Proactive Investors USA & Canada

IBM inventors received 9,262 U.S. patents in 2019, achieving a milestone of most patents ever awarded to a U.S. company, and marking the company's 27thconsecutive year of U.S. patent leadership.

In 2019,IBM led the industryin the number of U.S. patents granted across key technology areas such as AI, blockchain, cloud computing, quantum computing and security.

In 2019, according toIFI CLAIMS Patent Services,provider of a global patent data platform, U.S. patent filings hit an all-time high with 333,530 patents granted, representing an unprecedented 15% increase from 2018.

IBM was awarded more than 1,800 AI patents, including a method for teaching AI systems how to understand and deduce the nuances and implications behind certain text or phrases of speech by analyzing other related content.

IBM also led in the number of blockchain patents granted, which includes several patents for improving the security of blockchain networks. One patented technique would help in resisting "replay attacks," where an attacker copies and uses signature information from one transaction on a blockchain to later perform other transactions on the blockchain that are not authorized.

IBM inventors were granted more than 2,500 patents in cloud technology, including a patent for a method to jointly manage cloud and non-cloud computing platforms. Working with a unified portal, this technique receives, organizes and streamlines incoming cloud and non-cloud tasks and requests, which could help organizations easily migrate to hybrid cloud platforms.

IBM's quantum computing program continued to grow in 2019. Quantum computing innovations by IBM included a method to scale a quantum computer to support additional qubits, as well as enabling a breakthrough approach for simulating molecules.

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IBM Tops U.S. Patent List for 2019 With Innovations in AI, Blockchain, Cloud and Quantum Computing - Database Trends and Applications

Deltec Bank, Bahamas - A combination of quantum computing and blockchain technology could change things as transactions can be even more secure and faster with increased encryption.

Research from Juniper Research has suggested that cybercriminals will have stolen 12 billion records by the time we reach the end of 2019 and estimate that could be as much as 33 billion in 2023. With the growth in digital and connected technologies, cyber attacks are becoming a larger problem by the day.

As you might expect, with the likely promise of financial gain, banks are prime targets for any form of cybercrime. To combat the threat, it is important that banks update and review their systems and procedures. They cannot wait for hackers and need to proactively invest in the right technology that meets the needs of a modern-day consumer. Beyond that, banks are processing millions of transactions every day. There is a fear that classical computing will reach its optimum in terms of size and power, especially as data volumes grow and financial institutions invest deeper into artificial intelligence (AI).

To combat these challenges, financial institutions have started to turn towards the field of quantum computing. Experts believe that quantum technology could solve problems related to security, processing power, and data efficiency. In this post, we look at what quantum computing is and how it might impact the banking and financial services industry.

What is quantum computing?

Quantum computers are expected to exceed the capability of classical computers on the next 5 to 10 years. This will provide a vast increase in the processing power over the traditional silicon chips. The finance sector has many areas where more secure, faster transactions would be a huge benefit. With quantum computing, this is made possible whereby the data is represented by what are known as qubits, rather than standard binary bit units (0s and 1s).

Qubits provide greater flexibility as they can allow for a combination of 0s and 1s simultaneously rather than one at a time in classical computing. In short, this means they can store more data than traditional bits. The ability to quickly analyze data and spot patterns is massively increased.

Bloomberg has reported that Googles most advanced quantum computer, Sycamore, could solve a computational task that would take a traditional model 10,000 years, within just 3 minutes.

Quantum computing in banking

There are several ways that quantum computing could impact banking.

Quantum Cryptography

Financial data that can be encoded with quantum cryptography will be far more secure than any other kind of digital security method. Data in a quantum state is always changing state meaning it cannot be read, prevent ambitious hackers from getting their hands on too much information.

One of the examples of how quantum cryptography is being used is known as a quantum distributed key system.

https://richtopia.com/emerging-technologies/quantum-computing-financial-services-fintech

Quantum Distributed Keys

Measurement-Device Independent Quantum Key Distribution (MKI-QKD) promises secure digital communication that cannot be broken, even by a quantum computer itself. The system creates very complex mathematical equations that are very time-consuming to complete. However, quantum computers make the calculations instantly simple.

MKI-QKD protects data by combing a secure quantum distributed key with a long message that cannot be broken without the associated key. Without huge technical detail, third-parties can be detected if they eavesdrop, meaning keys created by two parties are no longer identical, disturbing the quantum event. Banks such as ABN-AMRO are already starting to integrate this type of secure technology.

Fraud Detection

A clear benefit of quantum technology for banking lies in fraud detection. Automation of fraud detection relies on recognizing patterns in data. Quantum computers are perfect for supporting pattern recognition algorithms thanks to their qubit setup, rather than standard bits, as discussed earlier in this post. More advanced fraudulent acts can be detected thanks to self-learning networks and banks can mitigate fraud before it even happens.

Quantum Blockchain

Blockchain has been around for some time now but arguably, has never really fulfilled its potential as the next great banking innovation. According to Deltec Bank, Bahamas- A combination of quantum computing and blockchain technology could change things as transactions can be even more secure and faster with increased encryption. It also means that the computing power is there to remove any latency and power issues that exist within blockchain technologies.

Quantum Transactions

Quantum computers will accelerate the field of high-frequency trading. Banks like Barclays and JP Morgan are already experimenting with this kind of technology. This comes through the ability to handle billions of transactions per second in a world where institutions can quickly get overloaded with data, especially where it comes to areas like stock markets. Quantum computing reduces the likelihood of crashes and data loss. Algorithms can be built that automatically initiate trades based on pre-defined strategies.

Quantum Data

Quantum computing will likely accelerate the field of artificial intelligence (AI) in banking. AI is heavily reliant on large volumes of data to be able to learn. Given quantum computing can process data faster than ever before, machines will quickly gather feedback that shortens their learning curve.

For example, functions like bank loans could be almost instantaneous as quantum machines can process the data without any latency. Portfolio managers will not need to worry about managing their investments as a quantum system will be able to continuously provide them with optimal solutions.

The future of banking with quantum technology

Reports say that major banks like Barclays and JP Morgan are already looking towards quantum computing as a way to secure their future. These institutions are already experimenting with the technology and researching how it can be deployed in the real-world. The theories are still in their infancy and we will not truly know the impact until such time banks are running tasks fully on quantum machines. This brand new way of working is being referred to as the quantum advantage and will likely be something we hear a lot more about over the forthcoming decade.

Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International http://www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/

Excerpt from:
Deltec Bank, Bahamas A combination of Quantum Computing and Blockchain Technology Will Have a huge Impact on Banking - Press Release - Digital...

How secure is your data?

It has been just about a decade since cloud technologies arrived, and we are in a phase of fast adoption, with cloud-specific spending expected to rise by more than six times the rate of general IT spending through 2020 (McKinsey).

New technology applications, including artificial intelligence (AI), virtual reality, the Internet of Things (IoT) and edge computing, are driving this adoption with new ones coming in rapid cycles. This ongoing movement to the cloud and new cloud-based technologies is not only a boom but a magnet for cyber threats and nefarious actors. New waves of technology, a growing cloud base and the radical geopolitical scene of 2020 are poised to threaten nations, industries, organizations and even individuals inadvertently.

Unfortunately, many companies are ill-prepared for these threats, relying on security practices and baselines that are all over the map. For organizations relying on poor, outdated and inadequate IT systemssystems that are rarely updated and barely protectedthe risk of cyber attack is higher than ever.

Threat actors watch everything, monitoring businesses 24/7 for vulnerabilities and opportunities to hack. Reports indicate that about 20% of enterprise data is currently cloud-based, a number that will increase leaps and bounds as new cloud-based technologies move into the picture. But while these new technologies have the power to drive transformation and innovation, they also create new opportunities and attack surfaces for threat actors to exploit.

Take, for example, the significant advancements that we've seen in quantum computing over the last year. Packed with extraordinary computational power, the application of quantum computing holds untold potential in commercial, research and government use cases. However, this same potential has caught the interest of next-wave hackers that see the possibilities to crack algorithms, encryption and complex cryptographies in a simple matter of seconds.

The industry must continue to be on high alert for signs of these threats, as well as preparing, validating and potentially executing recovery processes. Organizations, from government and financial services to healthcare and even retail, must step up to the cyber threat challenges ahead by putting proactive missions into action. But what threats lurk ahead for our ever-evolving and advancing IT landscape?

In my next piece, part two of "More Cloud, More Hacks," I will take a look at the risk forecast for 2020from politics to sportsand what we can do to tackle it head-on.

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More Cloud, More Hacks: Panic Or Keep Calm And Carry On? - Forbes