Quantum Computing: Revolutionizing the Trustees Landscape and the Implications for Modern Operations
Quantum technologies use particles like electrons and photons to tackle previously unsolvable problems, offering new opportunities. They utilise principles like superposition and entanglement. These technologies can outperform today's supercomputers, ensuring faster calculations, secure communications, and precise measurements. They can revolutionise business operations in areas like optimisation, simulations, machine learning, risk management or cybersecurity.
Quantum technologies are in their nascent stages, with organisations primarily focusing on proofs of principle and concept. Currently, many problems addressed by quantum computers can be resolved more efficiently with conventional systems. However, recent research advancements signal a shift from lab environments to practical, real-world applications.
For instance, JP Morgan employed a hybrid classical-quantum methodology for optimal financial asset portfolio determination, asserting its scalability for portfolios of any size. Moreover, JP Morgan also demonstrated how a 20-qubit quantum computer could be used to summarise reams of documents using natural language processing.
Being a quantum-ready enterprise is a long journey and a structured approach to it will be helpful. Trustees starting on their journey to be quantum-ready may find difficult to assess their current state and next steps. At first it is important to assess whether it makes sense for the Trustees business to invest in quantum technologies before committing to a full-blown investment.
A possible roadmap for Quantum Computing adoption for an international trust company could be the following:
Identify use cases: For a trust company, quantum computing could be used to enhance cryptographic security, improve efficiency in risk assessment and compliance processes by solving complex computations faster than classical computers. ID Quantique, a leading quantum-safe security solutions provider, could assist in identifying potential applications for quantum technology within the trust company's operations or company's needs.
Build awareness and understanding: The trust company can host quantum computing seminars and bring in quantum experts for discussions. Furthermore, creating a series of internal trainings or webinars focusing on quantum technology advancements and their potential impact can help spread knowledge throughout the organisation. The Quantum Daily, an online publication focusing on the quantum technology industry, could be a valuable resource for keeping employees informed about advancements in the field.
Assess readiness: Trustees would need to evaluate their IT infrastructure, data storage and handling capabilities, and its employees' technical skills to understand what upgrades or improvements are needed to accommodate quantum technology.
Develop a quantum-ready infrastructure: The trust company may need to partner with quantum hardware and software providers. Major tech companies such as IBM (with their IBM Q initiative) and Google (with their Quantum AI lab) are at the forefront of developing quantum hardware and software.
Invest in quantum talent: The company could partner with universities offering quantum computing programs, recruit from those talent pools, or provide training for existing employees to foster in-house quantum expertise.
Collaborate with ecosystem partners: By joining an ecosystem of companies, research institutions, and tech providers focused on quantum technology, the trust company could share insights, research findings, and implementation strategies. Quantum consortia like the Quantum Flagship bring together companies, academia, and public institutions to advance quantum technologies.
7. Start small and scale: The trust company might first apply quantum computing to a small-scale problem, like optimising risk management for a group of clients. After evaluating the results and fine-tuning the approach, use of quantum solutions can be expanded. Companies like Terra Quantum, a Swiss quantum technology firm, offer quantum algorithms that can be tested on small-scale problems before scaling up.
8. Monitor and adapt: Trustees should stay informed about quantum computing developments and continually reassess their implications for the company's operations. The company should adjust their strategies and plans as necessary to ensure they are maximising the potential benefits of quantum technology. Sources such as the Quantum Computing Report provide updates on the latest developments in the quantum computing industry, helping the trustees stay informed and adapt its strategies as needed.
I believe that Quantum technologies will co-exist with the current technologies in use. So, a hybrid computing approach where quantum computers work in tandem with classical ones and not fully replace them.
Trustees should adapt their roadmap and strategies accordingly to stay ahead of the curve. By following it, they can effectively prepare for a quantum advantage and leverage the benefits of quantum technologies in their operations.
