NEASQC, a Quantum Computing Project, Aims to Create Financial Use Cases with a “Practical” Quantum Advantage

The NExt ApplicationS of Quantum Computing (NEASQC) initiative aims to bring together a multidisciplinary consortium of academic and tech industry professionals focused on quantum computing, high-performance computing, artificial intelligence (AI), energy management, and various other sectors.

As mentioned in a release:

“NEASQC aims to demonstrate that, though the millions of qubits that will guarantee fully fault-tolerant quantum computing are still far away, there are practical use cases for the NISQ (Noisy Intermediate- Scale Quantum) devices that will be available in the near future. NISQ computing can deliver significant advantages when running certain applications, thus bringing game-changing benefits to users, and particularly industrial users.”

The NEASQC consortium has selected 9 NISQ-compatible industrial and financial use-cases. The organization confirmed that it would implement new quantum software techniques in order to provide solutions to those use-cases with “a practical quantum advantage.”

NEASQC also plans to develop a bridge between Quantum Computing hardware activities and the end-user community. They expect that their solutions will offer “strong directions” for the development of NISQ machines, which could potentially be really valuable to the emerging quantum industry.

Cyril Allouche, Fellow, VP, Head of the Atos Quantum R&D Program at Atos, and coordinator of the NEASQC project, stated:

“The ultimate ambition of NEASQC is to encourage European user communities to investigate NISQ quantum computing. For this purpose, the project consortium will define and make available a complete and common toolset that new industrial actors can use to start their own practical investigation and share their results.” 

NEASQC objectives also include creating financial use cases with “a practical quantum advantage for NISQ machines.” The organization aims to create open-source NISQ programming libraries for various industrial use cases as well.

As reported recently, the team at Quantum Resistant Ledger, which claims to be the “first-of-its-kind,” post-quantum value store and “decentralized” communication layer that’s proactively tackling the threat from quantum computers, has performed several proof of stake updates. They say that  “massive advances” were recently made in quantum computing.

As covered in September 2020, a quantum computer developed by Chinese physicists nay achieve quantum supremacy one million times greater than Sycamore from Google.

As reported in August 2020, major South Korean Daegu Bank and SK Telecom, the nation’s largest wireless carrier, are working on 5G enabled quantum cryptography technology. Also in August, Spanish financial giant BBVA confirmed that it continues to work on quantum computing data projects.

In July 2020, the BBVA had shared the results of its quantum computing tech proof of concepts for improving currency aribtrage and porfolio management,

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