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2 global banks join IBM’s Q Network

JPMorgan Chase and Barclays have become charter members of a quantum computing network established by IBM, the IBM Q Network, which is a widely accessible, 20-qubit quantum computing system. IBM has been working on quantum computers and has in fact made them available for broad use. It has also developed an open-source platform for developing programs. JPMorgan said it is looking at using IBM’s quantum computing systems for trading, portfolio optimization, asset pricing and risk analysis, among other things. Barclays is investigating the potential uses for the financial industry. Banks are interested in using quantum computing for risk management. The banks want to find out if they can calculate risk and analyze portfolios at quantum speeds. Quantum computing could be useful in things like the mathematical algorithms banks use to calculate risk and price derivatives. It could also potentially help identify fraud faster.

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