BANKING
Quantum banking is , perhaps , one of the least championed trends within financial services today – yet it still has the potential to have a significant impact on the financial system .
It revolves around quantum computing and blockchain to build a faster payments mechanism that is also cheaper to operate , because it removes the so-called middlemen who have often been needed in traditional peer-to-peer payments .
What is quantum computing and how does it work ? Suhail Bin Tarraf , Group Chief Operations Officer at First Abu Dhabi Bank , says : “ Computers today use bits to run operations , however a quantum computer uses qubits to perform multidimensional algorithms in real time . Just like classical bits , a quantum bit must have two separate states : one representing 0 and one representing 1 .
“ However , a quantum bit can also exist in states of superposition , be subjected to incompatible measurements , and be intertwined with other quantum bits – creating a multitude of unique combinations . The recent developments in harnessing these unique traits makes qubits much more powerful than classical bits .”
Duke Munoz , Sales Representative at TechEniac , continues : “ In quantum computing , 0 and 1 can coexist , or even intertwine , leading to a multitude of calculations even with the same input .
“ This revolutionary technology has enabled a more secure , efficient , and counterfeit-resistant financial system , making it a promising development in the world of finance .”
Indeed , so promising is it that MarketsandMarkets forecasts the global quantum computing market to reach
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