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Reaching the Singularity May be Humanity’s Greatest and Last Accomplishment – Air & Space Magazine

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airspacemag.com March 27, 2020

In a new paper published in The International Journal of Astrobiology, Joseph Gale from The Hebrew University of Jerusalem and co-authors make the point that recent advances in artificial intelligence (AI)particularly in pattern recognition and self-learningwill likely result in a paradigm shift in the search for extraterrestrial intelligent life.

While futurist Ray Kurzweil predicted 15 years ago that the singularitythe time when the abilities of a computer overtake the abilities of the human brainwill occur in about 2045, Gale and his co-authors believe this event may be much more imminent, especially with the advent of quantum computing. Its already been four years since the program AlphaGO, fortified with neural networks and learning modes, defeated Lee Sedol, the Go world champion. The strategy game StarCraft II may be the next to have a machine as reigning champion.

If we look at the calculating capacity of computers and compare it to the number of neurons in the human brain, the singularity could be reached as soon as the early 2020s. However, a human brain is wired differently than a computer, and that may be the reason why certain tasks that are simple for us are still quite challenging for todays AI. Also, the size of the brain or the number of neurons dont equate to intelligence. For example, whales and elephants have more than double the number of neurons in their brain, but are not more intelligent than humans.

The authors dont know when the singularity will come, but come it will. When this occurs, the end of the human race might very well be upon us, they say, citing a 2014 prediction by the late Stephen Hawking. According to Kurzweil, humans may then be fully replaced by AI, or by some hybrid of humans and machines.

What will this mean for astrobiology? Not much, if were searching only for microbial extraterrestrial life. But it might have a drastic impact on the search for extraterrestrial intelligent life (SETI). If other civilizations are similar to ours but older, we would expect that they already moved beyond the singularity. So they wouldnt necessarily be located on a planet in the so-called habitable zone. As the authors point out, such civilizations might prefer locations with little electronic noise in a dry and cold environment, perhaps in space, where they could use superconductivity for computing and quantum entanglement as a means of communication.

We are just beginning to understand quantum entanglement, and it is not yet clear whether it can be used to transfer information. If it can, however, that might explain the apparent lack of evidence for extraterrestrial intelligent civilizations. Why would they use primitive radio waves to send messages?

I think it also is still unclear whether there is something special enough about the human brains ability to process information that casts doubt on whether AI can surpass our abilities in all relevant areas, especially in achieving consciousness. Might there be something unique to biological brains after millions and millions of years of evolution that computers cannot achieve? If not, the authors are correct that reaching the singularity could be humanitys greatest and last advance.

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Reaching the Singularity May be Humanity's Greatest and Last Accomplishment - Air & Space Magazine

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Quantum Computing Market 2020 | Growing Rapidly with Significant CAGR, Leading Players, Innovative Trends and Expected Revenue by 2026 – Skyline…

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New Jersey, United States:The Quantum Computing Market is carefully researched in the report while largely concentrating on top players and their business tactics, geographical expansion, market segments, competitive landscape, manufacturing, and pricing and cost structures. Each section of the research study is specially prepared to explore key aspects of the Quantum Computing market. For instance, the market dynamics section digs deep into the drivers, restraints, trends, and opportunities of the Quantum Computing Market. With qualitative and quantitative analysis, we help you with thorough and comprehensive research on the Quantum Computing market. We have also focused on SWOT, PESTLE, and Porters Five Forces analyses of the Quantum Computing market.

Global Quantum Computing Market was valued at USD 89.35 million in 2016 and is projected to reach USD 948.82 million by 2025, growing at a CAGR of 30.02% from 2017 to 2025.

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The main players featured in the Quantum Computing market report are:

Leading players of the Quantum Computing market are analyzed taking into account their market share, recent developments, new product launches, partnerships, mergers or acquisitions, and markets served. We also provide an exhaustive analysis of their product portfolios to explore the products and applications they concentrate on when operating in the Quantum Computing market. Furthermore, the report offers two separate market forecasts one for the production side and another for the consumption side of the Quantum Computing market. It also provides useful recommendations for new as well as established players of the Quantum Computing market.

Quantum Computing Market by Regional Segments:

The chapter on regional segmentation describes the regional aspects of the Quantum Computing market. This chapter explains the regulatory framework that is expected to affect the entire market. It illuminates the political scenario of the market and anticipates its impact on the market for Quantum Computing.

Analysts who have authored the report have segmented the market for Quantum Computing by product, application and region. All segments are the subject of extensive research, with a focus on CAGR, market size, growth potential, market share and other important factors. The segment study provided in the report will help players focus on the lucrative areas of the Quantum Computing market. The regional analysis will help the actors to strengthen their position in the most important regional markets. It shows unused growth opportunities in regional markets and how they can be used in the forecast period.

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Highlights of TOC:

Overview: In addition to an overview of the Quantum Computing market, this section provides an overview of the report to give an idea of the type and content of the study.

Market dynamics: Here the authors of the report discussed in detail the main drivers, restrictions, challenges, trends and opportunities in the market for Quantum Computing.

Product Segments: This part of the report shows the growth of the market for various types of products sold by the largest companies.

Application segments: The analysts who have authored the report have thoroughly evaluated the market potential of the key applications and identified the future opportunities they should create in the Quantum Computing.

Geographic Segments: Each regional market is carefully examined to understand its current and future growth scenarios.

Company Profiles: The top players in the Quantum Computing market are detailed in the report based on their market share, served market, products, applications, regional growth and other factors.

The report also includes specific sections on production and consumption analysis, key results, key suggestions and recommendations, and other issues. Overall, it offers a complete analysis and research study of the Quantum Computing market to help players ensure strong growth in the coming years.

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Verified market research partners with the customer and offer an insight into strategic and growth analyzes; Data necessary to achieve corporate goals and objectives. Our core values are trust, integrity and authenticity for our customers.

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Tech reality check: business must move beyond the hype on digital technology – CBI

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CBI / Accenture research reveals that technology investment is shifting up a gear. Next on businesses investment horizon are technologies at the cutting edge of innovation: distributed ledger technology (DLT) like blockchain, artificial intelligence (AI), and quantum computing.

All three of these technologies have the potential to transform how we do business. AI in particular already is: the technology has been embedded by 33% of businesses, and is changing the game from sectors like law, where its improving how millions of documents are analysed, to the financial services, where its helping to combat increasingly sophisticated money laundering and fraud threats.

But cutting-edge tech isnt a universal answer. It can be hard to separate the hype from the reality and work out whether you would really benefit from familiar or emerging technologies. Whats more, successful technology adoption doesnt rely on just technology: it also requires factors like involving employees in innovation or understanding technology ethics, which can be a challenge.

Thats why the CBI has created an exclusive member guide, in partnership with Accenture. Based on the latest evidence and engagement with senior business leaders, we reveal where businesses are struggling to get the most out of their tech investments and the practical steps you can take to avoid common pitfalls.

The CBI is helping to drive change so that the UK can lead in emerging tech

To create a thriving ecosystem for key emerging technologies, CBI is calling for a pro-innovation regulatory environment that attracts companies to come to the UK, test new innovations here, and scale for long term success. The government must take a leading role to stimulate research and investment into new technologies like AI, quantum computing, and DLT, with a greater focus on horizon scanning.

The CBIs new practical guide will help your business move beyond the hype and get more from your technology

In partnership with Accenture, the CBIs exclusive member guide,Tech Reality Check, will help you understand:

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Tech reality check: business must move beyond the hype on digital technology - CBI

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Honeywell Claims to Have Built the "Most Powerful" Quantum Computer – Interesting Engineering

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Its release will be in mid-2020.

The race to build the best and the fastest quantum computer continues, but now it's not just Google AI and IBM who are running Honeywell has joined in too.

Entering in style, Honeywell made the bold statement that "By the middle of 2020, we're releasing the most powerful quantum computer yet."

SEE ALSO: IBM'S 53 QUBIT QUANTUM COMPUTER WILL BE AVAILABLE BY OCTOBER

Google AI and IBM have been in the race for a while now. Just last October Google claimed to have made it to "quantum supremacy" by creating a quantum computer that could solve a problem that would have taken the world's most powerful supercomputer 10,000 years to figure out.

Immediately after, IBM refuted Google's statement.

Perhaps it's now time for both Google and IBM to move aside and let a third contender join in on the fun. North Carolina-based multinational conglomerate, Honeywell, has claimed that their quantum computer has twice the power as the best quantum computer that currently exists.

It's an interesting statement to make given there isn't yet a universally accepted standard for the power of a quantum computer.

Honeywell's quantum computer is supposedly extremely stable, and instead of depending on faster superconducting chips like Google AI and IBM use, Honeywell's computer uses ion traps instead. This technology enables individual ions to be held in place using electromagnetic fields and moves around thanks to laser pulses.

It's these ion traps that Honeywell claims will make its quantum computer far more scaleable.

We're yet to see a commercially available quantum computer, however, these technologies hold the real potential to revolutionize computing by being able to solve unbelievably long and complicated numerical problems simultaneously by using qubits instead of bits.

After Honeywell's rather large claim, the company has yet to reveal the computer but as they stated, we'll just have to wait until the middle of 2020.

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Honeywell Claims to Have Built the "Most Powerful" Quantum Computer - Interesting Engineering

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Inside the race to build the best quantum computer on Earth – Economic Times

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Auto Network, localisation, pricing keep Maruti unchallenged. Amid slowdown, rivals sit on the fence.

Competitors are monitoring the Toyota-Suzuki integration and are hoping for a slowdown in decision making. But a sluggish Indian market isnt attractive enough for them to put in money and effort to snatch Marutis market share. Indias largest carmaker, however, faces profitability hurdles, among other challenges. Last of a two-part series.

Startups such as WorkIndia, Betterplace, Awign, and Utter have ushered in the digital age for blue-collar job search. Today, millions of such workers are using the apps of these companies to find jobs, pick up skills, and run gigs. However, the segment largely remains a niche for impact investors, with mainstream VCs still watching from the sidelines.

RBIs proposed write-down of Yes Banks perpetual bonds has grave implications for Indias ailing financial system. The country cant be seen as indifferent to creditor obligations. It couldnt have come at a worse time just when India is making efforts to quickly expand its small bond market and tap international debt markets through a larger presence in global bond indices.

The deadly coronavirus has taken a toll on the global economy, with the Indian stock market also becoming a casualty. While the NSEs benchmark index, Nifty, is down by 7% over the last one month, the Quality Index has largely held steady. And investors, who paid high valuations for these stocks, are relatively unhurt.

Though zero-alcohol beer has grown immensely popular in the country within a short span, cola giants dismiss the segment as too tiny to worry about. But attractive pricing and rapidly shifting consumer preferences give the beer zero category a clear edge. Hence, industry participants believe it can create a dent in the market share of cola giants.

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Inside the race to build the best quantum computer on Earth - Economic Times

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IDC Survey Finds Optimism That Quantum Computing Will Result in Competitive Advantage – HPCwire

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FRAMINGHAM, Mass., March 11, 2019 A recent International Data Corporation (IDC) survey of IT and business personnel responsible for quantum computing adoption found that improved AI capabilities, accelerated business intelligence, and increased productivity and efficiency were the top expectations of organizations currently investing in cloud-based quantum computing technologies.

Initial survey findings indicate that while cloud-based quantum computing is a young market, and allocated funds for quantum computing initiatives are limited (0-2% of IT budgets), end-users are optimistic that early investment will result in a competitive advantage. The manufacturing, financial services, and security industries are currently leading the way by experimenting with more potential use cases, developing advanced prototypes, and being further along in their implementation status.

Complex technology, skillset limitations, lack of available resources, and cost deter some organizations from investing in quantum computing technology. These factors, combined with a large interdisciplinary interest, has forced quantum computing vendors to develop quantum computing technology that addresses multiple end-user needs and skill levels. The result has led to increased availability of cloud-based quantum computing technology that is more easily accessible and user friendly for new end users. Currently, the preferred types of quantum computing technologies employed across industries include quantum algorithms, cloud-based quantum computing, quantum networks, and hybrid quantum computing.

Quantum computing is the future industry and infrastructure disruptor for organizations looking to use large amounts of data, artificial intelligence, and machine learning to accelerate real-time business intelligence and innovate product development. Many organizations from many industries are already experimenting with its potential, saidHeather West, senior research analyst, Infrastructure Systems, Platforms, and Technology at IDC. IDCs quantum computing survey provides insight into the demand-side of cloud-based quantum computing, including preferred technologies and end-user investment and implementation strategies. These insights should guide the product and service offerings being developed by quantum computing vendors, independent software vendors, and industry partners.

The IDC Special Study,Quantum Computing Adoption Trends: 2020 Survey Findings(IDC #US46049620), provides insights into near-term cloud-based quantum computing investment sentiments as well as end user cloud-based quantum computing adoption trends that will shape the future of the quantum computing industry. The study reports on findings from IDCs 2020 Quantum Computing End-User Perception and Adoption Trends Survey, which gathered insights from a multitude of sources, including surveys of 520 IT and business users worldwide and in-depth interviews with current quantum computing end-users.

The special study is part of IDCs Quantum Computing Special Report series, which also includes end-user insights from study of 2,700 European organizations, and secondary research focusing on quantum computing use cases. Additional findings can be found in the following IDC reports:The Rise of Quantum Computing: A Qualitative Perspective(IDC #US45652919),European Quantum Computing End-User Sentiment: In Search of Business Impact(IDC #EUR146014220) andEuropean Quantum Computing Use Cases Handbook, 2020(IDC #EUR146014420).

About IDC

International Data Corporation (IDC) is a provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDCs analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the worlds leading tech media, data and marketing services company. To learn more about IDC, please visitwww.idc.com. Follow IDC on Twitter at@IDCandLinkedIn. Subscribe to the IDC Blog for industry news and insights:http://bit.ly/IDCBlog_Subscribe.

Source: International Data Corporation

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Army Project Touts New Error Correction Method That May be Key Step Toward Quantum Computing – HPCwire

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RESEARCH TRIANGLE PARK, N.C., March 12, 2020 An Army project devised a novel approach for quantum error correction that could provide a key step toward practical quantum computers, sensors and distributed quantum information that would enable the military to potentially solve previously intractable problems or deploy sensors with higher magnetic and electric field sensitivities.

The approach, developed by researchers at Massachusetts Institute of Technology with Army funding, could mitigate certain types of the random fluctuations, or noise, that are a longstanding barrier to quantum computing. These random fluctuations can eradicate the data stored in such devices.

The Army-funded research, published in Physical Review Letters, involves identifying the kinds of noise that are the most likely, rather than casting a broad net to try to catch all possible sources of disturbance.

The team learned that we can reduce the overhead for certain types of error correction on small scale quantum systems, said Dr. Sara Gamble, program manager for the Army Research Office, an element of U.S. Army Combat Capabilities Development Commands Army Research Laboratory. This has the potential to enable increased capabilities in targeted quantum information science applications for the DOD.

The specific quantum system the research team is working with consists of carbon nuclei near a particular kind of defect in a diamond crystal called a nitrogen vacancy center. These defects behave like single, isolated electrons, and their presence enables the control of the nearby carbon nuclei.

But the team found that the overwhelming majority of the noise affecting these nuclei came from one single source: random fluctuations in the nearby defects themselves. This noise source can be accurately modeled, and suppressing its effects could have a major impact, as other sources of noise are relatively insignificant.

The team determined that the noise comes from one central defect, or one central electron that has a tendency to hop around at random. It jitters. That jitter, in turn, is felt by all those nearby nuclei, in a predictable way that can be corrected. The ability to apply this targeted correction in a successful way is the central breakthrough of this research.

The work so far is theoretical, but the team is actively working on a lab demonstration of this principle in action.

If the demonstration works as expected, this research could make up an important component of near and far term future quantum-based technologies of various kinds, including quantum computers and sensors.

ARL is pursuing research in silicon vacancy quantum systems which share similarities with the nitrogen vacancy center quantum systems considered by the MIT team. While silicon vacancy and nitrogen vacancy centers have different optical properties and many basic research questions are open regarding which type(s) of application each may be ultimately best suited for, the error correction approach developed here has potential to impact both types of systems and as a result accelerate progress at the lab.

About U.S. Army CCDC Army Research Laboratory

CCDC Army Research Laboratory is an element of the U.S. Army Combat Capabilities Development Command. As the Armys corporate research laboratory, ARL discovers, innovates and transitions science and technology to ensure dominant strategic land power. Through collaboration across the commands core technical competencies, CCDC leads in the discovery, development and delivery of the technology-based capabilities required to make Soldiers more lethal to win the nations wars and come home safely. CCDC is a major subordinate command of the U.S. Army Futures Command.

Source: U.S. Army CCDC Army Research Laboratory Public Affairs

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Top AI Announcements Of The Week: TensorFlow Quantum And More – Analytics India Magazine

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AI is one of the most happening domains in the world right now. It would take a lifetime to skim through all the machine learning research papers released till date. As the AI keeps itself in the news through new releases of frameworks, regulations and breakthroughs, we can only hope to get the best of the lot.

So, here we have a compiled a list of top exciting AI announcements released over the past one week:

Late last year, Google locked horns with IBM in their race for quantum supremacy. Though the news has been around how good their quantum computers are, not much has been said about the implementation. Today, Google brings two of their most powerful frameworks Tensorflow and CIRQ together and releases TensorFlow Quantum, an open-source library for the rapid prototyping of quantum ML models.

Google AI team has joined hands with the University of Waterloo, X, and Volkswagen, announced the release of TensorFlow Quantum (TFQ).

TFQ is designed to provide the developers with the tools necessary for assisting the quantum computing and machine learning research communities to control and model quantum systems.

The team at Google have also released a TFQ white paper with a review of quantum applications. And, each example can be run in-browser via Colab from this research repository.

A key feature of TensorFlow Quantum is the ability to simultaneously train and execute many quantum circuits. This is achieved by TensorFlows ability to parallelise computation across a cluster of computers, and the ability to simulate relatively large quantum circuits on multi-core computers.

Also Read Making A Case For Machine Learning Compilers With MLIR

As the devastating news of COVID-19 keeps rising at an alarming rate, the AI researchers have given something to smile about. DeepMind, one of the premier AI research labs in the world, announced last week, that they are releasing structure predictions of several proteins that can promote research into the ongoing research around COVID-19. They have used the latest version of AlphaFold system to find these structures. AlphaFold is one of the biggest innovations to have come from the labs of DeepMind, and after a couple of years, it is exhilarating to see its application in something very critical.

As the pursuit to achieve human-level intelligence in machines fortifies, language modeling will keep on surfacing till the very end. One, human language is innately sophisticated, and two, training language models from scratch is exhaustive.

The last couple of years has witnessed a flurry of mega releases from the likes of NVIDIA, Microsoft and especially Google. As BERT topped the charts through many of its variants, Google now announces ELECTRA.

ELECTRA has the benefits of BERT but more efficient learning. They also claim that this novel pre-training method outperforms existing techniques given the same compute budget.

The gains are particularly strong for small models; for example, a model trained on one GPU for four days outperformed GPT (trained using 30x more compute) on the GLUE natural language understanding benchmark.

China has been the worst-hit nation of all the COVID-19 victims. However, two of the biggest AI breakthroughs have come from the Chinese soil. Last month, Baidu announced how its toolkit brings down the prediction time. Last week, another Chinese giant, Alibaba announced that its new AI system has an accuracy of 96% in detecting the coronavirus from the CT scan of the patients. Alibabas founder Jack Ma has fueled the vaccine development efforts of his team with a $2.15 M donation.

Also Read Adobe Applies Real-Time Layered Approach To Customer Journey Analytics

Facebook AI has released its in-house feature of converting a two-dimensional photo into a video byte that gives the feel of having a more realistic view of the object in the picture. This system infers the 3D structure of any image, whether it is a new shot just taken on an Android or iOS device with a standard single camera, or a decades-old image recently uploaded to a phone or laptop.

The feature has been only available on high-end phones through the dual-lens portrait mode. But, now it will be available on every mobile device even with a single, rear-facing camera. To bring this new visual format to more people, the researchers at Facebook used state-of-the-art ML techniques to produce 3D photos from virtually any standard 2D picture.

One significant implication of this feature can be an improved understanding of 3D scenes that can help robots navigate and interact with the physical world.

As the whole world focused on the race to quantum supremacy between Google and IBM, Honeywell silently has been building, as it claims, the most powerful quantum computer yet. And, it plans to release this by the middle of 2020.

Thanks to a breakthrough in technology, were on track to release a quantum computer with a quantum volume of at least 64, twice that of the next alternative in the industry. There are a number of industries that will be profoundly impacted by the advancement and ultimate application of at-scale quantum computing, said Tony Uttley, President of Honeywell Quantum Solutions in the official press release.

Also Read Artificial Intelligence Is Writing The Next Game Of Thrones Book, And It May Just Have Proved Some Long-Held Fan Theories

The outbreak of COVID-19 has created a panic globally and rightfully so. Many flagship conferences have been either cancelled or have been moved to a virtual environment.

Nvidias flagship GPU Technology Conference (GTC), which was supposed to take place in San Francisco in the last week of March was cancelled due to fears of the COVID-19 coronavirus.

Whereas, Google Cloud also has cancelled its upcoming event, Google Cloud Next 20, which was slated to take place on April 6-8 at the Moscone Center in San Francisco. Due to the growing concern around the coronavirus (COVID-19), and in alignment with the best practices laid out by the CDC, WHO and other relevant entities, Google Cloud has decided to reimagine Google Cloud Next 20, the company stated on its website.

One of the popular conferences for ML researchers, ICLR2020 too, has announced that they are cancelling its physical conference this year due to growing concerns about COVID-19. They are shifting this event to a fully virtual conference.

ICLR authorities also issued a statement saying that all accepted papers at the virtual conference will be presented using a pre-recorded video.

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NIST Works on the Industries of the Future in Buildings from the Past – Nextgov

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The presidents budget request for fiscal 2021 proposed $738 million to fund the National Institutes of Science and Technology, a dramatic reduction from the more than $1 billion in enacted funds allocated for the agency this fiscal year.

The House Science, Space and Technology Committees Research and Technology Subcommittee on Wednesday held a hearing to hone in on NISTs reauthorizationbut instead of focusing on relevant budget considerations, lawmakers had other plans.

We're disappointed by the president's destructive budget request, which proposes over a 30% cut to NIST programs, Subcommittee Chairwoman Rep. Haley Stevens, D-Mich., said at the top of the hearing. But today, I don't want to dwell on a proposal that we know Congress is going to reject ... today I would like this committee to focus on improving NIST and getting the agency the tools it needs to do better, to do its job.

Per Stevens suggestion, Under Secretary of Commerce for Standards and Technology and NIST Director Walter Copan reflected on some of the agencys dire needs and offered updates and his view on a range of its ongoing programs and efforts.

NISTs Facilities Are in Bad Shape

President Trumps budget proposal for fiscal 2021 requests only $60 million in funds for facility construction, which is down from the $118 million enacted for fiscal 2020 and comes at a time when the agencys workspaces need upgrades.

Indeed the condition of NIST facilities are challenging, Copan explained. Over 55% of NIST's facilities are considered in poor to critical condition per [Commerce Department] standards, and so it does provide some significant challenges for us.

Some of the agencys decades-old facilities and infrastructures are deteriorating and Copan added that hed recently heard NISTs deferred maintenance backlog has hit more than $775 million. If the lawmakers or public venture out to visit some of the agencys facilities, you'll see the good, the bad, and the embarrassingly bad, he said. Those conditions are a testament to the resilience and the commitment of NISTs people, that they can work in sometimes challenging, outdated environments, Copan said.

The director noted that there have already been some creative solutions proposed to address the issue, including the development of a federal capital revolving fund. The agency is also looking creatively at the combination of maintenance with lease options for some of its facilities, in hopes that it can then move more rapidly by having its officials cycle out of laboratories to launch rebuilding and renovation processes.

It's one of my top priorities as the NIST director to have our NIST people work in 21st-century facilities that we can be proud of and that enable the important work of NIST for the nation, Copan said.

Advancing Efforts in Artificial Intelligence and Quantum Computing

The presidents budget request placed a sharp focus on industries of the future, which will be powered by many emerging technologies, and particularly quantum computing and AI.

During the hearing and in his written testimony, Copan highlighted some of NISTs work in both areas. The agency has helped shape an entire generation of quantum science, over the last century, and a significant portion of quantum scientists from around the globe have trained at the agencys facilities. Some of NISTs more recent quantum achievements include supporting the development of a quantum logic clock and helping steer advancements in quantum simulation. Following a recent mandate from the Trump administration, the agency is also in the midst of instituting the Quantum Economic Development Consortium, or QEDC, which aims to advance industry collaboration to expand the nations leadership in quantum research and development.

Looking forward, over the coming years NIST will focus a portion of its quantum research portfolio on the grand challenge of quantum networking, Copans written testimony said. Serving as the basis for secure and highly efficient quantum information transmission that links together multiple quantum devices and sensors, quantum networks will be a key element in the long-term evolution of quantum technologies.

Though there were cuts across many areas, the presidents budget request also proposed a doubling of NISTs funding in artificial intelligence and Copan said the technology is already broadly applied across all of the agencys laboratories to help improve productivity.

Going forward and with increased funding, he laid out some of the agencys top priorities, noting that there's much work to be done in developing tools to provide insights into artificial intelligence programs, and there is also important work to be done in standardization, so that the United States can lead the world in the application of [AI] in a trustworthy and ethical manner.

Standardization to Help the U.S. Lead in 5G

Rep. Frank Lucas, R-Okla., asked Copan to weigh in on the moves China is making across the fifth-generation wireless technology landscape, and the moves the U.S. needs to make to leadnot just competein that specific area.

We have entered in the United States, as we know, a hyper-competitive environment with China as a lead in activities related to standardization, Copan responded.

The director said that officials see, in some ways, that the standardization process has been weaponized, where the free market economy that is represented by the United States, now needs to lead in more effective coordination internally and incentivize industry to participate in the standards process. Though U.S. officials have already seen those rules of fair play bent or indeed broken by other players, NIST and others need to help improve information sharing across American standards-focused stakeholders, which could, in turn, accelerate adoption around the emerging technology.

We want the best technologies in the world to win and we want the United States to continue to be the leader in not only delivering those technologies, but securing the intellectual properties behind them and translating those into market value, he said.

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Deltec Bank, Bahamas Quantum Computing Will have Positive Impacts on Portfolio Optimization, Risk Analysis, Asset Pricing, and Trading Strategies -…

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Quantum computing is expected to be the new technology, fully integrated with the financial sector within five to ten years. This form of computer, also known as supercomputers, are capable of highly advanced processing power that takes in massive amounts of data to solve a problem in a fraction of the time it would for the best traditional computer on the market to resolve.

Traditional Computer vs. Quantum Computing

A typical computer today stores information in the form of bits. These are represented in the binary language (0s and 1s). In quantum computing, the bits are known as Qubits and will take on the processing of similar input but rather than break it down to 0s and 1s will break the data down significantly greater where the possibilities of computational speed can be almost immeasurable.

Quantum Computing in Banking

Lets examine personal encryption in banking for example. Using a security format called RSA-2048, traditional computers would be able to decrypt the security algorithm in about 1,034 steps. With our best computers on the market, even with a processor capable of performing a trillion calculations per second, these steps translate to 317 billion years to break the secure code. While it is possible, it is not practical for a cyber-criminal to make it worthwhile.

A quantum computer, on the other hand, would be able to resolve this problem in about 107 steps. With a basic quantum computer running at one million calculations per second, this translates to ten seconds to resolve the problem.

While this example centered on breaking complex security, many other use cases can emerge from the use of quantum computing.

Trade Transaction Settlements

Barclays bank researchers have been working on a proof of concept regarding the transaction settlement process. As settlements can only be worked on a transaction-by-transaction basis, they can easily queue up only to be released in batches. When a processing window opens, as many trades as possible are settled.

Complex by their very nature, Traders can end up tapping into funds prior to the transaction being cleared. They will only be settled if the funds are available or if a collateral credit facility was arranged.

As you could probably handle a small number of trades in your head, you would need to rely on a computer after about 10-20 transactions. The same can be described for our current computational power in that it is now nearing the point where it will need more and more time to resolve hundreds of trades at a time.

With quantum computing using a seven-qubit system, it would be able to run a greater amount of complex trades in the same time it would for a traditional system to complete the trades. It would take the equivalent of about two hundred traditional computers to match the speed.

Simulating a Future Product Valuation

Researchers at JP Morgan were working on a concept that simulates the future value of a financial product. The team is testing quantum computers to perform complex intensive pricing calculations that normally take traditional computer hours to complete. This is a problem as each year greater complexity is added via newer algorithms, getting to the point where it is nearing an impossibility to calculate in a practical sense.

The research team has discovered that using quantum computing resulted in finding a resolution to the problem in mere seconds.

Final Thoughts

Banks are working on successful tests today with quantum computing to resolve extreme resource-intensive calculations for financial problem scenarios. Everything from trading, fraud, AML, etc. this is a technology not to be overlooked.

According toDeltec Bank, Bahamas - Quantum Computing will have positive impacts on portfolio optimization, risk analysis, asset pricing, and trading strategies is just the tip of the iceberg of what this technology could provide.

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 Contact Company Name: Deltec International Group Contact Person: Media Manager Email: Send Email Phone: 242 302 4100 Country: Bahamas Website: https://www.deltecbank.com/

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Deltec Bank, Bahamas Quantum Computing Will have Positive Impacts on Portfolio Optimization, Risk Analysis, Asset Pricing, and Trading Strategies -...

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March 15th, 2020 at 3:47 am

Posted in Quantum Computing


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