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JPMorgan hires scientist Charles Lim to greatly help protect economic climate from quantum-supremacy threat

Dr. Charles Lim, Global Head of Quantum Communications and Cryptography, JP Morgan Chase

Courtesy: JP Morgan Chase

JPMorgan Chase has hired a Singapore-based quantum-computing expert to function as bank’s global head for quantum communications and cryptography, in accordance with a memo obtained by CNBC.

Charles Lim, an assistant professor at the National University of Singapore, will undoubtedly be centered on exploring next generation computing technology in secure communications, based on the memo from Marco Pistoia, who runs the bank’s global technology applied research group.

Lim is really a “recognized worldwide leader” in your community of quantum-powered communications networks, in accordance with Pistoia.

Hired from IBM in early 2020, Pistoia has generated a team at JPMorgan centered on quantum computing along with other nascent technologies. Unlike today’s computers, which store information as either zeros or ones, quantum computing hinges on quantum physics. Rather than being binary, qubits can simultaneously be considered a mix of both zero and something, along with any value among.

‘New horizons’

The futuristic technology, that involves keeping hardware at super-cold temperatures and is years from commercial use, promises the opportunity to solve problems far beyond the reach of today’s traditional computers. Technology giants including Alphabet and IBM are racing toward creating a reliable quantum computer, and financial firms including JPMorgan and Visa are exploring possible uses for this.

“New horizons are likely to become possible, things we didn’t think will be possible before,” Pistoia said in a JPMorgan podcast interview.

In finance, machine-learning algorithms will improve to greatly help fraud detection on transactions along with other areas that involve “prohibitive complexity,” including portfolio optimization and options pricing, he said.

Drug development, materials science for batteries along with other areas will undoubtedly be transformed by the dramatically advanced computing, he added.

But if so when the advanced computing technology becomes real, the encryption techniques that underpin the world’s communications and financial networks could immediately be rendered useless. Which has spurred the analysis of next generation quantum-resistant communication networks, that is Lim’s specialization.

Quantum supremacy

New types of cryptography and secure messaging are essential before quantum supremacy, or the idea when quantum computers can perform calculations beyond the scope of traditional computers in virtually any reasonable timeframe, Pistoia said through the podcast.

Which could happen by the finish of the decade, he said.

The quantum advantage precedes that development and may happen the moment several years from now, he said. At that time the brand new computers tend to be more powerful and accurate than today’s versions however they are competitive.

“Nonetheless that quantum computers aren’t yet that powerful, we don’t possess so enough time left,” Pistoia said in the podcast. That’s because bad actors already are preserving private communications to try and decrypt it later once the technology permits it, he said.

Lim will “pursue both foundational and applied research in quantum information, concentrating on innovative digital solutions that may improve the security, efficiency, and robustness of financial and banking services,” Pistoia said in the memo.

Lim is really a recipient of the National Research Foundation Fellowship in Singapore and won the National Young Scientist Award in 2019 for his work in quantum cryptography, said Pistoia.

This past year, Lim was asked to lead his country’s effort to generate quantum-resistant digital solutions, and he’s got been involved with international efforts to standardize quantum-security techniques, Pistoia added.

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