U.S. Banks Seeing Possibility of Quantum Computing Becoming Critical Technology – Is It the Right Direction?
The author of The World Keeps Growing Smaller: The Reinvention Of Finance, John Mason, argues that China is redefining the future of finance. He points out the follies of the several major U.S. banks. Quantum computing, he contends, is one of them. Mr. Mason states, “Quantum computing is currently not the answer for the US banking system.” Interesting read and take on this aspect of FinTech. The Qubit Report restates notes from the source article, below. We recommend taking a read of the entire work, as always. Because Quantum is Coming. Qubit.
The World Keeps Growing Smaller: The Reinvention Of Finance
+ Author’s Summary
- The world of finance has been changing, but the change taking place over the next decade will be even more dramatic.
- Check out what is happening in China, because some people are suggesting that the country “is completely redesigning finance.”
- And China is in a position to oversee the spread of this information to others, a possibility that could result in the Chinese challenging the US in world financial leadership.
[A] senior researcher at Goldman Sachs: “We think there’s a possibility this becomes a critical technology.”
And “Despite the challenges, advances in quantum hardware have persuaded the banks the time has come to leap.”
+ Commercial banks in the United States have been the biggest and most important banks in the world and have concentrated upon the more sophisticated areas of finance, rather than the basic payments systems that are the foundation of the whole financial system. And, although there have been efforts to advance the financial platforms of the American banks, it is somewhat ironic that several of the largest banks have moved toward quantum computers to “revolutionize activities like risk management and trading.”
+ The implication here is that United States banks will have to adjust to this payment system that China is spreading to the rest of the world. In other words, information spreads, and even though the spread of information may be constrained in certain parts of the world, it will expand in the areas where there are fewer constraints. This is the way it has always worked throughout history. Quantum computing is currently not the answer for the US banking system.
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