IonQ and Loyalty Center for Applied Technologies Announce Development of Scalable Quantum State Preparation for Monte Carlo Algorithms
- IonQ and Fidelity Center for Applied Technologies scientists describe the new design as a critical first step in applying quantum computing to the Monte Carlo method.
- The scientists involved in the project say the technique is scalable and has been demonstrated on IonQ hardware up to 20 qubits.
- Critical Quote: “In finance, precision and speed can mean the difference between a win or a loss. We believe this technique can give financial institutions the tools they need to integrate quantum into their workflows and explore new ways to inform portfolio engineering, retirement planning, and risk management in even the most complex scenarios.” —Peter Chapman, CEO, IonQ
PRESS RELEASE — IonQ (NYSE: IONQ), the industry leader in quantum computing, partners with Fidelity Center for Applied Technologies (FCAT), today announced an efficient and reliable design as an important first step in applying quantum computing to Monte Carlo methods. The first-of-its-kind state preparation technique is scalable and has been demonstrated on IonQ hardware up to 20 qubits. Such accomplishments may not only benefit financial institutions in tasks such as portfolio management, but also other industries including science and engineering, where Monte Carlo algorithms are used.
A research paper outlining the newly available techniques Here to see.
State preparation is an important component of many quantum algorithms and is fundamental in accelerating Monte Carlo methods, which use randomness to simulate the outcomes of complex problems. Financial institutions use Monte Carlo algorithms to understand the relationship between outcomes and multiple variables in complex systems, but their accuracy is often limited by the length of time it takes to run the same algorithm repeatedly with different variable values. IonQ and FCAT believe that when run on large, accurate quantum computers, this state preparation technique will help the institution achieve faster results.
“The Fidelity Center for Applied Technology team were early believers in the power of quantum to reshape the financial field, and we are pleased to announce the development of a first-of-a-kind state preparation technique with them,” said Peter Chapman, CEO, IonQ. “In finance, precision and speed can mean the difference between profit and loss. We believe this technique can give financial institutions the tools they need to integrate quantum into their workflows and explore new ways to inform portfolio engineering, retirement planning, and risk management in even the most complex scenarios.”
Today’s announcement is an extension of IonQ project with the FCAT® teamwhere both groups issue a paper describes how certain generative quantum machine learning algorithms can provide advantages over their classical counterparts. Additional information about IonQ’s work with FCAT will be presented at American Physical Society (APS) Annual Meeting 2023taking place March 5-10, 2023, in Las Vegas, Nevada.
“The Monte Carlo protocol is an integral component of financial planning, because it helps us understand how multiple correlated variables interact with each other when one element is changed,” said Adam Schouela, Head of Emerging Technologies, Fidelity Center for Applied Technology. “However, current state preparation techniques are either theoretical or have some kind of drawback when scaling. Today, we are proud to announce with IonQ a state-of-the-art algorithm that we believe can scale and run on NISQ hardware.”
Today’s announcement follows the recent news that IonQ has acquired a quantum software compiler Entangled Network, with the goal of building large-scale quantum computers by enabling computing across multiple distributed quantum processors. Additionally, in 2022 IonQ signed a multi-million dollar contract with US Air Force Research Laboratoryas well as partnerships with companies such as Dell Technologies, Hyundai Motor, AirbusAnd GE Research, among others. For more information, visit investor.ionq.com/news.