Dr. Charles Lim, Global Director of Quantum and Cryptographic Communications, JP Morgan Chase
Licensed: JP Morgan Chase
JPMorgan Chase has hired a Singapore-based quantum computing expert as the bank’s global head of cryptographic and quantum communications, according to a memo obtained by CNBC.
Charles Liman assistant professor at the National University of Singapore, will focus on exploring next-generation computing technology in secure communications, according to a memo from Marco Pistoiawho runs the bank’s global technology application research group.
Lim is a “worldwide recognized leader” in the field communication network powered by quantum energyaccording to Pistoia.
Hired from IBM in early 2020, Pistoia built a team at JPMorgan focused on quantum computing and other fledgling technologies. Unlike today’s computers, which store information in the form of zeros or number one, quantum computers hinge about quantum physics. Instead of being binary, qubits can simultaneously be a combination of both 0 and 1, as well as any value in between.
Future technology, which includes keeping hardware at super-cool temperatures and is years away from commercial use, promises the ability to solve problems far beyond the reach of traditional computers. nowadays. Tech giants include Alphabet and IBM is race towards build a reliable quantum computer and financial company including JPMorgan and Passport are exploring possible uses for it.
“New horizons will become possible, things we didn’t think were possible before,” Pistoia told JPMorgan. podcast interview.
In the financial sector, machine learning algorithms will be improved to help detect fraud in transactions and other areas involving “severe complexity”, including portfolio optimization and option pricing, he said.
He added that drug development, battery materials science and other fields will be transformed by cutting-edge computer technology.
But if and when advanced computer technology becomes a reality, the cryptographic techniques that underpin the world’s financial and communication networks could be immediately rendered useless. That has spurred research into next-generation quantum-resistant communication networks, which is Lim’s area of expertise.
New forms of cryptography and secure messaging, Pistoia said in the podcast, are needed before quantum supremacy, or a time when quantum computers can perform calculations beyond the reach of traditional computers. system within any reasonable time frame.
That could happen by the end of the decade, he said.
The quantum advantage precedes that development, he said, and could happen as early as two or three years from now. At the time, the new computers were more powerful and accurate than today’s versions, but they were competitive.
Pistoia said in the podcast: “Even now quantum computers are not that powerful, we don’t have much time left. That’s because the bad guys are protecting private communications to try to decrypt it later when technology allows, he said.
Lim will “pursue both basic and applied research in quantum information, focusing on innovative digital solutions that enhance the security, efficiency and robustness of banking and financial services.” goods,” Pistoia said in the memo.
Lim is a recipient of a National Research Foundation Fellowship in Singapore and won the National Young Scientist Award in 2019 for his work in the field of quantum cryptography, Pistoia said.
Last year, Lim was asked to lead his country’s effort to create anti-quantum digital solutions, and he joined international efforts to standardize quantum security techniques. death, Pistoia added.