Jun 2, 2016

Behind the Commonwealth Bank’s investment in quantum computing

Posted by in categories: business, computing, finance, government, quantum physics

Excellent story; glad that this bank in Australia is getting prepared for Quantum now instead of later which will be too late for some. Good news is that Wall Street as well as the US Government are getting educated on Quantum Computing. I do hope more and more businesses and institutions start developing their own internal QC expertise so that they are prepared for the switch that is coming across all industries.

The Commonwealth Bank’s decision to contribute millions of dollars to quantum computing research is not just about the significant commercial potential of the technology itself but also about developing its own in-house expertise in the area, according to chief information officer David Whiteing.

The bank last year committed to contributing $10 million over five years to UNSW’s Centre for Quantum Computation and Communication Technology (CQC2T). That was in addition to $5 million it announced in December 2014 that it would put towards the centre.

(Telstra last year announced it would also invest $10 million in the centre. The government’s $1.1b Innovation Agenda included $26 million for UNSW’s quantum computing research efforts.)

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