Commonwealth Bank Invests $10 million in Quantum computer

The Centre for Quantum Computation and Communication Technology has received a $10 million investment by the Commonwealth Bank of Australia, altering the initial design of the computers for banking requirements.

The Centre for Quantum Computation and Communication Technology has received a $10 million investment by the Commonwealth Bank of Australia, altering the initial design of the computers for banking requirements.

Michelle Simmons, quantum physicist and head of the group building a quantum computer at the University of New South Wales, considers banking to be the sector that pioneers use of this technology.

According to the Australian Financial Review, Simmons said that her research group is working with people focussed on the long term use of the technology, with end users critical to the quality of the product. 

"They have changed our minds, and as consequence we are very open to working with them and understanding what they want; and mapping their problems to our quantum hardware is absolutely pivotal to our design [of the computers]," she said. 

Quantum computers enable complicated information to be processed faster, as all possible solutions are assessed at the same time. They will help with faster processing of data and identify potential risks.

Westpac Bank is also using this technology, with their investment in QuintessenceLabs a company that specialises in security technology. QuintessenceLabs has built a system that produces powerful encryption software, another major function of quantum computers.  

 Simmons believes that by 2025 a commercial use quantum computer will be built.