LEMONT, Ill.--(BUSINESS WIRE)--JPMorgan Chase, one of the most established financial institutions in the world and the largest bank in the United States, has become a member of the Q-NEXT quantum research center.
Q-NEXT is a U.S. Department of Energy (DOE) National Quantum Information Science Research Center led by DOE’s Argonne National Laboratory. With the addition of JPMorgan Chase, the Q-NEXT collaboration now comprises 27 institutional partners: 14 companies, 10 universities and three DOE national labs.
JPMorgan Chase will collaborate with Q-NEXT to advance the use of quantum technologies for fundamental algorithms and advance the state of quantum information research. Additionally, the firm is interested in engaging with community members to build algorithms specific to financial use cases for future impact and application.
“JPMorgan Chase’s research team is thrilled to be joining Q-NEXT to foster new research collaborations, engage with quantum experts across top research institutions in the industry and academia, and continue to uplift the national quantum information science community,” said Marco Pistoia, managing director and head of quantum research at JPMorgan Chase.
In 2020, JPMorgan Chase opened its Applied Research Lab to design and conduct research across multiple frontier technologies, enable novel discoveries and inventions, and inform and develop next-generation solutions for clients and businesses. Among many research areas, the program is focused on advancements across quantum computing and quantum communications. The program includes research in the area of quantum key distribution, a method in which two parties share a secret key to decode encrypted quantum information.
Quantum-based technologies promise to revolutionize how we manage and exchange information. Quantum computers could transform the finance industry by providing more accurate predictions of financial systems. Quantum networks are expected to be tamperproof, ensuring safe financial transactions.
“We could not be more pleased that JPMorgan Chase, one of the world’s most esteemed financial firms, is now a member of Q-NEXT. Their growing engagement with quantum research is testament to the importance of the field for emerging applications such as financial and information security,” said Q-NEXT Director David Awschalom, who is also an Argonne senior scientist, the Liew Family Professor in molecular engineering and physics at the University of Chicago, and director of the Chicago Quantum Exchange.
