CAMBRIDGE, United Kingdom, May 27, 2021 / PRNewswire / – Cambridge Quantum Computing (CQC) today announced the discovery of a new algorithm that accelerates quantum Monte Carlo integration – shorten the time of quantum advantage and confirm the critical importance of quantum computing for the financial sector in particular.
Monte Carlo integration – the process of numerically estimating the mean of a probability distribution by averaging samples – is used in financial risk analysis, drug development, supply chain logistics and in other commercial and scientific applications, but often requires many hours of continuous computing by current systems to complete. It is a critical aspect of the computer machinery that underlies the modern world.
CQC solved the problem with an algorithm detailed in a published preprint of an article by a principal investigator, Steven herbert, showing how the historical challenges are eliminated, and the full quadratic quantum advantage is obtained.
The article published on the arXiv pre-print repository is available here.
“This new algorithm is a historic breakthrough that expands the quantum Monte Carlo integration and will have applications both during and beyond the NISQ era, “said Herbert.” We are now able to achieve what was previously only theoretical quantum acceleration. This is something that none of the existing quantum Monte Carlo integration algorithms (QMCI) can do without a significant overhead which makes current methods unusable. “
Ilyas Khan, CEO of Cambridge Quantum Computing, “This is an impressive breakthrough from scientists at CQC that will be invaluable to the financial sector as well as to many other industries and is just the latest d ‘an ongoing series of innovations that confirm our world leading position in quantum computing. ”
About Cambridge Quantum Computing
Founded in 2014 and backed by some of the world’s largest quantum computing companies, CQC is a global leader in quantum software and quantum algorithms, enabling customers to get the most out of rapidly evolving quantum computing hardware. CQC has offices in the UK, United States, and Japan. For more information, visit the CQC at http://www.cambridgequantum.com and on LinkedIn. Access the Python tket module on GitHub.
SOURCE Cambridge Quantum Computing