- JPMorgan Chase will work toward advancing quantum technologies for fundamental algorithms, including in finance, as a member of Q-Next.
- The Q-NEXT collaboration now comprises 27 institutional partners: 14 companies, 10 universities and three DOE national labs.
- Quantum technologies could benefit the financial field in several ways, including better risk management and improved predictive abilities. These technologies could also affect the security of financial transactions.
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PRESS RELEASE — JPMorgan Chase, a leading global financial services firm with operations worldwide, 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.
“As the quantum ecosystem continues to evolve during its expansion, it’s vital to stay abreast of the advancements being made on a daily basis,” Pistoia said. “Memberships such as Q-NEXT allow for strong engagement and interactions as we work collaboratively to help drive future applications of quantum technology.”
Quantum-based technologies have the potential 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 much more resistant to tampering and more capable of 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. “Drawing on both their technological capabilities and their understanding of their customers’ needs, JPMorgan Chase is advancing quantum science with a user-focused drive. Few companies are able to bring this perspective to the table. I look forward to a fruitful collaboration.”
Q-NEXT is a U.S. Department of Energy National Quantum Information Science Research Center led by Argonne National Laboratory. Q-NEXT brings together world-class researchers from national laboratories, universities and U.S. technology companies with the goal of developing the science and technology to control and distribute quantum information. Q-NEXT collaborators and institutions will create two national foundries for quantum materials and devices, develop networks of sensors and secure communications systems, establish simulation and network test beds, and train the next-generation quantum-ready workforce to ensure continued U.S. scientific and economic leadership in this rapidly advancing field. For more information, visit https://q-next.org/.
Argonne National Laboratory seeks solutions to pressing national problems in science and technology. The nation’s first national laboratory, Argonne conducts leading-edge basic and applied scientific research in virtually every scientific discipline. Argonne researchers work closely with researchers from hundreds of companies, universities, and federal, state and municipal agencies to help them solve their specific problems, advance America’s scientific leadership and prepare the nation for a better future. With employees from more than 60 nations, Argonne is managed by UChicago Argonne, LLC for the U.S. Department of Energy’s Office of Science.
The U.S. Department of Energy’s Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://energy.gov/science.