JPMorgan Partners in Plans to Rev Up Quantum Computing Power
In a press release on Monday, March 2, Honeywell announced a breakthrough in quantum computing, as well as plans to launch the most powerful quantum computer in existence for its strategic partner JPMorgan Chase.
Honeywell stated ambitious plans to improve its quantum computer’s performance by a factor of 10 each year. That would make its quantum computer 100,000 times faster by 2025.
“Within the next three months, Honeywell will bring to market the world’s most powerful quantum computer in terms of quantum volume, a measure of quantum capability that goes beyond the number of qubits,” the company stated. “Quantum volume measures computational ability, indicating the relative complexity of a problem that can be solved by a quantum computer. When released, Honeywell’s quantum computer will have a quantum volume of at least 64, twice that of the next alternative in the industry.”
Just last October, Google claimed to reach “quantum supremacy” in terms of its quantum computer crunching numbers far faster than a supercomputer. While rivals like IBM disputed that, the race has been on to build a better quantum computer. Honeywell says it has achieved that, and published a scientific paper on its website.
According to a story in the Wall Street Journal, President of Honeywell Quantum Solutions Tony Uttley said the technology will speed up calculations and develop new materials and trading strategies for financial services companies.
Mr. Uttley said Honeywell expects its machine to be “the world’s most powerful quantum computer,” based on an expected quantum volume of at least 64. The computer’s current quantum volume is 16. IBM in January said its quantum computer had a quantum volume of 32,” the Journal wrote.
In a story on marketwatch.com, Honeywell’s CEO said the new technology is part of a transformation of the military, industrial, oil and gas and aerospace company into one that is involved in every aspect of new tech.
“We are repositioning Honeywell and how it is viewed in the marketplace,” Honeywell Chief Executive Darius Adamczyk told MarketWatch in a phone interview. “Part of the new mindset is pursuing bigger ideas and bigger technologies that can change the world.”
“Today, with quantum computing, we are showcasing one of our breakthrough technologies,” said Adamczyk, an electrical engineer by training who celebrates his third year as CEO this month. “There are more big bets to come.”
Ironically, Honeywell and IBM were competitors in the mainframe market in the 60s, but IBM won, and Honeywell bowed out of the arena. Now IBM is one of the major players in quantum computing, along with Microsoft, Google and several smaller companies. In addition, JPMorgan is also a quantum computing partner with IBM.
Honeywell Ventures, the strategic venture capital arm of Honeywell, has made investments in two leading quantum software and algorithm providers, Cambridge Quantum Computing (CQC) and Zapata Computing, Honeywell stated in its release.
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