Quantinuum, an integrated quantum computing company, has developed a complete Quantum Monte Carlo Integration (QMCI) engine. This tool applies to problems that lack an analytic solution, such as pricing financial derivatives or simulating high-energy particle physics experiments. It promises computational advances across various sectors, including business, energy, supply chain logistics, etc.
The QMCI tool uses advanced quantum algorithms, allowing quantum computers to perform estimations more efficiently and accurately than equivalent classical tools. This suggests an early-stage quantum advantage in derivative pricing, portfolio risk calculations, and regulatory reporting. A white paper supporting the new tool reveals that QMCI benefits from a computational complexity advantage over classical MCI, suggesting the engine has the potential to provide quantum usefulness in its current form.
The white paper, titled “A Modular Engine for Quantum Monte Carlo Integration,” is available on arXiv. It details the “enhanced P-builder,” a tool for constructing quantum circuits representing commonplace computational methods used in finance. The paper also proposes how users of the new device could obtain a quantum advantage without compromising statistical robustness in the ensuing estimates.
The QMCI Engine’s Modules and Features
The QMCI engine consists of four modules: loading probability distributions and random processes as quantum circuits; programming a wide variety of financial calculations; programming different statistical quantities (e.g., mean, variance, and others); and the estimation of quantum amplitude, which is the core source of computational advantage in QMCI.
The engine features a resource mode, quantifying the exact quantum and classical resources needed for user-specified calculations. This feature is essential for predicting when particular applications will enjoy quantum advantage. The paper reveals a direct line of sight to quantum advantage and concludes users will achieve useful benefits sooner.
Quantum Advantage in Various Sectors
The QMCI engine taps into the rapidly growing demand for tools that help global organizations in finance and other sectors explore and evaluate their route towards quantum advantage. Classical Monte Carlo integration is the preferred method in a range of computational areas where analytic solutions are unavailable, and it is widely recognized that these methods will benefit from a quantum advantage.
The new white paper sets out the areas that stand to benefit from the development of QMCI, beyond finance. These include achieving efficiencies in supply chain and logistics, energy production and transmission, and data-intensive fields of science such as solving the high-dimensional integrals in high-energy physics. It concludes that use cases such as estimation and forecasting can benefit from the new QMCI engine in its current form.
Quantinuum is thought to be the world’s largest integrated standalone quantum computing company, formed by the combination of Honeywell Quantum Solutions’ hardware and Cambridge Quantum’s middleware and applications. The company focuses on creating scalable and commercial quantum solutions to solve pressing problems in energy, logistics, climate change, and health. It employs over 480 individuals, including 350+ scientists and engineers, at eight sites across the United States, Europe, and Japan.
“Ilyas Khan, Chief Product Officer of Quantinuum said “Quantinuum’s end-to-end QMCI engine – the first ever complete quantum solution, offers the prospect of an immediate boost to the productivity of users in at least two sectors: banking and financial institutions, and scientists who expect quantum computers to help them process the vast amounts of data generated in experimental fields such as high energy physics. Our QMCI engine is the culmination of years of work by our algorithms team, and highlights just how quantum computers will offer practical utility. Our modular approach also ‘future-proofs’ the engine as quantum computing hardware advances.”
“Dr Steven Herbert said: “The QMCI engine taps into rapidly growing demand for tools that help global organizations in finance and other sectors explore and evaluate their route towards quantum advantage. Classical Monte Carlo integration is the preferred method in a range of computational areas where analytic solutions are unavailable. It is widely recognized that these methods will benefit from a quantum advantage. By taking a modular approach, we will equip those scientific and financial professionals with a platform that supports them flexibly through rapid technological advances in the years to come.”
Quick Summary
Scientists have developed a Quantum Monte Carlo Integration (QMCI) engine, allowing quantum computers to perform estimations more efficiently and accurately than traditional methods, potentially revolutionising finance and high-energy physics. The engine, which is modular and ‘future-proof’, could provide a significant boost to productivity in these fields and is expected to drive increased investment in quantum computing capabilities.
- Scientists at Quantinuum have developed a Quantum Monte Carlo Integration (QMCI) engine, a tool that uses advanced quantum algorithms to perform estimations more efficiently and accurately than traditional methods.
- The QMCI engine is applicable to problems without an analytic solution, such as pricing financial derivatives or simulating high-energy particle physics experiments.
- The technology promises to bring computational advances across various sectors including business, energy, supply chain logistics, and more.
- The engine has four modules: loading probability distributions and random processes as quantum circuits; programming financial calculations; programming statistical quantities; and estimating quantum amplitude.
- The white paper, A Modular Engine for Quantum Monte Carlo Integration, detailing the QMCI engine is available on arXiv.
- Ilyas Khan, Chief Product Officer of Quantinuum, and Dr Steven Herbert have highlighted the potential of the QMCI engine to boost productivity in banking, financial institutions, and scientific research.
- The paper suggests that the engine could provide quantum advantage without compromising statistical robustness.
- Investment in quantum computing capabilities by banks and financial institutions is expected to increase from $80 million in 2022 to $19 billion in 2032.
- Quantinuum is a quantum computing company formed by the combination of Honeywell Quantum Solutions’ hardware and Cambridge Quantum’s middleware and applications.
