- Honeywell announced it is launching a powerful quantum computer and signed JPMorgan as its first customer
Honeywell has been generally known for its thermostats, but now the company is rolling out a groundbreaking quantum computer. This project has been in the works for over a decade.
And Honeywell pointed out that the quantum computer will be more powerful than those built by Google and IBM. And JPMorgan Chase will be Honeywell’s first customer. Honeywell and JPMorgan are going to collaborate to develop quantum computing use cases in finance for areas like fraud detection and trading.
What is a quantum computer? Quantum computers can process data at a fraction of the time as normal computers. This enables the quantum computer to test multiple scenarios to a problem at the same time. As a result, quantum computers will be able to solve complex problems like developing new medicines and handling financial options pricing.
To develop the quantum computing technology, Honeywell combined technology expertise from its vacuum systems and precision control electronics. Plus Honeywell had also invested in two quantum computer development companies that will work with the company and its quantum customers. Honeywell is currently working on quantum computing solutions in the aerospace and materials manufacturing sectors.
“We wanted to be able to shape how quantum computing gets used,” said Tony Uttley, president of Honeywell Quantum Solutions, in an interview with CNN Business. “We actually want to be our own best customer in this.”
Honeywell’s quantum computer is going to have a quantum volume of 64 and it is expected that this will grow tenfold every year. In comparison, IBM said one of its computers reached a quantum volume of 32. But Google has not shared the metric for its quantum computing technology.