Mediaboss Marketing

Deltec Bank, Bahamas - A combination of quantum computing and blockchain technology could change things as transactions can be even more secure and faster with increased encryption.

Research from Juniper Research has suggested that cybercriminals will have stolen 12 billion records by the time we reach the end of 2019 and estimate that could be as much as 33 billion in 2023. With the growth in digital and connected technologies, cyber attacks are becoming a larger problem by the day.

As you might expect, with the likely promise of financial gain, banks are prime targets for any form of cybercrime. To combat the threat, it is important that banks update and review their systems and procedures. They cannot wait for hackers and need to proactively invest in the right technology that meets the needs of a modern-day consumer. Beyond that, banks are processing millions of transactions every day. There is a fear that classical computing will reach its optimum in terms of size and power, especially as data volumes grow and financial institutions invest deeper into artificial intelligence (AI).

To combat these challenges, financial institutions have started to turn towards the field of quantum computing. Experts believe that quantum technology could solve problems related to security, processing power, and data efficiency. In this post, we look at what quantum computing is and how it might impact the banking and financial services industry.

What is quantum computing?

Quantum computers are expected to exceed the capability of classical computers on the next 5 to 10 years. This will provide a vast increase in the processing power over the traditional silicon chips. The finance sector has many areas where more secure, faster transactions would be a huge benefit. With quantum computing, this is made possible whereby the data is represented by what are known as qubits, rather than standard binary bit units (0s and 1s).

Qubits provide greater flexibility as they can allow for a combination of 0s and 1s simultaneously rather than one at a time in classical computing. In short, this means they can store more data than traditional bits. The ability to quickly analyze data and spot patterns is massively increased.

Bloomberg has reported that Googles most advanced quantum computer, Sycamore, could solve a computational task that would take a traditional model 10,000 years, within just 3 minutes.

Quantum computing in banking

There are several ways that quantum computing could impact banking.

Quantum Cryptography

Financial data that can be encoded with quantum cryptography will be far more secure than any other kind of digital security method. Data in a quantum state is always changing state meaning it cannot be read, prevent ambitious hackers from getting their hands on too much information.

One of the examples of how quantum cryptography is being used is known as a quantum distributed key system.

https://richtopia.com/emerging-technologies/quantum-computing-financial-services-fintech

Quantum Distributed Keys

Measurement-Device Independent Quantum Key Distribution (MKI-QKD) promises secure digital communication that cannot be broken, even by a quantum computer itself. The system creates very complex mathematical equations that are very time-consuming to complete. However, quantum computers make the calculations instantly simple.

MKI-QKD protects data by combing a secure quantum distributed key with a long message that cannot be broken without the associated key. Without huge technical detail, third-parties can be detected if they eavesdrop, meaning keys created by two parties are no longer identical, disturbing the quantum event. Banks such as ABN-AMRO are already starting to integrate this type of secure technology.

Fraud Detection

A clear benefit of quantum technology for banking lies in fraud detection. Automation of fraud detection relies on recognizing patterns in data. Quantum computers are perfect for supporting pattern recognition algorithms thanks to their qubit setup, rather than standard bits, as discussed earlier in this post. More advanced fraudulent acts can be detected thanks to self-learning networks and banks can mitigate fraud before it even happens.

Quantum Blockchain

Blockchain has been around for some time now but arguably, has never really fulfilled its potential as the next great banking innovation. According to Deltec Bank, Bahamas- A combination of quantum computing and blockchain technology could change things as transactions can be even more secure and faster with increased encryption. It also means that the computing power is there to remove any latency and power issues that exist within blockchain technologies.

Quantum Transactions

Quantum computers will accelerate the field of high-frequency trading. Banks like Barclays and JP Morgan are already experimenting with this kind of technology. This comes through the ability to handle billions of transactions per second in a world where institutions can quickly get overloaded with data, especially where it comes to areas like stock markets. Quantum computing reduces the likelihood of crashes and data loss. Algorithms can be built that automatically initiate trades based on pre-defined strategies.

Quantum Data

Quantum computing will likely accelerate the field of artificial intelligence (AI) in banking. AI is heavily reliant on large volumes of data to be able to learn. Given quantum computing can process data faster than ever before, machines will quickly gather feedback that shortens their learning curve.

For example, functions like bank loans could be almost instantaneous as quantum machines can process the data without any latency. Portfolio managers will not need to worry about managing their investments as a quantum system will be able to continuously provide them with optimal solutions.

The future of banking with quantum technology

Reports say that major banks like Barclays and JP Morgan are already looking towards quantum computing as a way to secure their future. These institutions are already experimenting with the technology and researching how it can be deployed in the real-world. The theories are still in their infancy and we will not truly know the impact until such time banks are running tasks fully on quantum machines. This brand new way of working is being referred to as the quantum advantage and will likely be something we hear a lot more about over the forthcoming decade.

Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International http://www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/

Excerpt from:
Deltec Bank, Bahamas A combination of Quantum Computing and Blockchain Technology Will Have a huge Impact on Banking - Press Release - Digital...

How secure is your data?

It has been just about a decade since cloud technologies arrived, and we are in a phase of fast adoption, with cloud-specific spending expected to rise by more than six times the rate of general IT spending through 2020 (McKinsey).

New technology applications, including artificial intelligence (AI), virtual reality, the Internet of Things (IoT) and edge computing, are driving this adoption with new ones coming in rapid cycles. This ongoing movement to the cloud and new cloud-based technologies is not only a boom but a magnet for cyber threats and nefarious actors. New waves of technology, a growing cloud base and the radical geopolitical scene of 2020 are poised to threaten nations, industries, organizations and even individuals inadvertently.

Unfortunately, many companies are ill-prepared for these threats, relying on security practices and baselines that are all over the map. For organizations relying on poor, outdated and inadequate IT systemssystems that are rarely updated and barely protectedthe risk of cyber attack is higher than ever.

Threat actors watch everything, monitoring businesses 24/7 for vulnerabilities and opportunities to hack. Reports indicate that about 20% of enterprise data is currently cloud-based, a number that will increase leaps and bounds as new cloud-based technologies move into the picture. But while these new technologies have the power to drive transformation and innovation, they also create new opportunities and attack surfaces for threat actors to exploit.

Take, for example, the significant advancements that we've seen in quantum computing over the last year. Packed with extraordinary computational power, the application of quantum computing holds untold potential in commercial, research and government use cases. However, this same potential has caught the interest of next-wave hackers that see the possibilities to crack algorithms, encryption and complex cryptographies in a simple matter of seconds.

The industry must continue to be on high alert for signs of these threats, as well as preparing, validating and potentially executing recovery processes. Organizations, from government and financial services to healthcare and even retail, must step up to the cyber threat challenges ahead by putting proactive missions into action. But what threats lurk ahead for our ever-evolving and advancing IT landscape?

In my next piece, part two of "More Cloud, More Hacks," I will take a look at the risk forecast for 2020from politics to sportsand what we can do to tackle it head-on.

Go here to see the original:
More Cloud, More Hacks: Panic Or Keep Calm And Carry On? - Forbes

By its very definition, progress across humanity, society, and business is about evolution. Developments and inventions are rarely unique; they are more often than not an evolution of things that already exist. As French writer Simone de Beauvoir aptly put it, to make something good of the future, you have to look the present in the face. In a business context, the evolution of both historical tools and recent trends will shape the future of how we work.

Though the future of work will always be in the future, the future of your work has never been closer. The rise of robots, machine intelligence, distributed ledgers, quantum physics, gig labour, the unexaggerated death of privacy, a world eaten alive by software all of these trends point to a new world that is shaping up quite differently from anything we have ever seen, or worked in, before.

A recent Cognizant report looked at milestone inventions over the past centuries to see how they can help to inform, and transform, future technological developments. Here we explore how the apps, systems, tools, and processes of the past and present will define the future of business.

John Leonard Riddell invented the first practical binocular microscope in 1851, changing the course of medicine forever by allowing doctors to diagnose problems at a cellular level. The medicinal microscope simultaneously made the world a better place and created an entire industry that today employs millions of people around the world.

Just as microscopes changed the course of medicine more than a century ago, artificial intelligence (AI) will function as a datascope for businesses to see more data, integrate it with other data, and ultimately, make faster decisions. New tools do not necessarily automate people out of the equation completely; they allow professionals to do things they were not previously capable of.

The future world of work will see people and technology work symbiotically, with AI allowing us to grapple with a world awash with information that is denser, more complex, and coming at us faster than ever before. In turn, AI will open new opportunities for commercial growth and levels of employment for billions, making the world an even better place.

Cloud computing is the lifeblood of both our personal and professional lives, with nearly every transaction and interaction taking place via some form of private, public, or hybrid cloud. The cloud has supercharged distributed computing that is, a system where individual computers across different locations are networked together and information is shared by passing messages between the processors. Google search engine is an example of distributed computing, as are cellular networks and intranets. But with more internet-connected devices VR headsets, health trackers, toothbrushes coming online and 5G accelerating everything, we will need more computing power.

Edge computing is the answer to this problem. A framework where data is processed as close as possible to its originating source the edge of the network rather than in centralised systems, edge computing will enable a new era of business.

In the not-too-distant future, geodistributed machine learning (GDML), or AI on the edge, will allow organisations to meet governance challenges posed by data that is born in geographically distributed places or used in dispersed locations. With reduced latency and real time responsiveness, we will see technologies such as augmented reality truly shape the enterprise realm and play a significant role in how work is performed.

Z1 the worlds first electromechanical binary programmable computer was created by German scientist Konrad Zuse in his parents living room in 1938. This humble moment kicked off the greatest technological revolution in history. Virtually everything we do in life and business is influenced by binary computing power, from the systems that run our cars to those that power modern businesses. However, these computers still operate according to one of the simplest concepts a series of ones and zeros.

Where a bit can only be either one or zero, a qubit can be both one and zero at exactly the same time. The future of business AI, machine learning, and predictive modelling will be powered by the qubit via quantum computing. And this future is in sight, with companies such as IBM, D-Wave, and Alphabet all working to develop useable quantum computers.

The future of work and business is an elusive concept that either excites or terrifies, largely due to the unknown nature of it. However, it is not so unknown, as the clues to the future actually lie in our past. In a world that will be awash with unfathomable amounts of data, we will need new tools like those that transformed our world in the past to realise the immense opportunity that is right in front of us.

Euan Davis, European Lead, Centre for the Future of Work, Cognizant

Read the rest here:
The future of business: learning from the past - ITProPortal

By combining laser pulses (red) with scanning tunneling microscopy, researchers can achieve a temporal resolution of several hundred attoseconds when imaging quantum processes such as an electronic wave packet (colored wave) with atomic spatial resolution. [Image: Christian Hackenberger]

An elusive challenge in the field of microscopy has been to achieve concurrent atomic-scale resolution in both space and time. With a groundbreaking proof-of-concept study, researchers in Germany have demonstrated a new technique that attains this goal by combining scanning tunneling microscopy with ultrashort laser pulses (Science, doi: 10.1126/science.aaz1098).

Such an ultrafast, high-definition microscope has wide-ranging applications in areas like nanoelectronics, lightwave electronics, chemistry and quantum computing.

Current imaging techniques that are able to resolve objects at the atomic levelfor instance, scanning tunneling microscopylack the temporal resolution necessary to track electron movement. Ultrafast laser spectroscopy can measure electron dynamics at natural time scales but misses the mark in terms of spatial definition.

For his doctoral work, Manish Garg of the Max Planck Institute for Solid State Research in Germany studied femtosecond physics and found himself becoming frustrated with the low spatial resolution of the technique. As a result, he began working with electron pulses but hit a wall when trying to compress them to shorter time scales, since electrons repel each other even in a vacuum.

There are a lot of techniques where you have one resolutiontemporal or spatialand you push to get to get the other, said Garg. This has been quite a challenge and a big bottleneck in the field.

Garg and his colleague Klaus Kern, an expert in scanning tunneling microscopy, overcame this obstacle by integrating a phase-locking train of ultrafast laser pulses with a scanning tunneling microscope. For the first time, a technique was able to simultaneously probe electron dynamics in the sub-angstrom and sub-femtosecond regimes, which are the natural length and time scales of atoms.

The researchers focused optical pulses with a time duration of less than 6 femtoseconds into the apex of a nanotip in a scanning tunneling microscope junction. The pulses are precisely tuned with the same carrier-envelope phase, which creates a high electric field that lowers the tunneling barrier. Electrons tunnel between the nanotip and the sample, and by measuring the changes in intensity of this induced tunneling current, they can distinguish atomic-level dynamics in the surface at high speeds.

Garg and Kern demonstrated the power of their device by studying the carrier decay dynamics of collective oscillations of electrons in a gold nanorod.

This type of optical field-driven tunneling microscopy enables topography mapping of surfaces at the same spatial resolution as a conventional scanning tunneling microscope. The added capability to control electron tunneling at small time scales essentially transforms the microscope into a high-speed camera for the quantum world.

All electronics are shrinking to smaller dimensions,said Garg, and if you want to understand the electron dynamics happening in the small dimensions of a circuit, you should be able to do it with our technique.

Read the original post:
Atomic-Scale Resolution in Space and Time - Optics & Photonics News

[applause] Good evening. Im honored to be here and grateful that youre tuning in. Im Gretchen Whitmer, the 49th governor of the great state of Michigan. Tonight, I am at my daughter Sherry and Sydneys public school, East Lansing High School. Were here today with families and parents, teachers, and, most importantly, students. I want to thank you all for coming. But tonight, Im going to talk to those of you who are watching at home. Id need a lot more than 10 minutes to respond to what the president just said. So instead of talking about what he is saying, Im going to highlight what Democrats are doing. After all, you can listen to what someone says, but to know the truth, watch what they do. Michiganders are no different from Americans everywhere. We love our families and want a good life today and a better life tomorrow for our kids. We work hard, and we expect our government to work hard for us as well. We have grit and value loyalty, and we still root for the Detroit Lions. We and all Americans might be weary of todays politics, but we must stay engaged. Our country, our democracy, our future demand it. Were capable of great things when we work together. We cannot forget that despite the dishonesty and division of the last few years and that we heard tonight from the president of the United States, together, we have boundless potential. And young Americans are proving that every day by taking action. Thats what I want to focus on tonight. Monty Scott is 13 years old and lives in Muskegon Heights, Mich. Montys street was covered in potholes. They were ankle-deep, and he got tired of waiting for them to get fixed. So he grabbed a shovel and a bucket of dirt and filled them in himself. During my campaign, people told me to fix the damn roads because blown tires and broken windshields are downright dangerous, and car repairs take money from rent, child care, or groceries. And we, the Democrats, are doing something about it. In Illinois, Gov. J.B. Pritzker passed a multibillion-dollar plan to rebuild their roads and bridges. Gov. Phil Murphy is replacing lead pipes in New Jersey. All across the country, Democratic leaders are rebuilding bridges, fixing roads, expanding broadband, and cleaning up drinking water. Everyone in this country benefits when we invest in infrastructure. Congressional Democrats have presented proposals to keep us moving forward, but President Trump and the Republicans in the Senate are blocking the path. When it comes to infrastructure, Monty has tried to do more with a shovel and a pile of dirt than the Republicans in D.C. have with the Oval Office and the U.S. Senate. Bullying people on Twitter doesnt fix bridges. It burns them. Our energy should be used to solve problems. And its true for health care, too. For me, for so many Americans, health care is personal, not political. When I was 30, I became a member of the sandwich generation. That means I was sandwiched between two generations of my own family for whom I was the primary caregiver. I was holding down a new job, caring for my newborn daughter, as well as my mom at the end of her brain cancer battle. I was up all night with a baby, and during the day, I had to fight my moms insurance company when they wrongly denied her coverage for chemotherapy. It was hard. It exposed the harsh realities of our workplaces, our health care system, and our child care system. And it changed me. I lost patience for people who are just talk and no action. So as a state senator, I worked with a Republican governor and legislature to expand health care coverage to more than 680,000 Michiganders under the Affordable Care Act. Today, Democrats from Maine to Montana are expanding coverage and lowering costs. In Kansas, Gov. Laura Kelly is working across the aisle to bring Medicaid coverage to tens of thousands. In New Mexico, Gov. Michelle Lujan Grisham enshrined A.C.A. protections into law. Every Democrat running for president has a plan to expand health care for all Americans. Every one of them has supported the Affordable Care Act with coverage for people with pre-existing conditions. They may have different plans, but the goal is the same. President Trump, sadly, has a different plan. Hes asking the courts to rip those lifesaving protections away. Its pretty simple. Democrats are trying to make your health care better. Republicans in Washington are trying to take it away. Think about kids like 17-year-old Blake Carroll from Idaho, who organized a fund-raiser to pay for his moms colon cancer treatment, or 19-year-old Ebony Meyers from Utah, who sells art to help pay for her own rare genetic disorder treatment. No one should have to crowdsource their health care, not in America. But the reality is, not everyone in America has a job with health care and benefits. In fact, many have jobs that dont even pay enough to cover their monthly expenses. It doesnt matter what the president says about the stock market. What matters is that millions of people struggle to get by or dont have enough money at the end of the month after paying for transportation, student loans, or prescription drugs. American workers are hurting in my own state, our neighbors in Wisconsin, and Ohio, Pennsylvania, and all over the country. Wages have stagnated, while C.E.O. pay has skyrocketed. So when the president says the economy is strong, my question is, strong for whom? Strong for the wealthy, who are reaping rewards from tax cuts they dont need? The American economy needs to be a different kind of strong strong for the science teacher spending her own money to buy supplies for her classroom. Strong for the single mom picking up extra hours so she can afford her daughters soccer cleats. Strong for the small business owner who has to make payroll at the end of the month. Michigan invented the middle class, so we know if the economy doesnt work for working people, it just doesnt work. Who fights for working, hard-working Americans? Democrats do. In the U.S. House, Speaker Nancy Pelosi and Democrats passed a landmark bill on equal pay, another bill to give 30 million Americans a raise by increasing the minimum wage, and groundbreaking legislation to finally give Medicare the power to negotiate lower drug prices for Americas seniors and families. Those three bills, and more than 275 other bipartisan bills, are just gathering dust on Senate Majority Leader Mitch McConnells desk. Senator McConnell, America needs you to move those bills. Meanwhile, Democrats across the country are getting things done. Pennsylvanias Gov. Tom Wolf is expanding the right to overtime pay. Michigan is, too. Because if youre on the clock, you deserve to get paid. Nevada Gov. Steve Sisolak and North Carolina Gov. Roy Cooper are working to give hard-working teachers a raise. And speaking of the classroom, Wisconsin Gov. Tony Evers unilaterally increased school funding by $65 million last year, and Colorado Gov. Jared Polis has enacted free, all-day kindergarten. In 29 states, weve helped pass minimum wage hikes into law which will lift people out of poverty and improve lives for families. Thats strength. Thats action. Democracy takes action, and thats why Im so inspired by young people. They respond to mass shootings, demanding policies that make schools safer. They react to a world thats literally on fire with fire in their bellies to push leaders to finally take action on climate change. They take on a road filled with potholes with a shovel and some dirt. Its what gives me great confidence in our future, and its why sometimes it feels like theyre the adults in the room. But it shouldnt have to be that way. Its not their mess to clean up. Its ours. The choices we make today create their reality tomorrow. Young people, Im talking to you, and your parents and grandparents. Democrats want safe schools. We want everyone to have a path to a good life, whether its through a union apprenticeship, a community college a four-year university, without drowning in debt. We want your water to be clean. We want you to love who you love and to live authentically as your true selves. And we want women to have autonomy over our bodies. We want our country welcoming and everyones vote counted. 2020 is a big year. Its the year my daughter Sherry will graduate from high school. Its also the year shell cast her first ballot, along with millions of young Americans. The two things are connected, because walking across a graduation stage is as important as walking into the voting booth for the first time. Her future, all our kids futures, will be determined not just by their dreams, but by our actions. As we witness the impeachment process in Washington, there are some things each of us, no matter our party, should demand. The truth matters, facts matter, and no one should be above the law. Its not what those senators say. Tomorrow, its about what they do that matters. Remember, listen to what people say, but watch what they do. Its time for action. Generations of Americans are counting on us. Lets not let them down. Thank you for listening. God bless America. Good night. [applause] [cheers]

More:
Democrats Counter Trump on Health Care and Condemn His Conduct - The New York Times