Companies – even outside the financial sector – are increasingly confronted with the need to manage large and complex portfolios that already require massive use of information technology (IT). The ability to make optimal decisions quickly is increasingly becoming a decisive competitive advantage. Quantum computers (QC) offer the prospect of outperforming conventional computers in the relevant optimization processes and could decisively accelerate portfolio-related decisions. In the QORA project, such optimization methods are developed based on the Quantum Approximate Optimization Algorithm (QAOA) and tested on the IBM Quantum Computer (IBMQC), which will be operated by the Fraunhofer-Gesellschaft in Ehningen near Stuttgart from 2021.
Besides the increase of the qubit number (and thus the accessible problem sizes), the future quantum advantage is based on the achievable quality of the calculations. The computational operations in quantum computers still have error rates that are orders of magnitude higher than those of conventional computers. Therefore, QORA will address the central challenge of quantum computing to execute complex and practically relevant quantum algorithms in a resilient manner on inherently unreliable quantum hardware.
This project is part of the Competence Center Quantum Computing Baden-Württemberg.