Many fields of finance involve complex optimization problems under strict time constraints — problems where even marginal improvements could generate immense value for firms. Could quantum computing bring such improvements? Two recent IBM studies with major financial industry participants have explored potential use cases for quantum computing in finance.Continue Reading Quantum Computing: Quantum Applications in Finance
Quantum-as-a-Service: Practical Considerations for Drafting and Negotiating Agreements
Quantum computing is beginning to move from labs into commercial deployment, and one of the main ways companies will be able to access this technology is through Quantum-as-a-Service (QaaS) offerings. Instead of companies investing in costly quantum hardware on-site, the QaaS model would allow them to tap into quantum capabilities via remote access services, much like they would with Software-as-a-Service (SaaS) arrangements. But while the delivery model may be akin to the SaaS model, quantum technology is still in its early stages and has unique hardware and infrastructure related challenges, as further described in a recent Covington blog post. Continue Reading Quantum-as-a-Service: Practical Considerations for Drafting and Negotiating Agreements
Quantum Computing: Overview of Drafting Considerations for Quantum-as-a-Service Agreements
Quantum computing is largely in the research and developmental stage, but its commercial use is on the horizon. Due to the high cost and technical complexity of maintaining qubits, companies and individuals likely won’t own quantum computers themselves. Instead, access will mainly come through third-party platforms offering “Quantum-Computing-as-a-Service” (QCaaS) or “Quantum-as-a-Service” (QaaS).
Similar to the Software-as-a-Service (SaaS) or Infrastructure-as-a-Services (IaaS) models, QaaS would be a remote access service model with a subscription or “pay for what you use” fee structure. The key differentiating factor with QaaS will be the underlying quantum computing infrastructure and the quantum computing algorithm. Due to the similarities between SaaS, IaaS and QaaS models, terms in a typical SaaS or IaaS agreement would be a good starting point for QaaS contracts. However, due to the experimental and volatile nature of quantum computing technology (at least initially), lawyers and legal practitioners should also consider the risks that are unique to quantum computing when drafting or negotiating a QaaS agreement:Continue Reading Quantum Computing: Overview of Drafting Considerations for Quantum-as-a-Service Agreements
Quantum Computing: Developments in the UK and US
This update focuses on how growing quantum sector investment in the UK and US is leading to the development and commercialization of quantum computing technologies with the potential to revolutionize and disrupt key sectors. This is a fast-growing area that is seeing significant levels of public and private investment activity. We take a look at how approaches differ in the UK and US, and discuss how a concerted, international effort is needed both to realize the full potential of quantum technologies and to mitigate new risks that may arise as the technology matures.
Quantum Computing
Quantum computing uses quantum mechanics principles to solve certain complex mathematical problems faster than classical computers. Whilst classical computers use binary “bits” to perform calculations, quantum computers use quantum bits (“qubits”). The value of a bit can only be zero or one, whereas a qubit can exist as zero, one, or a combination of both states (a phenomenon known as superposition) allowing quantum computers to solve certain problems exponentially faster than classical computers.
The applications of quantum technologies are wide-ranging and quantum computing has the potential to revolutionize many sectors, including life-sciences, climate and weather modelling, financial portfolio management and artificial intelligence (“AI”). However, advances in quantum computing may also lead to some risks, the most significant being to data protection. Hackers could exploit the ability of quantum computing to solve complex mathematical problems at high speeds to break currently used cryptography methods and access personal and sensitive data.
This is a rapidly developing area that governments are only just turning their attention to. Governments are focusing not just on “quantum-readiness” and countering the emerging threats that quantum computing will present in the hands of bad actors (the US, for instance, is planning the migration of sensitive data to post-quantum encryption), but also on ramping up investment and growth in quantum technologies. Continue Reading Quantum Computing: Developments in the UK and US
AI/IoT Update: The Potential Benefits of Digital Health Technology in Managing COVID-19
The COVID-19 crisis is demonstrating the potential of digital health technology to manage some of our greatest public health challenges. The White House Office of Science and Technology Policy has issued a call to action for technology companies to help the science community answer high-priority scientific questions related to COVID-19. The Centers for Disease Control and Prevention has also recognized that technology and surveillance systems can play an integral role in supporting the public health response to outbreaks.
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Craigslist wins first step against screenscapers – lesson for drafting TOUs
On April 29, Craigslist was successful in fighting off a motion to dismiss filed by three screenscraping sites (3Taps, Padmapper and Lovely) in its pending litigation in the Northern District of California. In Craigslist Inc. v. 3Taps Inc., No. CV 12-03816 (N.D. Cal.), Craigslist sued these sites, alleging that their scraping of Craigslist content
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