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(Bloomberg) — The University of Chicago will partner with International Business Machines Corp. and Google’s Alphabet Inc in deals totaling up to $150 million aimed at advancing quantum computing.
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The University of Chicago said in a statement that IBM’s vision centers around a quantum-centered supercomputer. The company will develop schemes with the University of Chicago and the University of Tokyo over 10 years in a $100 million plan.
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The partnership between the universities and Google will invest up to $50 million to accelerate the creation of a fault-tolerant quantum computer and the development of a quantum workforce over 10 years.
The third-largest city in the United States is boosting its economy after the departure of major corporations including billionaire Ken Griffin, Citadel and Boeing. Empty office buildings and vacant downtowns threaten the city’s financial clout. Now, the Windy City is turning to quantum computing as a long-term investment.
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Read more: Chicago is betting on quantum technology as the ‘next big thing’ for its future
Chicago holds the lead in quantum computing, with the state of Illinois already receiving 40% of all federal dollars for the technology. The city has a quantum network that stretches about 124 miles between the Chicago Quantum Exchange and the US Department of Energy’s Argonne National Laboratory.
One of the main attractions of quantum technology is its promise to make everything on the Internet more secure and to rapidly reduce processing times. While this may still be a long way off, big tech companies are spending to simplify this goal into reality.
Quantum computing could power the financial industry by helping algorithms sift through large amounts of data and solve complex mathematical problems in a fraction of the time of a conventional computer.
Read more: Why Quantum Computers Will Be So Cool, One Day: QuickTake
“Through these partnerships, we will develop the research and engineering environment needed to advance quantum science discoveries and build the workforce of the future,” said David Oshalum, Liew Family Professor of Molecular Engineering and Physics at the school.