Illinois Governor JB Pritzker has enlisted a consortium including IBM and Discover Financial Services to assist in securing federal funding for the development of quantum technology. The initiative, part of President Joe Biden’s Tech Hubs program, aims to combat financial fraud, which costs billions annually. The Quantum Shield project, spearheaded by P33, plans to utilize quantum technology to address these issues through a unique approach. The project will undergo a proof of concept phase, with the ultimate goal of reducing fraud on a larger scale.
The Tech Hubs program, authorized under the Science and Chips Act, has allocated $10 billion over five years, with only $541 million distributed so far. The goal is to attract private capital and improve science and technology manufacturing across the country. The competition for funding is stiff, with numerous applicants vying for a piece of the pie. The Biden administration has designated 31 centers, including The Bloch Tech Hub in Illinois, as eligible for up to $75 million each, with funding announcements expected soon.
The rise of AI-driven fraud poses a significant threat, with ransomware attacks and phishing scams on the rise. Discover’s Rob Gillis highlights the need for sophisticated defenses to detect subtle anomalies in large data sets without compromising legitimate transactions. The Quantum Shield project aims to address these challenges utilizing quantum technology to stay ahead of bad actors.
Illinois has positioned itself as a hub for new technologies, with Governor Pritzker focusing on quantum initiatives to establish the state as a leader in semiconductors, quantum, and artificial intelligence. Chicago, with its strong engineering and technology programs, is seen as a natural fit for the consortium, which also includes Mastercard, the University of Chicago, the FBI, and the Federal Reserve Bank of Chicago. The city boasts one of the longest quantum networks in the country and is home to four of the nation’s ten quantum centers, making it a prime location for further advancement in the field.
Overall, the collaboration between industry leaders and government entities in Illinois underscores the state’s commitment to advancing quantum technology and combating financial fraud through innovative solutions. The success of the Quantum Shield project could pave the way for future applications of quantum technology in addressing pressing issues in various industries.
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https://finance.yahoo.com/news/pritzker-taps-ibm-discover-bid-145017040.html
