Daily Archives: January 11, 2022

PayPal head of emerging technology research, Hubert Le Van Gong.

PayPal

PayPal is looking to get in on the ground floor of a cutting-edge technology that could change the way the payments giant catches fraud and measures the creditworthiness of its customers.

Whether it's Goldman Sachs looking to speed up how it prices derivatives, or JPMorgan using quantum computing to test an algorithm that predicts options prices, top financial firms are exploring how and where the tech can be deployed.

Quantum computing, unlike traditional computing, uses a branch physics that runs on quantum bits rather than 1s and 0s. Because of this, quantum computing is helpful when executing large, complex calculations, like those in risk analytics or algorithmic trading.

The firm partnered with IBM in October 2020 to figure out how to use quantum computing to improve fraud detection, credit-risk operations, and overall security posture.

Early research shows quantum computing can be better than traditional computers in sweeping through large data sets and discovering patterns in data that can be indicative of fraudulent behavior or identifying credit-worthy individuals, Hubert Le Van Gong, PayPal's head of emerging technology research, told Insider.

Applying quantum computing to existing machine-learning capabilities could mean PayPal would improve its ability to detect fraud and save costs during the modelling process.

But it's a long-term play many of the benefits are theoretical and have yet to be proven.

"I wouldn't say this technology is going to detect fraud in a meaningful way anytime soon," Jay Gambetta, an IBM fellow and vice president of IBM Quantum, told Insider. "It's still very research-based," he added.

And even with "pretty aggressive" timelines in regards to quantum hardware and software, the technology won't be ready to implement until 2023, Gambetta added.

Even at such an early stage, it's a play the payments giant is ready to take on.

"It's not a matter of if, it's more a matter of when this is going to happen," Le Van Gong said. "The companies that are just sitting back and looking at it, waiting for it to become ready are going to miss out."

PayPal sifts through big, constantly changing data sets to detect fraudulent activity and make decisions around credit worthiness. However the data sets are large and can have millions of samples and up to 10,000 different properties like IP address, device type, or location, Le Van Gong said.

To cut down the number of properties and shave off computational costs of modelling, PayPal currently uses a method called "feature selection," Le Van Gong said. The process uses machine learning to pinpoint which properties are most useful in flagging fraudulent behaviors.

But even with feature selection, it's still an extremely complex, expensive, and time-intensive task to do with classic computers, he said.

"The scale at which PayPal operates in terms of machine learning is such that even classical computers, and the best computers you can find today, are going to be limited," Le Van Gong said. Quantum computers hold the promise of scaling beyond traditional computers when it comes to the number of data features and the size of the datasets, he added.

In addition to scale, quantum computers could help PayPal improve its prediction of important features and do so at a reduced cost compared with traditional computers, Le Van Gong said.

PayPal, which has been researching quantum computing for the past few years, is still in the learning stage of how the technology works and can integrate with classical computers.

The initiative is led by Le Van Gong's emerging technology research team, established in 2021, that explores the use of advanced technologies like cryptography and distributed-ledger security.

"It's still early in the process and it's very much humbling work," he added.

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Inside PayPal's partnership with IBM to use quantum computing to improve how it detects fraud and underwrites - Markets Insider

The University of Michigan has formed a collaboration with Michigan State University and Purdue University to study quantum science and technology, drawing together expertise and resources to advance the field.

The three universities are partnering to form the Midwest Quantum Collaboratory, or MQC, to find grand new challenges we can work on jointly, based on the increased breadth and diversity of scientists in the collaboration, said Mack Kira, professor of electrical engineering and computer science at Michigan Engineering and inaugural director of the collaboration.

U-M researchers call quantum effects the DNA of so many phenomena people encounter in their everyday lives, ranging from electronics to chemical reactions to the study of light wavesand everything they collectively produce.

We scientists are now in a position to start combining these quantum building blocks to quantum applications that have never existed, said Kira, also a professor of physics at U-Ms College of Literature, Science, and the Arts. It is absolutely clear that any such breakthrough will happen only through a broad, diverse and interdisciplinary research effort. MQC has been formed also to build scientific diversity and critical mass needed to address the next steps in quantum science and technology.

Collaborators at U-M include Steven Cundiff, professor of physics and of electrical engineering and computer science. Cundiffs research group uses ultrafast optics to study semiconductors, semiconductor nanostructures and atomic vapors.

The main goal of the MQC is to create synergy between the research programs at these three universities, to foster interactions and collaborations between researchers in quantum science, he said.

Each university will bring unique expertise in quantum science to the collaboration. Researchers at U-M will lead research about the quantum efforts of complex quantum systems, such as photonics, or the study of light, in different semiconductors. This kind of study could inform how to make semiconductor-based computing, lighting, radar or communications millions of times faster and billions of times more energy efficient, Kira says.

Similar breakthrough potential resides in developing algorithms, chemical reactions, solar-power, magnetism, conductivity or atomic metrology to run on emergent quantum phenomena, he said.

The MQC will be a virtual institute, with in-person activities such as seminars and workshops split equally between the three universities, according to Cundiff. In the first year, MQC will launch a seminar series, virtual mini-workshops focused on specific research topics, and will hold a larger in-person workshop. The collaboration hopes fostering connections between scientists will lead to new capabilities, positioning the MQC to be competitive for large center-level funding opportunities.

We know collaboration is key to driving innovation, especially for quantum, said David Stewart, managing director of the Purdue Quantum Science and Engineering Institute. The MQC will not only provide students with scientific training, but also develop their interpersonal skills so they will be ready to contribute to a currently shorthanded quantum workforce.

The MQC will also promote development of the quantum workforce by starting a seminar series and/or journal club for only students and postdocs, and encouraging research interaction across the three universities.

MQC also provides companies with interest in quantum computing with great opportunities for collaboration with faculty and students across broad spectrums of quantum computing with the collaborative expertise spanning the three institutions, said Angela Wilson, director of the MSU Center for Quantum Computing, Science and Engineering.

Additionally, bringing together three of our nations largest universities and three of the largest quantum computing efforts provides potential employers with a great source of interns and potential employees encompassing a broad range of quantum computing.

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U-M forms collaboration to advance quantum science and technology - University of Michigan News

SEATTLE, Jan. 11, 2022 /PRNewswire/ --Washington Technology Industry Association(WTIA), a non-profit organization dedicated to fostering a robust, equity-centered technology sector that empowers thriving communities, today announced it is the recipient of a $550,000 grant from the State of Washington's Department of Commerce to begin development of an Advanced Technology Cluster and drive private investment, job creation, and world-leading innovation throughout the state.

Washington state has been a driver of technology innovation for decades, with many transformative technologies built within the state leading to significant economic growth regionally and internationally. Several Advanced Technologies will soon be the catalyst for similar economic growth and global competitiveness, making now a critical time for focus on these specific sectors. WTIA will invite its more than 1,200 member organizations to help create an Advanced Technology Cluster that will build connectivity and collaboration across blockchain technologies and quantum computing.

"Today is a proud day for the entire WTIA team," said Michael Schutzler, CEO, WTIA. "The state Department of Commerce has selected us as their lead partner to expand Washington's position as a global innovation hub. Our state has an opportunity to lead the country in blockchain and quantum computing, which will spur economic growth, generate new jobs, and help secure the state's long-term competitiveness."

Leveraging the power of an economic growth "cluster" - which brings together corporations, academia, startups, government, and investors - WTIA will convene diverse sets of stakeholder groups to power growth of the technology sector. Grant funding combined with existing WTIA programs will enable the Cluster will focus on five key areas: (1) mapping the Advanced Technology ecosystem; (2) attracting and accelerating startups; (3) building a diverse workforce including women, BIPOC, and other underrepresented groups; (4) advancing a supportive policy environment; and (5) creating strong partnerships.

To achieve these goals, the Cluster will also invite academia to collaborate on workforce development, build relationships with and provide education to policymakers to create a supportive regulatory environment, grow startup accelerators to support Advanced Technology startups, produce landscape reports to inform long-term Cluster strategy, and provide forums to convene and connect relevant stakeholders.

"As WTIA builds a global center for these new technologies, it will be especially important for us to be intentional about the way the Cluster includes people from underrepresented groups," continued Schutzler. "Building more equitable access to these opportunities is a key part of our DNA at WTIA and something that will be reflected and prioritized in the Cluster."

Today's news comes on the heels of an impressive year of grant awards for WTIA including WA State Commerce Equitable Innovation Accelerator in partnership with Find Ventures, EDA Sprint Challenge Congregate Accelerator with PNWER, and the EDA Build to Scale grant expanding startup programs across the state. The organization also recently published a new report, which explores the tech sector's extensive and far-reaching contributions to Washington state and hosted its first annual DEI Summit.

This project was supported by Grant No. 07 79 07630 awarded by the Economic Development Administration. Points of view in this document are those of the author and do not necessarily represent the official position or policies of the Economic Development Administration. Grant funds are administered by the Office of Economic Development & Competitiveness, Washington State Department of Commerce.

About WTIAThe Washington Technology Industry Association (WTIA) is a consortium that includes a not-for-profit member trade association, a not-for-profit tech apprenticeship intermediary (Apprenti), and a for profit corporation providing business services (HRBI). The organization's mission is to foster a robust, equity-centered technology sector that empowers thriving communities. We recruit technology companies and allies that view diversity as a competitive advantage, value collaboration as essential to sustainable growth, and fully embrace the opportunity to partner with and empower the communities in which we operate.

SOURCE Washington Technology Industry Association

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Washington Technology Industry Association Awarded $550,000 from the State of Washington's Innovation Cluster Accelerator - PRNewswire

The Unique Identification Authority of India (UIDAI) is open to looking at solutions that can enable 'partial authentication' where needed, and is keen to get feedback from the industry about the demand for such solutions, its CEO Saurabh Garg said on Tuesday.

The Aadhaar-issuing body is also exploring possibilities for the usage of blockchain and quantum computing, as it marches ahead towards the 'Aadhaar 2.0' vision.

"We are also open to looking at what is called partial authentication. Some people might only want to verify the age, they are not looking at anything more than that.

"These are things that we also want to get feedback from the industry...what is the kind of demand there is, and we can accordingly create...might be just the age you want to verify," Garg said.

He was speaking at the India Digital Summit 2022, organised by the Internet and Mobile Association of India (IAMAI).

Citing another example of 'partial authentication' requirement, Garg said verification may only be needed for confirming whether a person is a resident of a particular area, and not the full address per se.

"Someone just wants to verify whether that the person is living in that area and they don't want address but they just want a confirmation whether that person is a resident of that area...these are kinds of services, where we have not yet developed the solutions but would be open to looking at," Garg said.

Garg further said that over five crore Aadhaar authentications are taking place per day and over 40 crore last-mile banking transactions are being done every month through the Aadhaar-enabled payment system (AePS).

Talking about Aadhaar 2.0, he said it will ensure faster automated biometric matching solutions, with a primary focus on the security of the ecosystem. He said the authority is exploring possibilities for leveraging blockchain and quantum computing.

"We are looking at what blockchain has to offer, and whether blockchain can be utilised in any manner for making decentralised-level solutions...it is for something in future but it is on our horizon.

"In quantum computing, we need to look at whether there are quantum resilient security solutions," he said.

Security-related aspects are "paramount", he said adding that UIDAI is working constantly on improving information security and cyber security.

Services such as 'eSign' and 'Digilocker' offer tremendous opportunities for start-ups, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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UIDAI open to looking at solutions on partial authentication: CEO - Business Standard

The Ministry of Digital Economy and Society (DES) is confident that there will be no further delay in the total enforcement of the Personal Data Protection Act (PDPA), which is scheduled to take place on 1 June 2022, while the Personal Data Protection Committee is expected to be finalised this month.

The Deputy Permanent Secretary for the DES and Secretary-General of the Office of Personal Data Protection Committee stated that the DES does not see any major reasons to postpone the full enforcement of the PDPA following two years of delay due to the pandemic, apart from some legal technical problems, though the chance of this remains minimal.

The DES Ministry is aware that the PDPA may cause some burden for related parties in terms of compliance but the ministry is trying to ensure the impact will be minimal with better personal data protection. The law will create transparency and accountability for personal data handling.

The DES Ministry considers data as a key element for the countrys development strategy while businesses are capitalising on data to create revenue. The DES will make sure the PDPA will not become an obstacle for businesses.

Over the past two years of the PDPAs postponement, the DES Ministry has been drafting 29 regulations aligned with the PDPA, including 10 treated as a priority. By the end of this month, the Personal Data Protection Committee is expected to be established, he said.

The list of members of the committee is expected to be published later this month following cabinet approval. The committee will be responsible for considering all related regulations linked to the PDPA.

The 10 regulations include consent format for personal data usage, the process of data usage and data protection measurements. There will also be personal data protection guidelines for personal data controllers and personal data processors in seven sectors, covering healthcare, retail and e-commerce, education, logistics, travel, property and asset management as well as state agencies and administration.

A public hearing of up to 4,000 stakeholders on the issue has been conducted. In terms of penalties, there could be a reprieve in some groups, such as those with personal data of less than 100 people, but this needs to be considered by the new committee.

Once the committee is established, there must be a clear practice on how people can lodge a complaint with the PDPA office when their data is misused. Organisations handling personal data are obliged to report leaked data within 72 hours and inform data owners.

The organisations responsible for data leakage could face a fine by the PDPA office and a civil suit filed by those affected. The PDPA will require minimum security measures to protect personal data.

Under the PDPA, data protection officers must be appointed by organisations as contact persons with authority and they are obliged to contact the authorities within a stipulated time when the incident occurs. Consumers will have more confidence in using services while small businesses with small records of personal data would get a reprieve, he added.

In November 2021, National Digital Economics and Society Committee approved plans to develop a platform that supports compliance with the Personal Data Protection Act. The platform will also make government services available online for Thai digital start-ups.

Thailands Prime Minister stated the new government platform will help ease the overall financial burden on the state sector. It will also make online transactions more secure and bolster the development of a digital economy.

The implementation will be divided into two phases. The first phase will take 18 months and will focus on the development and promotion of the platform. Training will also be provided to 2,000 personnel from 200 government agencies. The second phase will promote and evaluate the use of the platform in the private sector, the PM stated.

The committee has also agreed to task the Digital Economy Promotion Agency with setting up a digital service account registration system for digital start-ups and providers. The digital service accounts will be linked with state mechanisms, such as tax policies, to broaden services provided to Thai digital entrepreneurs.

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Taiwan University Unveils Heart Arrhythmia Detection App - OpenGov Asia

The Ministry of Digital Economy and Society (DES) is confident that there will be no further delay in the total enforcement of the Personal Data Protection Act (PDPA), which is scheduled to take place on 1 June 2022, while the Personal Data Protection Committee is expected to be finalised this month.

The Deputy Permanent Secretary for the DES and Secretary-General of the Office of Personal Data Protection Committee stated that the DES does not see any major reasons to postpone the full enforcement of the PDPA following two years of delay due to the pandemic, apart from some legal technical problems, though the chance of this remains minimal.

The DES Ministry is aware that the PDPA may cause some burden for related parties in terms of compliance but the ministry is trying to ensure the impact will be minimal with better personal data protection. The law will create transparency and accountability for personal data handling.

The DES Ministry considers data as a key element for the countrys development strategy while businesses are capitalising on data to create revenue. The DES will make sure the PDPA will not become an obstacle for businesses.

Over the past two years of the PDPAs postponement, the DES Ministry has been drafting 29 regulations aligned with the PDPA, including 10 treated as a priority. By the end of this month, the Personal Data Protection Committee is expected to be established, he said.

The list of members of the committee is expected to be published later this month following cabinet approval. The committee will be responsible for considering all related regulations linked to the PDPA.

The 10 regulations include consent format for personal data usage, the process of data usage and data protection measurements. There will also be personal data protection guidelines for personal data controllers and personal data processors in seven sectors, covering healthcare, retail and e-commerce, education, logistics, travel, property and asset management as well as state agencies and administration.

A public hearing of up to 4,000 stakeholders on the issue has been conducted. In terms of penalties, there could be a reprieve in some groups, such as those with personal data of less than 100 people, but this needs to be considered by the new committee.

Once the committee is established, there must be a clear practice on how people can lodge a complaint with the PDPA office when their data is misused. Organisations handling personal data are obliged to report leaked data within 72 hours and inform data owners.

The organisations responsible for data leakage could face a fine by the PDPA office and a civil suit filed by those affected. The PDPA will require minimum security measures to protect personal data.

Under the PDPA, data protection officers must be appointed by organisations as contact persons with authority and they are obliged to contact the authorities within a stipulated time when the incident occurs. Consumers will have more confidence in using services while small businesses with small records of personal data would get a reprieve, he added.

In November 2021, National Digital Economics and Society Committee approved plans to develop a platform that supports compliance with the Personal Data Protection Act. The platform will also make government services available online for Thai digital start-ups.

Thailands Prime Minister stated the new government platform will help ease the overall financial burden on the state sector. It will also make online transactions more secure and bolster the development of a digital economy.

The implementation will be divided into two phases. The first phase will take 18 months and will focus on the development and promotion of the platform. Training will also be provided to 2,000 personnel from 200 government agencies. The second phase will promote and evaluate the use of the platform in the private sector, the PM stated.

The committee has also agreed to task the Digital Economy Promotion Agency with setting up a digital service account registration system for digital start-ups and providers. The digital service accounts will be linked with state mechanisms, such as tax policies, to broaden services provided to Thai digital entrepreneurs.

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Full Enforcement of Thailand's Personal Data Protection Act Expected in June - OpenGov Asia