Toshiba has recently announced that they have made an algorithm that can crunch numbers faster than most supercomputers we have till date. While this might sound like nothing more than humble brag, it is in fact, a reality. And for a market whose success hinges on microseconds like finance, this is nothing short of a key milestone.

While this is not the same as a quantum computer, it’s the next step in that direction. The algorithm does in fact employ some aspects of quantum computing. Such high claims from Toshiba are being met by both intrigue and skepticism, but everyone is excited to see what Toshiba has in store, especially finance firms all over the world.

The algorithm has been named “Simulated Bifurcation Algorithm” and is designed to harness the power of quantum computers without any of the hassle. The world does have quantum computers right now, but their applications are limited, they cost millions and maintaining them is a pain, as they operate at nearly absolute zero temperatures. However, this algorithm can be used at room temperature, thus making the concept feasible for real life applications.

The company is still figuring out real life applications, while financial firms have already seen the potential and want in. Banks, brokerages and other institutions from the world of finance have been messing with quantum computing from some while now, and to think that a company that’s known for electronics and nuclear reactors would solve their problems for them is not something anyone had expected.