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In June 2023, IBM announced that Quantum computers were entering their “utility phase.” And while there is no denying that classical computers have served us well, computing power cannot maintain its rapid exponential rise using “silicon technology," says Intel Corporation.
The rise of quantum computing, which runs on quantum mechanics, promises unimaginable processing capabilities to revolutionize industries, drive scientific research, and unlock new possibilities.
Classical computing processes information serially in bits form, i.e., 1s and 0s - but quantum computers use qubits - meaning they can occupy a 1 and 0 state simultaneously. This transposition from dual to multivariate processing means that computing power will be superlative such that problems that took supercomputers years to solve will be solved in seconds.
Recently, Atom Computing revealed their 1,225-qubit quantum computer with almost triple the power of IBM’s Osprey, the previous front-runner. This jump in computing capability signals that humanity is on the cusp of a new dawn in computing. Despite this, few people outside tech and physics understand this revolutionary technology.
Quantum computing technology is so promising that global quantum computing revenue forecasts by MarketsandMarkets show the market is set to hit US$4B in 2028. Other industries that stand to gain from this boom include the following.
The rise of quantum computing and AI means processing millions of algorithms and datasets simultaneously and generating more powerful AI models. Additionally, quantum opportunities in the horizontal, foundation and generative AI are so impactful that a recent Boston Consulting Group study quoted a $50B to $100B market potential. More billion-dollar opportunities exist in automotive AI algorithms, preventing fraud and money laundering.
Creating new car models from scratch can take years. Quantum promises to change that by quickly and accurately predicting how complex materials of different shapes perform under stress. Carsten Sapia, VP of strategy, governance, and IT security at BMW, says that Quantum helps find the perfect balance between design, best aerodynamics, and maximum interior space.
Quantum machines can be used to model molecular processes. This will accelerate breakthroughs in disease research and increase the speed of developing life-saving drugs. IBM quantum computing department has currently partnered with Cleveland Clinic to improve outcomes.
As per a study by Ernest & Young (EY), risk analysis is an operational tug-of-war for banks of various sizes. The biggest challenge lies in understanding how the technology can analyze data used in accessing credit risk faster and more accurately.
The Department of Homeland Security believes that current encryption methods are too rudimentary and will be cracked by quantum computers in the next seven years. Apart from making existing cryptography obsolete, the threat of Shor’s quantum computing algorithms will jeopardize communications, military defenses, and financial transactions.
Solving real-world problems requires that quantum computers be scalable. These highly specialized computers need specialized materials and techniques to minimize defects. Researchers have a long way to go because existing industrial capacities lack this scalability.
Based on recent quantum computing news, errors are likely to occur through the stability (or lack of) of qubits and interference from collision with other qubits. Researchers are developing error suppression, correction, and mitigation techniques to increase computation accuracy.
As we navigate the future of computing power in 2024 and beyond, the rise of quantum computing will be a game changer that impacts us all. Just imagine un-hackable passwords or faster biomedical discoveries. However, currently, the technology is still rough around the hedges, challenging to use, and very expensive.
