Quantum Computing: Challenges and Opportunities Ahead

Here is everything you need to know about quantum computing

Google stated in 2019 that it has achieved quantum supremacy, a milestone in which quantum machines solve problems that conventional computers cannot solve in an acceptable period of time. Companies such as Amazon Web Services (AWS), Microsoft, and IBM have also created quantum computing cloud platforms, which offer the potential of quantum computing to consumers who may utilize the services without owning the physical hardware.

Nevertheless, while perfectly functioning quantum computers appear to be just around the edge and will be easy to access to the organization, there are still a number of quantum computing challenges to overcome, including accuracy and fault tolerance, which might take at least four to five years to ensure its credibility.

Nonetheless, quantum computing is having a big influence on the workplace and IT executives must remain on top of the developments.

Let's take a look at the challenges and opportunities of Quantum Computing in the coming years.

What is Quantum Computing?

Quantum computers are data storage and processing devices that make use of quantum mechanics. This may be highly beneficial for some jobs, where they can substantially outperform even our most powerful supercomputers.

Data is stored in binary "bits," which can be either 0s or 1s, in traditional computers like laptops and smartphones. A quantum bit, or qubit, is the fundamental memory block of a quantum computer.

Influence of Quantum Technology on Security

Quantum computing poses a challenge to conventional encryption methods, which are incapable of dealing with quantum superpowers. And that's why the shift to quantum-safe algorithms must occur immediately.

"Quantum will alter the architecture of computer security, rendering many existing methods used for encryption and digital signatures practically worthless," Chris Hickman, chief security manager of digital identity security firm Key Factor, stated. "IT leaders must devise a strategy to protect their businesses as well as a practical plan to mitigate the inescapable arrival of quantum computing."

Hickman feels that the present encrypted assets must be re-evaluated and protected in a quantum-resistant manner. If it is not accomplished now, a lot of opportunities will be lost, and it will be too late or too expensive to safeguard them in the future.

What is the Monetary Value?

Quantum computing is still in its development, with many unresolved difficulties, but it is an area that will transform sectors such as banking, medicine, automobiles, and artificial intelligence in the next few years. Organizations must stay up in order to maintain a competitive advantage.

"IT executives should focus on quantum computing right now," said Nir Minerbi, CEO of Classiq, the first Israeli firm in the sector of quantum computing software. "Rivals have already arrived, collecting quantum algorithms and proprietary information that will provide them a major competitive advantage in the years ahead."

As per Christopher Savoie, president and Chairman of Zapata Computing, which develops quantum computing software, it will be difficult for businesses that are not quantum-ready to keep up.

He believes that advances in quantum computing will have a disruptive influence on every major sector.

Financial services firms and other industries that rely significantly on statistical modeling of future events, for example, will profit from quantum's capacity to do computations in ways that go beyond conventional capabilities.

Companies in the pharmacological and information sciences will accelerate the discovery of new organic compounds and molecules by being able to simulate quantum encounters that are difficult to simulate precisely on classical computers or to execute quantum-enhanced artificial intelligence to extract correlations in information.

"If quantum computing is going to impact your sector, the rate of acceleration implies IT executives need to start thinking about quantum investments now," Savoie added.

Minerbi remarked that, aside from the rate of acceleration, quantum algorithms are beneficial for another reason: "Fault-tolerant quantum computers are certainly 10 years away, but good quantum algorithms that might be performed on noisy quantum computers are present, and now is the ideal moment to create them."

Quantum Computing as it is Now

In its current condition, quantum technology is being used in several projects. In 2020, IBM and Daimler utilized a quantum computer to simulate the dipole moment of 3 lithium-containing molecules, putting us one inch ahead of next-generation lithium-sulphur batteries that are more powerful, last longer, and are less expensive than today's commonly used lithium batteries. IBM has collaborated with JPMorgan on quantum use factors in finance, such as research into the use of quantum computing to valuation models. However, quantum technology isn't just for computers.

"It's essential to remember that many devices on the market today, including mobile phones, involve quantum phenomena," said Deborah Golden, Deloitte's U.S. cyber and strategy risk head. "While current quantum use cases are restricted," she added, "They are increasing." Quantum communications, for example, provide substantial security against eavesdropping.

Getting ready for Quantum Future

Understanding the problems of quantum computing is only one-half of the equation, as quantum is a world apart from what businesses are used to.

"Unlike conventional computers, quantum computers only offer a likely response," said Vaclav Vincalek, an entrepreneur who assists businesses in implementing cutting-edge technology.

They aren't designed to deliver definite results; instead, the response they present is the most likely, which may require verification by a traditional computer. For instance, a quantum computer may calculate the most likely solution for cracking an encryption scheme, but it will require a classical computer to test the solution to see whether it starts breaking.

As a result, coding for quantum technology is a novel problem. There was no straightforward method to move or reuse code between systems before there existed a real quantum operating system.

Conclusion

While quantum computing has the enormous potential to revolutionize how real-world issues are tackled, there are still numerous difficult engineering challenges to overcome first, leaving companies without a timeframe for when it will be used in the workplace.