By Joey Ricard - April 12, 2022
Given the present state of reality, quantum computing in business can help you take a quantum leap over your competitors. You may find it hard to believe, as it is known to be still in its infancy. But this technology is gaining traction pretty fast. By 2030, as per one study, the total number of quantum computers worldwide could reach between 2000 to 5000.
Now, you must be thinking about what it has to do with businesses? Well, quantum computing will matter a lot for your business going forward as early adopters of it will be able to get ahead of those not adapting it and thus leading in the competition.
Are you one of those companies that have the mindset to stay prepared and be ready to adapt to the next big tech thing taking place? Then, it is time you pay close attention to it. So, today in this article, we will discuss what quantum computing is and how it can help businesses solve their complex problems.
Quantum computing originated in the early 1900s when experts discovered that atoms and particles behave very separately from human-order objects. But it was not until 1998 that the first working quantum computer appeared. Later, the Canadian company, D-wave and IBM introduced quantum computers. In 2017, Google claimed their quantum computer to be operating at levels beyond the supercomputers.
In 2019, Nasa and Google announced that they had achieved ‘Quantum Supremacy’ where their quantum computer solved a problem that would take 10,000 years in 200 seconds. Those days are not too far when quantum computing will become a crucial part of the business technology landscape.
Quantum computing focuses on building technology that can manipulate and control different laws of physics. It is a non-classical model of computation that uses quantum mechanical principles like quantum entanglement and superposition. A quantum computer harnesses the unique properties of quantum physics. It solves problems that are too complex for regular computers and also supercomputers.
The concept has relatively been a new one, where quantum computers can perform tasks that traditional computers cannot do within an agreeable timeline. Quantum computing for business is expanding its roots far and wide, promoting growth in various industries, such as computational chemistry, financial applications, optimization, quantum machine learning, etc. According to a study, the global quantum computing market will exceed 3 billion USD by 2029.
In classical computing, information is encoded by bits. But in quantum computing, a quantum bit or qubit is the basic unit of quantum information. Qubits make the basis of how quantum computers function. In traditional computing, bits can be either 0s or 1s. In quantum computing, qubits can be 0s, 1s, and a mix of both at once. This phenomenon is known as superposition, where all combinations of information exist simultaneously.
Then comes entanglement, a quantum effect, another critical part of quantum computing that creates the correlation between two qubits. Quantum computing algorithms are based on this principle, solving complex problems quicker than it would otherwise be possible.
The reason that traditional computers need to be replaced is that, at some point, they boil down to a series of smallest possible units of data, called bits. A quantum computer can simultaneously perform all operations and quickly provide the users with the information they need. Hotshots like Intel, Microsoft, Google (along with NASA and USRA), and quantum computing companies like IBM have already begun investing tons of money into this lightning-fast technology known as quantum computing.
Are you wondering how businesses can take advantage of quantum computing or quantum computing applications in different industries? Then here we go!
The art of solving optimization problems involves finding the ideal solution in a situation where many options are available. Classical computers today take extensive shortcuts to solve optimization problems of notable size. Sadly, these solutions are often partly-optimal.
But thanks to quantum computing, Governments can enhance their air traffic control, financial services firms can improve their risk optimization, and telecommunications businesses can upgrade their network infrastructure. Even consumer commodities and retail companies can better optimize their marketing offers.
We are living in a world that has big data and a large quantity of information that we need to analyze and store. And it requires more power to process and analyze this huge amount of data. And complex problems take a lot longer to be solved since traditional computers are limited to doing one task at a time.
But it has the potential to solve data problems on a huge scale. It can turn the most complex computations related to topological analysis into simple calculations. Even NASA is using quantum computing to research better and safer methods of space travel and analyze the enormous amount of data about the universe.
Analyzing the traffic patterns and predicting the performance of a system as complex as modern-day traffic is, so far, not possible for traditional computers. But quantum computing can change all these, one of the many advantages of quantum computing! Yes, quantum computing can help with something as valuable as finding patterns in data to predict future patterns.
The renowned vehicle manufacturer Volkswagen already uses it to inform drivers about the traffic condition 45 minutes in advance. Quantum computers are becoming necessary to match traffic patterns and predict modern-day complex traffic behavior.
Quantum computing can expand the adeptness of Artificial Intelligence because there are a large set of possibilities that a traditional computer cannot process, but quantum computing can. Wondering where are we with quantum computing and AI? Well, a collaboration between AI and quantum computing is already in progress to produce a worthy cycle of advancement in both domains.
It takes 10+ years for pharmaceutical companies to discover a new drug. And considering the millions of possibilities of how a drug can react to the human body, billions of dollars are at stake in discovering new medicines and introducing them to the market.
Now, quantum computing can speed up the process and ultimately cut costs and time to market. It can help repurpose pre-approved drugs more efficiently for new applications and permit computational chemists to make new drug discoveries faster than ever before, which would lead to cures for a range of diseases.
The news of Tesla and other giant tech companies like Apple and Google developing self-driving cars is not new. These developments can improve the standard of living, cut pollution, reduce traffic congestion and severe accidents. Thanks to quantum computing, it is possible to speed up the process.
Google is always the first one to apply and develop the latest technology. Naturally, Google and Volkswagen are already using quantum computers to develop battery, transportation, and self-driving technology. Volkswagen(VW) has already optimized the traffic flow for 10K taxis in Beijing and is on the way to more developments with quantum computing.
Enabling complex computer modeling like aeronautical scenarios and aiding with scheduling and rerouting of aircraft, quantum computing can offer tremendous commercial benefits for cost and time. Trailblazers like Lockheed Martin and Airbus have already started investing in this technology.
Quantum computers can easily break the encryptions that ordinary computers cannot, such as the factorization of large prime numbers with 300+ integers. Even breaking traditional encryptions will be faster with QC, which will lead to better protection of our digital assets and lives. The decryption grows trivial with quantum computers, which ensures more robust protection of our digital information and assets stored.
Predicting and forecasting possible events or outcomes depends on the accurate analysis of complex and large data sets. Quantum computing has the required power to process and analyze the data that would ultimately lead to better forecasts and predictions of the future.
Predicting and forecasting the weather is presently limited to the data inputs that only classic computing can handle. Adding too many factors only makes the simulations much longer than it takes for the actual weather to evolve. Since almost 30% of the GDP is affected by the weather, quantum computing can help predict the weather more accurately, ensuring great economic benefits.
No, quantum computers will not offer instant miraculous results for your business bottom line! But, you see, it has the potential to help businesses better optimize their investment strategies, discover products, improve encryption, and more.
Remember how we once wondered whether to start looking into machine learning and business data just a few years ago? And now, we are all about how soon we can implement machine learning and AI to speed up our business processes. It seems quantum computing will be no different as it is to bring a revolution to every industrial sector soon! So, take a more strategic approach to it from now, laced with pragmatism, and explore the business value of quantum computing!
And don’t forget to check out our weekly article section to stay updated with the latest technologies and learn how they can benefit your business. To get advanced tech solutions that encourage growth, spark innovation, and ensure well-paced progression for your business, contact Klizo Solutions today!
Klizo Solutions was founded by Joseph Ricard, an American who has spent the past 10 years working in India, developing good teams and good processes. We have a team of over 40 people, and we develop high level technology in multiple frameworks.