The Advent of Quantum Computing
The growing digital age has fueled the expansion of the internet. Traditional computing is reaching its limits each day with new technological developments. However, traditional computers are limited in terms of functionality. With the advent of quantum computers, large-scale processing functions became possible.
The field of quantum computing is still in its infancy, but it shows promise for future industrial applications. According to Astute Analytica, the global quantum computing market is growing at a compound annual growth rate (CAGR) of 25% during the forecast period from 2020 to 2025. The market is growing because of growing applications in various industries, increasing cybercrime incidents, and investments from public and private investors.
Quantum Computing: Industrial Applications
It has potential applications in the following fields:
- Cryptography: The most common application of quantum computing is in advanced cryptography. Computers cannot break the encryption that uses prime number factorizations equal to 300 integers. Quantum computers can reduce the difficulty of decryption to a bare minimum. As a result, digital assets will be more secure.
- Data Analytics: It can calculate large amounts of data in a given period of time at a much faster pace than conventional computers, making quantum computing a viable choice when analyzing and processing large amounts of data.
- Weather Forecasting: Predicting the weather requires complex and massive data. Conventional computing takes a lot of time to forecast weather. The use of quantum technology provides faster calculations for predicting the weather.
- Healthcare and Medicine: The process of diagnosing, treating, and pricing on a larger scale is complex. A quantum computer allows for rapid and accurate calculations. Therefore, they are an ideal fit for healthcare infrastructure.
- Aviation: Quantum computing allows for a complex aviation simulation. In addition to saving time and money, it will help schedule and assign routes for aircraft. Several aviation companies, such as Lockheed Martin and Airbus, are actively researching quantum computing for application in aviation.
- Pattern Matching: On the basis of large amounts of data, quantum computing can detect patterns and predict the future behavior of a system. Volkswagen is currently exploring the use of quantum computing to let drivers know traffic conditions 45 minutes earlier. For conventional computers, predicting the traffic system is a complex task.
- Self-Driving Cars: Tech companies like Google and Apple, and car companies like Tesla, are actively researching and developing autonomous vehicles. Self-driving cars can reduce pollution, reduce congestion, and improve living standards. In addition, tech and automobile companies use quantum computers to design self-driving, transportation, and battery technologies.
- Banking and Finance: Among the applications of Quantum computing are credit score, derivative prices, etc. These calculations demand too many resources and are time-consuming. Quantum computing can assist in calculating these values within a reasonable time frame.
- I.T. and Telecommunications: Quantum computing performs calculations that can improve and optimize network infrastructure. It also helps in setting up sites for cell towers and reduces network latency of the network.
Quantum Computing: Challenges
- Qubit Quality: A quantum computer uses qubits (or quantum bits) as a network arrangement to make calculations. There are not enough qubits available today in cloud-based quantum computers to perform large-scale operations. Despite multiple computations, errors occur due to inaccurate qubits.
- Error Correction: The issue of inaccurate cubits can be solved through error correction algorithms. So far, there is no error correction system that can effectively check and correct errors.
- Quantum Decoherence: Quantum computers face the challenge of decoherence. Decoherence refers to the loss of data during calculation due to external factors. A quantum computer must operate in isolation.
Recent Developments
- In January 2019: Exxon Mobil and IBM Corporation entered into a partnership. It will allow Exxon to use the Q Network designed by IBM.
- In February 2019: D-Wave launched a processor for quantum computing with lower noise than traditional computers. It claims to be 25 times better than earlier models for software, tools, and number qubits.
- In October 2021: Multiverse, a Spanish start-up company, raised US$ 11 million. The company developed quantum computing software to speed up the banking process by 100 times. The system also helps solve problems like fraud detection and portfolio management.
- In October 2021: Researchers from the Indian Institute of Technology and Max-Born Institute, Germany, have come together to study the effects of using graphene for encoding and data transmission in quantum computers.
- In May 2021: Dr. Benjamin Brown, a scientist from the University of Sydney, developed an error-correcting code for quantum computers. It will reduce hardware requirements for calculations.
- In September 2021: Orca Computing, a UK-based start-up, created the world’s smallest quantum computer. This quantum computer is energy efficient, which requires energy equal to that of a thermostat.
As the world gets digital by the day with innovations, quantum computing technology has come a long way and has seen a variety of breakthroughs throughout the decades. With the growing rate of advancements within the field, prominent players can witness favorable growth opportunities in the future. However, further advancements are needed in quantum computing technology to expand its adoption.
