Top benefits that quantum computing can bring for businesses
Innovations in technology are driving the change in the way businesses all over the world work. Today, almost every industry has gone digital, and by incorporating the use of computers in their processes, businesses have been able to streamline the same to quite an extent.
Now, what about the future? Going by the recent hype in the technological advancements, one wave that has surpassed everything is that of quantum computing.
While traditional computers use binary bits in the form of 1 and 0, quantum computing focuses on quantum bits (qubits) for calculations. This means what traditional computers can do in ages can be done in a short span of time with the help of quantum computing, exploiting additional quantum mechanics’ features in the form of quantum entanglement and quantum superposition.
So, let’s get started and figure out its use in the practical world.
Interesting Facts & Statistics
- In 1982, the very first idea of quantum computing came in the mind of physicist Richard Feynman.
- As per a report by MarketsandMarkets, the market of quantum computing is likely to grow by 25%, from $93-$283 million in the coming 5 years.
- 1Qbit, made in 2012 in Vancouver, British Columbia, was the first commercial business-focussed dedicated quantum computer.
- As per Gartner, quantum computing is one of the top 10 trends to watch for in 2019 in terms of strategic technology.
- IBM introduced the first quantum computer for commercial use at CES, which carried out a computation in 200 secs as opposed to 10,000 years of time required by a standard computer for the same output.
Top Applications & Benefits Explained
Here are some key areas that can benefit from developents in quantum computing.
- Secure Data Management
It is a known fact that data management involves multiple risks in the form of data breaches. Blockchain is one of the most advanced ways to deal with a data breach. Having quantum blockchain in place with respect to its usage with the leading quantum computers like Google and Microsoft, there will be no scope left for a data breach, leading to enhanced and secure data management eventually.
If we talk about the financial institutions like banks, they have to deal with a number of issues including, market predictions, portfolio optimization, fraud detection, risk analysis, asset pricing and more. All these issues can be addressed successfully with the use of quantum computing.
Experimentation can be seen in this regard with bank collaborations such as NatWest-Fujitsu, JP Morgan Chase and Barclays-IBM.
With the help of quantum computing, insurers can evaluate financial instruments (like derivatives, bonds, etc.), options and guarantees on insurance products in a more efficient way, along with quantifying the risks & issues associated with the insurance companies operations. One of the first companies to start experimentation in this regard was Allianz, which partnered with 1QBit.
The aviation industry comprises of one of the most complex computing models in the form of aeronautical engineering. Enhanced commercial benefits in the form of costs and time can be achieved with the help of aircraft routing and scheduling with the help of quantum computing. This is the reason companies like Lockheed Martin and Airbus are researching excessively in order to gain maximum benefit from this technology.
- Data Analytics
Quantum computing and quantum mechanics hold the capability to solve problems on a large scale. Topological analysis, a study field, consists of geometric shapes that act in certain ways, have computations, which are not possible to process with the use of traditional computers. However, with quantum computing, this can be easily achieved, and this is the reason that NASA is making use of quantum technology to collect and analyze the universal data, along with finding safer space travel methods.
Prediction and forecasting are done after going through massive complex data sets. With weather affecting 30% of US GDP, the demand for more accuracy in the weather forecasts is on the rise. Traditional computing solves this scenario to some extent, but with quantum computing, this problem can be solved to a much greater extent, leading to economic benefits eventually.
- Pattern Matching
When you are able to find data patterns, and based on the same, are able to predict future data patterns, you are actually able to implement its usage in the practical terms. Quantum computing is being used by Volkswagen in trying to find out the weather condition 45 mins beforehand approximately to inform the drivers, leading to enhanced driving safety.
Finding patterns with respect to today’s traffic is a complex task for traditional computers but quite a possibility with quantum computing.
- Medical Research
If we talk about the medical field, the possibilities of something reacting across the body of a human being count to billions. This is one of the biggest reasons that pharmaceutical companies have to work on a drug for more than 10 years before it is launched in the market.
With quantum computing, the front-end of the process can be improved greatly, resulting in lowering of time and costs of drug launch, along with speeding up the drug research process and repurposing the drugs, which are pre-approved with quantum computing.
- Automatic Cars
Tech companies such as Google and Apple, along with car manufacturers like Tesla, are looking for technical ways to develop automatic cars. This is a good initiative as this will lead to the lowering of pollution and congestion, along with bringing in a lot of other benefits.
As of now, VW and Google are using quantum computing to develop self-driving and transportation technology and battery. This is a positive indication that in the near future, we will be able to see and use automatic cars.
This brings us to the conclusion that quantum computing is indeed one of the most significant technologies of the present times owing to the great potential it has in streamlining the processes of various industries.
The collection and analysis of data in the massive volume is something, which the traditional computing is unable to cope with. However, quantum computing possesses exceptional capabilities to compute such workload in an accurate and timely manner and lay the foundation for businesses to act in a way that benefits the human race at large.