Traditional computing has been around for more than half a century, profoundly impacting every aspect of lives and industries worldwide. But there are business challenges that even conventional computers cannot solve effectively and/or quickly. For instance, physical product launches that ensure minimal resource wastage are still a far-fetched possibility. The same goes for sourcing materials and accelerating the GTM depending on specific business needs.

This is where Quantum computing emerges as a solution leveraging specialized hardware and algorithms powered by quantum mechanics to solve complex problems that even supercomputers struggle to solve efficiently. Today, almost 40% of startups and 33% of universities around the globe are exclusively focusing on quantum-based innovations.

An overview of quantum computing

While traditional computers rely on binary bits as the fundamental unit of information, quantum computing measures information in qubits. Unlike bits, qubits can be represented as multiple probabilities, such as 0, a 1, or any proportion of 0 and 1. So how exactly are these represented? As superpositions. To exemplify, Schrödinger’s cat is a famous experiment with a cat in a box that could be presumed dead or alive until the box is opened. In the same way, a particle in quantum computing can exist in two states and places at a given time, unless otherwise proven.

Problem A classical computer and a quantum computer are fed information about a maze with 256 possible paths. What are the different ways the technologies can navigate?
Classical computer Consecutively computes at least half the average number of times, that is, 128 out of 256 ways. With an 8-bit processor, only a single number can be represented from 0 to 255.	Quantum computer An 8-qubit quantum computer, however, simultaneously parses through numbers 0-255 since it can represent 0 or 1—or hold both values simultaneously. This makes it the fastest and most efficient computer in the world.

Through superpositions, quantum algorithms can also tap into other quantum mechanical phenomena, such as:

Interference: If we throw two stones in a pond, the ripples created can either boost or cancel each other out. Quantum computers function like multiple stones (think particles) are tossed into a pond at the same time. The solution is derived by calibrating the interference pattern of their peaks (boosting) and troughs (canceling).

Entanglement: If two qubits get entangled they will act in a similar manner, no matter the distance or time. This helps quantum computers study and link the same patterns to find out useful information.

In a world where complex particles react with each other in complex ways, cutting-edge quantum computers are no longer a choice but a necessity to find smarter, better, and quicker solutions.

Quantum quandaries: Decoding complexities in quantum computing

The world as we know it runs on quantum physics, from preventing fraudulent fintech transactions to unearthing rare fuels that could replace non-renewable energy sources. However, it’s not all smooth sailing. To realize maximum potential, businesses must overcome the following roadblocks:

Technological maturity: The concept and applications of quantum computers are still in their nascent stage. Overcoming technical hurdles in hardware and software is difficult because of sourcing and development challenges. Moreover, existing manufacturing processes may not be able to keep up with current business needs – there is a need for superior automation in processing and testing methods.

High costs: Today, only leading global tech conglomerates such as AWS, Google, and Alibaba have made significant strides in quantum milestones. However, the development and maintenance of quantum computers require significant investment. Currently, quantum computing costs 100,000 X more than regular computers.

Skill gaps: With time, quantum computing will also involve massive upgrades across its hardware, software, and communication devices. Businesses need to find skilled personnel with cross-expertise to navigate new complexities in quantum fields.

Getting right down to business with quantum computing

Recently, Google completed a random circuit sampling circulation in the blink of an eye, using the latest version of its Sycamore processor, which has been boosted to 70 qubits four years since its inception. A classical computer or a rival company would’ve otherwise taken 47 years to complete the same task. This makes Google the only global company to achieve a major milestone in quantum supremacy. Quantum computing is making its presence felt across existing digital technologies such as Artificial Intelligence (AI), Blockchain, and natural language processing (NLP). Let’s take a look at how it is ushering in the great convergence:

AI: While AI can gather, analyze, and extract valuable insights from diverse data sources, quantum computers can utilize these insights to solve complex optimization problems. Enterprise leaders are looking to solve real-world issues across supply chain management, manufacturing efficiency, employee scheduling, and emissions reduction, in terms of energy and costs.

NLP: Quantum computing can drastically reduce the time and effort required to train large language models (LLMs) such as GPT (Generative Pre-trained Transformer) or BERT (Bidirectional Encoder Representations from Transformers). From optimizing hyperparameters to handling ambiguities/subtleties in context mapping and output generation, quantum computers can pave the way for enhanced NLP.

Blockchain: Quantum computing can bolster blockchain processes by quickly creating simulations for consensus mechanisms or even proposing new quantum-based consensus mechanisms. It can also process vast data sets, potentially reducing issues related to data latency, supply chain, or even security risks. From enhanced scalability to quantum-resistant cryptographic techniques, businesses can streamline their operations and achieve long-term resilience.

With many companies pioneering research in quantum computing across diverse fields, it is only a matter of time before this technology becomes mainstream – helping businesses drive better agility, cost optimization, and customer satisfaction.

Case in point

Quantum computing holds great promise across industries and has the immense potential to make the world a better place.

Healthcare

In the health industry, quantum computing could revolutionize drug discovery and personalized medicine. Quantum-based modeling and drug-cell reactivity simulations can help medical professionals understand disease progression, novel treatment modalities, or discover new cures that can help patients lead healthier and longer lives.

Banking, Financial Services and Insurance (BFSI)

While quantum computing can help bankers create innovative models that could empower underbanked or underdeveloped populations worldwide, insurers can use it for enhanced risk assessment. This can help them tailor policies, serving diverse populations while improving financial accessibility and eradicating social inequality.

ESG

Quantum computing can help businesses attain ESG goals by improving climate modeling through optimizing carbon capture and simulating environmental policies. Its advanced predictive analysis can also drive resource optimization across agriculture, water management, and energy production – reducing waste and minimizing environmental impact.

The quantum leap

Envisioning a quantum-powered future goes hand in hand with vigilance. It doesn’t just encompass future-centric hardware, software, communication elements, or post-quantum cryptography. There is an utmost need for a skilled workforce that understands the dire need and consequences of advanced computing. Enterprise leaders must also be able to identify their organizations’ future needs, opportunities, and potential vulnerabilities. Only then can we fully harness the potential of quantum computing and pave the way for more intelligent and better businesses.