The concept of quantum computing was first introduced in the 1980s with the aim of developing a strong computing device that can outperform any classical computer. Over the past four decades, quantum computing has emerged as one of the most disruptive technological innovations, potentially creating new ways to approach computing problems. Based on the principles of quantum mechanics, it has the ability to tackle complex problems that can take days and years to solve, even using the most powerful supercomputers available today.
Unlocking the potential for the best use cases
While quantum computing has the potential to help companies solve problems beyond the reach of conventional high-performance computers, the application of this technology is still in its infancy. That said, industries likely to be the early adopters of this technology include manufacturing, auto, pharma, IT, and banking. Let’s take a look at the possible use cases of quantum computing:
Banking and Financial Services (BFS) – Portfolio and risk management are the most potential applications of quantum computing in the BFS sector. It can value and analyze complex instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value and evaluating the associated risks.
Insurance– Companies that implement quantum at an early stage can gain significant competitive advantages in terms of risk modeling accuracy. Quantum computing’s ability to accurately simulate risk scenarios, optimize portfolios, and quickly sift through large unstructured datasets provides insurance companies with better fraud detection and mitigation capabilities. Quantum can also help with portfolio optimization, better option prices and optimized currency arbitrage.
Travel, transportation and hospitality– The logistics industry requires high computational power to process massive amounts of data arriving at high speeds and with a high degree of variability, enabling supply chain planners to make informed decisions in real time. The inherent quality of superimposition and entanglement of quantum computers allows it to evaluate large datasets more quickly than its conventional counterpart, which takes an impractically long time. Quantum algorithms have proven to be very efficient in scenarios such as optimized route guidance, fleet management, delivery planning, navigation and supply chain optimization.
Drug development – The most difficult task in quantum computing is drug design and development. Usually, drugs are produced through trial-and-error, which is not only costly and time-consuming, but also unsafe and difficult to complete. Researchers believe that quantum computing can play an important role in the drug development process. Thanks to quantum computing, various combinations and permutations can be calculated at an incredible speed. With such prowess, it can be a useful tool for the R&D of drugs and studying their effects on humans, saving pharmaceutical companies a lot of money and time. Quantum computing can significantly increase efficiency by enabling companies to discover more drugs and develop new medical treatments, leading to a more productive pharmaceutical industry.
Automotive – Quantum computing to improve vehicle design and implement improvements. Similarly, quantum computers can perform advanced simulations in areas such as vehicle collision behavior and house sound insulation, etc. In addition, it can also be used for supply chain management, mobility and traffic management.
Weather forecast and forecast– Accurate weather forecasting is a difficult task that requires analysis of large amounts of data, including a variety of dynamic elements such as air, temperature, pressure and density. When creating numerical weather and climate prediction models, traditional computers and even supercomputers have their limitations. Numerous natural disasters occur every year; accurate and early predictions of extreme weather can allow target areas to be better prepared to minimize casualties and property damage. Quantum computing has the potential to improve the tracking and forecasting of meteorological conditions because it can process massive amounts of data with countless variables quickly and efficiently with the computational power of qubits and the application of quantum-inspired optimization algorithms. Quantum machine learning can also improve pattern identification, which is essential for understanding the weather.
Cyber security– With the massive processing power associated with Quantum, the related problem is that current security algorithms can be easily cracked using quantum computing. However, at its current stage, this use case of quantum threat cybersecurity is largely hypothetical. But in the future, there should be a new generation of security algorithms that do not derive their strength from the fact that breaking them requires a huge amount of computing power. On the contrary, the new generation of algorithms should come up with a different mechanism that cannot be broken using quantum computing.
Due to its many applications, quantum computing is gaining popularity all over the world, including in India. It will be great to see companies and governments working together to realize the full potential of this future-proof technology. Quantum computers will still offer huge benefits soon, even if it will be a decade before large-scale fault-tolerant quantum computers have major impacts.
Assessment of India’s position in the race of quantum
Looking at the growing relevance of this new age technology, the Indian government proclaimed that quantum technology was a “mission of national importance” and has since invested heavily in basic and applied research. As part of its efforts to control quantum technology, the Indian government has established institutions and programs. A common goal for the companies and the government is to commercialize quantum solutions ready for advanced technology in the next five years. According to an report by NASSCOM, India will invest $1 billion over the next five years in various programs to enhance its capabilities in quantum technology. The country also expects the adoption of quantum technology by enterprises and start-ups to increase significantly.
We are on the verge of one quantum revolution and organizations need to think strategically about the longer-term risks and benefits of quantum computing and technology and get serious about today to be ready for tomorrow.
The opinions expressed above are those of the author himself.
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