Quantum Computing – what is in it for you?
If you are following the industry trends for the last few years, you have definitely heard of Quantum Computing or a variation of it. Quantum Computing is the area of computing focused on developing computer technology based on principles of the quantum query. Traditional computers operate by processing information in bits (1 or 0) and quantum computers use “qubits”, which can process 1 and 0 simultaneously. This allows us to operate probabilistically and simultaneously using the three properties - superposition, entanglement, and interference. Imagine a computer trying to solve a maze, a computer would go about solving the maze using every single possibility in a sequential manner. If the pathway is incorrect, it would revert to the original position and try again. Enter Quantum Computing. Quantum Computing would be able to try every single pathway and possibility – all at the same time and solve the maze in a single try. This allows us to solve complex problems with maze-like equations in an exponentially fast manner.
Quantum computing is already starting to disrupt many industries. According to Nobel Laureate Bill Phillips, “Quantum Computers are more different than current computers as current computers are from the abacus”.
How does this affect me? You might be thinking, is there really a value in solving complex problems in a matter of seconds, and would that benefit me? The answer is a resounding yes. A great example is in the case of pharmaceuticals industry where COVID-19 brought a heavy focus and transparency in designing a vaccine, identifying the drivers, and delivering it to the market. New drugs can take an average of $2 billion and more than ten years to reach the market after discovery. One of the limitations is the inadequate computational resources needed to identify and solve the disease pathway in the body. Designing a drug requires research and development of maze-like molecular structures and finding the right key to the chemical space. Tracing these molecular structures and solving this key will take trillions of hours of work and an exhaustive number of computational resources. Quantum computing allows us to solve these equations in a matter of hours. This could make R&D dramatically faster and more precise by making target identification, drug design, and toxicity testing less dependent on trial and error and therefore more efficient. In short, this allows for dramatic improvement in product-to-market timeline and in return improves patients’ quality of life.
According to McKinsey & Company[1], government and private funding for Quantum Computing are rising rapidly. The total volume of raised funding has doubled from 2021 and has now surpassed $1.7 billion for quantum computing start-ups. China, European Union, and the United States have announced government funding of more than $23 billion to advance Quantum Computing research and adoption. However, there have been many questions and controversies that span the quantum computing space in the last few years. Many question the demonstrable ability of quantum supremacy and the lack of transparency of the alleged advances in the business use cases. Many also disagree on the importance of fault tolerance for making quantum computing use cases viable. The US Government has taken a key role in developing the resources needed to tackle quantum computing head-on. The United States National Quantum Initiative invested close to $1.2 billion in exploring and promoting Quantum Information Science (QIS) and quantum projects in technology, communication, the internet, networks, and more.
Can we wait and postpone investing in Quantum Computing? The short answer is ‘No’. Let us understand why the answer is no. In the early 80s, scientists believed that the basic building block of quantum computing called the “qubits” would take 30 years to arrive. It arrived in less than 10 years. The recent General Services Administration (GSA) Governmentwide Acquisition Contract (GWAC) “Polaris” outlined Advance and Quantum Computing as one of the areas in the Emerging Technology category.
While Quantum Computing’s potential covers many technology areas and processes, there are many trends that have started to emerge that will make your organization successful and a leader in the industry. Here are a few key areas of how small and mid-size companies can get ready for the advent of Quantum Computing.
Understanding the Quantum use cases
Education is key to understanding the massive computing power that could have impressive consequences for businesses and governments alike. The biggest misconception in quantum computing is the “it is not for me” mentality. Companies need to understand why and how it is important for the enterprise, and the way it could impact their end customers. For example, using quantum in AI could make data analysis faster and more accurate. This ability to tackle complex algorithms, and process massive amounts of data at remarkable speeds could provide better insights faster. A Quantum powered AI could tackle massive logistical supply chain issues, sustainability initiatives, and enhance data processing abilities.
Developing the right talent for the Quantum Workforce
The scarcity of talent in quantum computing is one of the more important concerns looming in the industry. Organizations engaged in Quantum Computing require resources that are multi-faceted. They need to be proficient in Quantum Mechanics, Engineering, Machine Learning, and Artificial Intelligence. There is a high demand for these skillsets that represent the quantum computing areas, and many companies are already competing for top talent. We need an educated workforce with the talent to sustain progress, explore new territories, and avoid this massive skills shortage. There also needs to be continuous education in high schools and colleges about the importance of quantum mechanics and machine learning to encourage them early in their careers.
Collaboration among leaders in the market
Keeping a close eye on the pioneers and key innovators in the market is going to be vital in staying in the Quantum market as this technology reaches new heights in the next few years. Understanding the leaders in the market is key to developing and building your ecosystem of skilled resources that can tackle Quantum Computing use cases and technologies. CIOinsight[2] states that the leaders such as IBM, Quantum Computing Inc (QCI), Xanadu, MS Azure Quantum, and D-Wave Systems have made considerable strides, and many have started to emerge as adoption rates increases. Cloud usage has become a staple for many organizations and utilizing free resources provided by these leaders will be key to executing many use cases. For example, QCI recently unveiled a quantum computing platform called Qatalyst that lets companies access resources from other companies through the cloud innovations labs.
In summary, Quantum Computing is the next frontier and the race towards the new age of computers is already underway and we cannot afford to lose.
Special thanks to Srini for always challenging me and providing insightful content. I always look forward to our conversations!
[1] Quantum Computing use cases are getting real – what you need to know. (Report, 2021)
[2] Top Quantum Computing companies for 2022 (Partida, 2022)
