When will quantum computing affect your competitive landscape?

One of the questions corporate CIOs at Everest Group ask us is how they can predict when quantum computing will impact their competitive capabilities. Quantum computers have the ability to perform complex calculations at unprecedented speeds. Thus, they will transform areas such as data encryption, network optimization and artificial intelligence and enable new services to be offered. Therefore, they cannot be ignored. But how soon will this happen? This blog discusses the current development of this beneficial but disruptive technology.

Quantum computers will perform calculations for specific tasks that no classical computer can achieve in a feasible amount of time. By doing this, you will:

• Accelerating drug discovery
• Optimize supply chains
• Model complex financial systems with a degree of accuracy and efficiency that current technologies cannot approach
• It enables companies to redefine strategic planning and decision-making processes
• Enable companies to solve complex problems with greater flexibility and insight – even automatically or instantly

There are strategic implications of adopting quantum computing. After all, digital information is both an asset and a vulnerability. Quantum technologies will be critical to maintaining the integrity and confidentiality of lightning-fast digital infrastructures.

What impact will it have on national security? What will the quest for global technological supremacy look like?

IT service providers and enterprises will need to align their strategic approach to navigate this new terrain.

Progress and remaining challenges

The scientific principles of quantum mechanics, together, enable quantum bits (qubits) to perform operations at speeds that classical computers cannot achieve. The goal is to create multiple qubits that work stably at the same time.

Scientists are getting closer to realizing the full potential of quantum computing. However, there are significant challenges that remain to be resolved. Consider the following issues, for example.

Challenge: Qubit Quality and Control. For quantum computing to be viable, qubits must maintain coherence long enough to perform complex and meaningful calculations. Qubits are prone to disturbances from external noises. Currently, we believe that this issue can be resolved in the next five to seven years.

Challenge: Quantum error correction. Qubits are fragile and therefore error-prone. Scientists are working to develop powerful quantum error correction techniques. This is critical, but debugging can place unreasonable demands on a system’s processing power. I recently spoke with Richard Sear, Managing Partner at the Everest Group. He believes this will be an area of ​​continued development, but reliability at scale may emerge within the next five years.

Challenge: System scalability. This is the biggest challenge, according to Richard. Innovations in quantum interconnects are needed to maintain coherent communication throughout the qubit array. These are essential for scaling quantum systems without a corresponding increase in error rates or functional inefficiencies. Solving this challenge could take about 10 years, he says.

Real QC Activity today

Financial Sector Examples. There is a mass of activity in the quantum computing space. In finance, companies are leveraging quantum computing to optimize portfolios and model financial markets more accurately.

JPMorgan Chase is working with IBM on initiatives that use quantum algorithms for options pricing and risk analysis.

Goldman Sachs researches quantum algorithms to improve asset pricing models.

Pharmaceutical Sector Examples. Quantum computing allows complex molecular structures to be modeled at a scale that allows for more and much faster computation.

Biogen is partnering with quantum computing startups to accelerate drug discovery for diseases like Alzheimer’s.

Examples of cyber security. Companies like IBM are researching quantum-resistant algorithms against the threat of quantum computers breaking traditional RSA encryption.

ID Quantique in Switzerland implemented pilot projects in several countries, including securing the transmission of election data in Switzerland.

Other Examples. Volkswagen and D-Wave are working together to use quantum computing to simulate materials to discover new battery materials for electric vehicles.

In recent blogs, I have discussed the development of CRISPR Genome Editing technology and the development of enzymatic plastic recycling and waste management. The rate of development of these technologies will be accelerated by the use of quantum computers.

Quantum supremacy brings concerns

Richard Sear points out that in advancing the development of quantum computing technologies, we are moving towards what is known as quantum supremacy.

There are key factors that will influence the acceleration of development. However, some of these factors raise concerns. Here are some examples:

• The development of sophisticated cryogenic systems is necessary to maintain qubit stability and implement quantum security measures in cyberspace. Google and IBM have dedicated quantum computing centers at the scale of the infrastructure required. Few other companies can afford this.

Worry: Monopolistic environments and a less equal society for computing access.

• The need for more IT service providers and the development of hybrid systems where quantum and classical computing coexist and complement each other.

Worry: Integration will be extended to cloud platforms.

• Widespread adoption of quantum computing will require significant financial commitments from the public and private sectors. Public-private partnerships will likely be key to successful scale-up.

There are other implications and concerns as we move toward quantum supremacy. Here are just three of them:

• Ethical and Political Considerations. Quantum computing will undermine current encryption standards for data privacy. There is the potential for a digital divide between nations and industries. Policymakers need to develop strong frameworks that promote ethical practices, ensure equitable access, and develop international cooperation in quantum research and governance.
• Education and Workforce Development. A quantum-powered world requires an educated workforce with expertise in quantum sciences and related fields. Educational initiatives and collaborations between academia and industry are essential to creating and cultivating the next generation of quantum scientists, engineers and technologists.
• Global Quantum Networks. Looking a little further into the future, we need to develop global quantum networks for the secure exchange of information on a global scale. Currently, there is a project called the Quantum Internet Alliance to develop a quantum internet.

As you can see from the activities highlighted in this blog, there are a host of complex technical, infrastructure and ethical challenges to overcome on our journey towards a quantum powered world. The ongoing efforts are promising and will happen sooner than most people realize. I believe that strategic partnerships will be key to unlocking the full potential of quantum computing.