A leap into the technology of the future
The concept of quantum computing was first introduced in the 1980s with the aim of developing a powerful computing device capable of outperforming any classical computer. Over the past four decades, quantum computing has become 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 solve complex problems that could take days and years to solve even if the most powerful supercomputers available today are used.
Harness the potential of the best use cases
While quantum computing has the potential to help businesses solve problems that are beyond the reach of conventional high-performance computers, the adoption of this technology is still in its infancy. That said, sectors likely to be early adopters of this technology would be manufacturing, automotive, pharmaceutical, IT and banking. Let’s look at potential use cases for quantum computing:
Banking and Financial Services (BFS) – Portfolio and risk management are the most potential applications of quantum computing in the BFS sector. He can evaluate and analyze complex instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value and by assessing the risks associated with them.
Insurance– Companies that implement quantum early on 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 a large set of unstructured data provides insurance companies with better fraud detection and mitigation capabilities. Quantum can also help with portfolio optimization, better option pricing and currency arbitrage optimization.
Travel, transportation and hospitality– The logistics industry needs high computing power to process huge amounts of data arriving at high speed and with a high degree of variability, so that supply chain planners can make informed decisions in real time. The inherent layering and entanglement quality of quantum computers allows it to quickly evaluate large data sets compared to its time-consuming conventional counterpart. Quantum algorithms have proven to be very effective 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. Generally, drugs are produced by the trial and error technique, which is not only costly and time-consuming, but also dangerous and difficult to complete. Researchers believe that quantum computing can play a major role in the drug development process. Thanks to quantum computing, various combinations and permutations can be calculated at incredible speed. With such prowess, it can be a useful tool for R&D of drugs and study of their effects on humans, saving pharmaceutical companies a lot of money and time. Quantum computing could dramatically increase efficiency by allowing companies to undertake more drug discovery 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 crash behavior and soundproofing of lodges, etc. Apart from that, they can also be used for supply chain management, mobility, and traffic management.
Forecast and weather forecast– Accurate weather forecasting is a difficult task that requires the 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. Many natural disasters occur every year; Accurate and early predictions of extreme weather conditions can allow targeted areas to be better prepared to minimize property loss and damage. Quantum computing has the potential to improve weather monitoring and forecasting because it can quickly and efficiently process huge amounts of data with many variables through the computing power of qubits and the application of quantum-inspired optimization algorithms. Quantum machine learning can also improve pattern identification, which is essential for understanding weather.
cyber security– With the enormous processing prowess associated with Quantum, the related problem is that current security algorithms can easily be broken using quantum computing. However, at the current stage, this quantum threat cybersecurity use case is largely hypothetical. But in the future, it is necessary to come up with a new generation of security algorithms that do not derive their strength from the fact that breaking them requires enormous processing 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 wide applications, quantum computing is gaining momentum across the world including in India. It will be great to see businesses and governments working together to realize the full potential of this future-ready technology. Quantum computers will still have huge benefits soon, even if the profound impact of large-scale fault-tolerant quantum computers is a decade away.
Assessing India’s position in the quantum race
Considering the growing relevance of this new-age technology, the Indian government proclaimed quantum technology a “mission of national importance” and has invested heavily in basic and applied research ever since. As part of its efforts to control quantum technology, the Indian government has built institutions and programs. A common goal for business and government is to bring quantum solutions to market with high-tech readiness within the next five years. According to a report by NASSCOM, India will invest $1 billion over the next five years in various programs to advance its capabilities in quantum technology. The country also expects significant growth in the adoption of quantum technology by businesses and start-ups.
We are at the dawn of a quantum revolution and organizations need to think strategically about the long-term risks and benefits of quantum computing and technology and make a serious commitment today to be ready for tomorrow.
The opinions expressed above are those of the author.
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