Quantum computing is here. Is your business ready?
With the technological advances in front of us, businesses can reap true value from quantum computing in the next five years. Is your business prepared for this next big wave?
Authors: Prateek Jain | Lead Architect | AI@Scale • Srinjoy Ganguly | Senior Data Scientist | AI@Scale
Businesses are ranking quantum computing in data science, machine learning, and AI high in priority. By 2023 Gartner 3 predicts 20% of organizations to budget for quantum computing projects. However, are organizations equipped to identify problems that can leverage quantum algorithms? Are they ready yet to extract maximum business value from quantum computing initiatives?
Figure 1: Quantum computing and its key application areas
Quantum computing in brief
Computational Chemistry / Biology • QC in Life Science • QC in Biology
• Design Better Drugs • Design new materials
Basis quantum mechanics, quantum computing enables computations to be performed much faster and more efficiently than classical computing. Unlike the logical state and two possible values that classical computing represents, quantum computing represents a two-state quantum mechanical system and has properties like the spin of an electron (up or down); low or high (energy states of trapped ions); horizontal or vertical (polarization of a photon). The most basic unit of quantum information, Qubit, can simultaneously exist in a combination of quantum states; and groups of qubits in superposition can create infinite, complex, multidimensional computational spaces. Quantum computing draws the computational speed and power from the combination of its special properties of superposition and entanglement. Application of quantum computing An ever-expanding quantum-computing ecosystem promises to generate substantial value and revolutionize industries, especially pharmaceuticals, finance and banking, alternative materials, and energy research. Life sciences are one of the industries where quantum computing is expected to be used extensively.
Cryptography • Quantum Key Distribution • Quantum Cryptographic algorithms
Alternative Material & Energy Research • Efficiently convert atmospheric CO 2 to methanol • Nitrogen Fixation • New catalysts • Artificial Photosynthesis
Finance & Banking • Dynamic portfolio optimization • Risk management • Option pricing for complex derivatives
Quantum Communication • Using Quantum Teleportation • Quantum Internet • Satellite communication
Supply Chain & Logistics • NP-hard Scheduling & logistics problems • Vehicle Routing Problem
3 https://www.gartner.com/smarterwithgartner/the-cios-guide-to-quantum-computing
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