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The Impact of Quantum Computing on Businesses

by Clement McErnest
IMPACT OF QUANTUM COMPUTING ON BUSINESSES

The impact of quantum computing on businesses is such that, when it becomes commonplace, it will usher in the fifth industrial revolution. Countless scholars, analysts, and professionals in the tech world agree with this assumption – yet while quantum’s rise will undoubtedly cause tremendous disruption, the time frame for this coming technology is unknown. When quantum technology is fully realized, it will transform the way organizations work and assure the security of data as well as how it is processed. Logistics, sophisticated manufacturing, medicinal research, and financial transactions are just a few of the commercial operations that potentially witness massive advancements.


SUMMARY: In this write-up, we state that when quantum computing becomes commonplace will usher in the fifth industrial revolution. When quantum technology is fully realized, it will transform the way organizations work. However, the time frame for this coming technology is unknown. Quantum’s rise will undoubtedly cause tremendous disruption, but it will also be a huge opportunity.


The impact of Quantum Computing on Businesses on Cybersecurity

If data becomes the currency of the future, data security becomes critical. The RSA (Rivest–Shamir–Adleman) which is the message encryption and decryption method used by modern computers, has been used to encrypt data transmission via the internet since the 1970s.

In 1994, mathematician Peter Shor devised a quantum algorithm that, if executed on a quantum computer, could break (or severely damage) virtually all contemporary cryptography.

Businesses have become aware of the security threats that are likely to arise now that quantum computing has entered boardroom conversations. Cryptography is embedded in practically every element of the digital economy, therefore the RSA algorithm’s deciphering will have far-reaching repercussions for everything from financial transactions to personal data security to national security and utilities. According to the Global Risk Institute, such attacks will not be possible for at least ten years.

Toshiba estimates that the global quantum key distribution industry would be worth $12 billion by 2030, based on its collaboration with BT (British Telecom) to build the UK’s first quantum secure network in 2020.

The National Institute of Standards and Technology in the United States is aiming to standardize post-quantum algorithms. BNP Paribas, HSBC, Citigroup, and JPMorgan Chase, are among the biggest global banks with visible quantum programs investigating security risks. “I believe the most essential thing here is to recognize that there is no ‘one-size-fits-all’ answer and that it is critical that many individuals work on various types of solutions,” Barmes says.

GlobalData anticipated that quantum computing will be security-ready by the time quantum computers reach enough processing capacity to threaten present encryption in a research note published in June 2021. According to the research note, “[security worries] are sensationalist click-bait for the time being.”

Cambridge Quantum, situated in the United Kingdom, announced in June that it had shown a quantum-safe blockchain with cryptographic algorithms employing the world’s sole source of provably flawless and unpredictable cryptographic keys, in collaboration with the Inter-American Development Bank.

Duncan Jones, the head of quantum cybersecurity at Cambridge Quantum, feels that businesses must respond quickly. “Quantum is not a threat to be overlooked,” he warns because attackers can record important data today and decrypt it afterward. “The first step is to conduct a thorough examination of where sensitive data is housed and how it is safeguarded. Following that, businesses can decide which systems to quantum-proof first. The ultimate goal is to have all systems switch to quantum-proof algorithms and key generation methods.”

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The impact of Quantum Computing on Businesses on Quantum-as-a-Service

IMPACT OF QUANTUM COMPUTING ON BUSINESSES

Quantum-as-a-service (QaaS) products on specific cloud-based platforms are being developed by leading quantum computing businesses. Google, IBM, and Honeywell are among the companies that are allowing enterprises to experiment with quantum devices and begin developing quantum code. Currently, QaaS is the only commercial quantum computing service available.

In July, Oxford Quantum Circuits debuted the UK’s first QaaS platform. Dr. Ilana Wisby, the company’s CEO, demonstrates how firms can begin experimenting with quantum in a matter of days by using the company’s private cloud. Customers in the pharmaceutical and industrial sectors are experimenting with small-scale molecular simulations, while financial services firms are grappling with optimisation issues and cybersecurity concerns. According to Wisby, “early adopters will have the advantage of understanding what [quantum] means in terms of their market and business.”

According to Wisby, a corporation can only discover specific use cases and challenges that it can answer through the design and experimentation process. “Companies will learn to find areas that are unique to them,” she adds, adding that this will provide them a huge competitive advantage and market leadership.

Impact of Quantum Computing on Businesses on Financial simulations

Many large financial firms, including JPMorgan Chase, Goldman Sachs, and Wells Fargo, are researching how quantum computing may be used to apply to financial products like stocks.

Currently, financial markets use complicated models based on Monte Carlo simulations to forecast returns (a class of computational algorithms that uses random sampling to solve problems that might be deterministic in principle). The finance industry is already at the forefront of traditional supercomputing, particularly in terms of high-speed networks and storage for automated trading.

While it is yet unclear how quantum computing will impact the financial sector, according to GlobalData thematic research, every major finance company is investing in studying the potential and risks that quantum computing may offer.

JPMorgan presented a study in July 2020 that uses the Grover quantum algorithm to generate Fibonacci numbers, which are commonly used in investing. It used Honeywell’s System Model H quantum computer to verify its findings.

Goldman Sachs released the results of research it conducted with Silicon Valley-based QaaS business QC Ware in April 2021, demonstrating new quantum algorithms that ran classical algorithms for Monte Carlo simulations 1,000 times faster than traditional methods. However, the quantum technology that is currently available has extremely high mistake rates. Following the release, Goldman Sachs’ head of quantum research, William Zeng, predicted that error-corrected hardware capable of running the company’s quantum algorithms will be ready in ten to twenty years.

Impact of Quantum Computing on Businesses on Optimisation of logistics and manufacturing processes

Multinational corporations are testing quantum-enabled fleet logistics to improve supply chains and manufacturing. This is believed to be a great impact on quantum computing on businesses in the near future. Quantum algorithms can be used to tackle real-world optimization problems like planning manufacturing processes, filling shipping containers, and routing delivery vehicles or passenger planes, to name a few.

According to GlobalData thematic research, a quantum computer’s ability to analyze all possible output states of a calculation lends itself to logistics difficulties. According to the study, “as opposed to a classical computer, which must essentially trial every path before settling on the optimal,” quantum computers have the ability to deliver an optimum by considering all routes at the same time.

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Volkswagen and quantum start-up D-Wave, for example, ran a test real-time route optimisation application comprising nine municipal buses travelling between 26 stops in Lisbon in October 2019. Microsoft announced a collaboration with Toyota Tshuso and Jij, a quantum algorithm and consultancy start-up, in August 2020 to optimize traffic signals in a large-scale city simulation, which cut traffic waiting times by 20%.

Quantum technology also allows for the optimization of production processes. Because of the capacity of quantum computers to replicate processes and chemical reactions, numerous industries have already formed research agreements with quantum computing firms.

One example is Volkswagen’s collaboration with D-quantum Wave’s technology to handle paint shop scheduling, which was exhibited in November 2020. The demonstration determined the optimal way to organize cars in a production line for painting, minimizing the number of times colors had to be changed and greatly lowering expenses.

With quantum technology enabling molecular simulations, it is envisaged that battery research for the automotive industry will be hastened. The use of quantum simulation for battery development is being investigated by IBM and Daimler, the parent company of Mercedes-Benz. According to GlobalData’s theme research, this might be a key step toward lithium-sulphur batteries replacing less powerful and more expensive lithium-ion batteries.

Impact of Quantum Computing on Businesses on Medical breakthroughs

Traditional computers are incapable of performing precision molecular modeling. The impact of Quantum Computing on businesses will mean computers will provide the leap in accuracy needed to expand the area of personalised medicine, lowering the time and expense of drug discovery while enabling the development of improved medicinal therapies.

Roche established a collaboration with Cambridge Quantum in January 2021 to create algorithms for early-stage drug research. Cambridge Quantum’s quantum chemistry platform will be used to support Roche’s attempts to develop an effective Alzheimer’s medication. As quantum technology advances, partnerships like this one will emerge in the fields of drug discovery and medical research.

Quantum computing has the ability to revolutionize and improve every part of the world as we know it, from making the globe more cyber-secure to aiding in the treatment of incurable diseases. It’s simply a question of how quickly this technology will catch on.

Conclusion

The impact of quantum computing on businesses is predictably huge. It should be noted that although we have touched on only a few areas an impact of quantum computing on businesses could be felt positively, there are many other areas and sectors that such an impact would be felt.

All in all, we don’t have to relegate quantum computing’s potential impact to the backyard but should be at the forefront of research by businesses, universities, and governments alike.

Culled from https://investmentmonitor.ai by Lara Williams

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