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 computational device capable of surpassing any classical computer. Over the past four decades, quantum computing has emerged as one of the most disruptive technological innovations, potentially creating new ways to approach computational problems. Based on the principles of quantum mechanics, it has the ability to tackle complex problems that could take days and years to solve even using the most powerful supercomputers available today.

Leveraging the potential for 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 a nascent stage. That said, the 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. Can evaluate and analyze complex instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value and assessing the risks associated with them.

Insurance– Firms that implement quantum early on can gain significant competitive advantages in risk modeling accuracy. Quantum Computing’s ability to accurately simulate risk scenarios, optimize portfolios, and accelerate rapidly across large unstructured data sets gives insurance companies better fraud detection and mitigation capabilities. Quantum can also assist in portfolio optimization, better option pricing, and streamlined currency arbitrage.

Travel, transport and hospitality– The logistics industry requires high computing power to process massive amounts of data arriving at high speed and with a high degree of variability, so supply chain planners can make informed decisions in real time. The inherent superposition and entanglement quality of quantum computers allows it to rapidly evaluate large datasets compared to its conventional counterpart, which takes impractical time. Quantum algorithms have proven to be very efficient in scenarios such as optimized route guidance, fleet management, delivery scheduling, navigation and supply chain optimization.

drug development – The most difficult task in quantum computing is drug design and development. Typically, drugs are produced by trial and error, which is not only expensive and time-consuming, but also dangerous and difficult to complete. Researchers believe that quantum computing may play an important role in the drug development process. As a result of quantum computing, various combinations and permutations can be calculated with incredible speed. With such an ability, it can be a useful tool for drug research and development and for studying its effects in humans, saving pharmaceutical companies a lot of time and money. Quantum computing could significantly increase efficiency by enabling companies to undertake more drug discovery and develop new medical treatments, leading to a more productive pharmaceutical industry.

Automotive sector – Quantum computing to improve vehicle design and implement improvements. Similarly, quantum computers can perform advanced simulations in fields, for example, crash behavior of vehicles and soundproofing of living quarters, etc. Apart from that, they can also be used for supply chain management, mobility and traffic management.

Weather forecast and 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 models of weather and climate forecasting, traditional computers and even supercomputers have their limitations. Numerous natural disasters occur every year; Accurate and timely forecasts of extreme weather conditions can allow targeted areas to be better prepared to minimize casualties and property damage. Quantum computing has the potential to improve weather tracking and predictions as it can process massive amounts of data with many variables quickly and efficiently with 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 time.

Cyber ​​security– With the huge processing power associated with Quantum, the related problem is that today’s security algorithms can be easily broken using quantum computing. However, as it stands now, this use case for quantum cybersecurity is largely hypothetical. But in the future, there is a need to create a new generation of security algorithms that do not draw their strength from the fact that breaking them requires a huge amount of processing power. Rather, the new generation of algorithms should come up with a different mechanism that cannot be hacked using quantum computing.

Due to its many applications, quantum computing is gaining traction all over the world including India. It will be great to see companies and governments working together to realize the full potential of this future-ready technology. Quantum computers will soon have huge benefits even if the profound impact of large-scale fault-tolerant quantum computers is a decade away.

Evaluate India’s position in the quantum race

Considering the growing relevance of this new age technology, the Government of India proclaimed quantum technology to be a “mission of national importance” and has since invested heavily in basic and applied research. As part of its efforts to control quantum technology, the Indian government has set up institutions and programs. A common goal for business and government is to commercialize quantum solutions with high-tech readiness in the next five years. According to a report by NASSCOM, India will invest $1 billion over the next five years in various programs to enhance its capabilities in quantum technology. The country also expects the adoption of quantum technology by businesses and start-ups to grow significantly.

We are at the cusp of a The quantum revolution and organizations need to think strategically about the long-term risks and benefits of quantum computing and technology and make serious efforts today to be ready for tomorrow.



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The views expressed above are those of the author.



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