With the aim of creating a powerful computational apparatus that can surpass any classical computer, the concept of quantum computing was initially introduced in the 1980s. Over the past forty years, quantum computing has emerged as one of the most revolutionary technologies, possessing the capability to introduce entirely new approaches to conceptualizing and resolving computer-related issues. Built upon the principles of quantum mechanics, it can tackle problems that would currently demand days or even years for today’s most powerful supercomputers to solve using conventional methods.
While quantum computing could one day assist businesses in ways that are currently unattainable with today’s high-powered computers, the widespread utilization of this technology is still in its infancy. Nonetheless, industries such as manufacturing, automotive, pharmaceuticals, information technology, and banking are expected to be among the first to adopt this technology. Let’s delve into some of the potential applications of quantum computing:
- Potential applications of quantum computing in the banking and financial services (BFS) sector include portfolio and risk management. It can simulate the numerous sources of uncertainty affecting the value of complex instruments, portfolios, and investments, allowing it to assess and analyze them.
- In the insurance industry, an early adoption of quantum computing could provide a considerable competitive advantage through improved risk modeling. Insurance companies may now detect and prevent fraud more effectively because to quantum computing’s capacity to precisely simulate risk scenarios, optimize portfolios, and swiftly sift through huge, unstructured datasets. In addition to helping with currency arbitrage and option pricing, quantum computing is useful for optimizing investment portfolios.
- Logistics companies in the travel, transportation, and hospitality industries require powerful computers to handle the massive volumes of data that are being generated at lightning speed and with a great deal of variation. Because of their unique ability to superimpose and entangle data, quantum computers can evaluate massive datasets far more swiftly than their classical counterparts. In applications such as optimized route directing, fleet management, delivery scheduling, navigation, and supply chain optimization, quantum algorithms have proven to be highly effective.
- Designing and developing new medicines is the holy grail of quantum computing. Trial-and-error drug development is common practice, but it is expensive, time-consuming, risky, and difficult to complete. Scientists think quantum computing can be crucial in the pharmaceutical industry. Combinations and permutations may now be computed at lightning speed, all thanks to quantum computing. This kind of power might be put to good use in medication research and development and the study of pharmaceuticals’ effects in humans, saving time and money for the pharmaceutical industry. The pharmaceutical sector as a whole could benefit greatly from quantum computing if it paves the way for further drug discoveries and the creation of innovative medical treatments.
- In the automotive industry, quantum computing is being used to optimize vehicle layouts and introduce new features. Similarly, quantum computers can do complex simulations in diverse domains, such as the crash behavior of vehicles and the acoustic isolation of hotels, etc. In addition, it has applications in mobility and traffic control as well as supply-chain management.
- Predicting the weather accurately is challenging because it needs the examination of a wide range of variables that are always changing, such as humidity, wind speed, air temperature, and atmospheric pressure and density. Traditional computers and even supercomputers have limits when it comes to building numerical weather and climate prediction models. There are a lot of natural catastrophes every year, and if people could be warned ahead of time, they could take precautions to reduce the number of casualties and the amount of property damage. Due to its ability to analyze massive volumes of data with a large number of variables rapidly and efficiently using the computing capacity of qubits and the use of quantum-inspired optimization algorithms, quantum computing has the potential to enhance the tracking and prediction of weather conditions. Understanding the weather is greatly aided by pattern recognition, which can be enhanced by using quantum machine learning.
- Since quantum computers have such enormous processing power, they pose a serious threat to current cybersecurity techniques. However, this application of quantum threats to cybersecurity is still primarily theoretical at this moment. However, in the future, it will be necessary to develop a new class of security algorithms whose supposed invincibility does not rest on the fact that they are so computationally intensive to crack. Instead, a mechanism that cannot be cracked by quantum computers will need to be introduced by the next generation of algorithms.
Quantum computing is gaining popularity in India and elsewhere due to the wide range of problems it can solve. It would be fantastic if corporations and governments worked together to fully use this innovative technology. Even if the profound impact of large-scale fault-tolerant quantum computers is still a decade away, quantum computers will nevertheless have tremendous benefits shortly.
Indian Government’s Stand on Quantum Computing
The government of India recognized the rising importance of this cutting-edge technology and declared quantum research a “mission of national importance,” funding extensive basic and applied study ever since. The Indian government has established structures and initiatives to manage quantum technology. In the next five years, businesses and governments alike aim to market quantum solutions that are already at a high level of technological readiness. NASSCOM claims that during the next five years, India will spend $1 billion on a variety of quantum technology initiatives. The government and private sector in the country anticipate a meteoric rise in the use of quantum technologies.
A quantum revolution is on the horizon, and in order for businesses to be successful in the future, they need to start planning for the potential benefits and drawbacks of quantum computing and technology now.
By: Dr. Manish Bhardwaj
Department of Computer Science and Information Technology,
KIET Group of Institutions, Delhi NCR