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Technology is constantly advancing, and one of the biggest changes in the future will come from quantum computing. Unlike normal computers that use bits (0s and 1s), quantum computers use qubits, which have the capability of being in several states at the same time. This makes them much more powerful than traditional computers and will impact many industries like cybersecurity, medicine, finance, and artificial intelligence.
Quantum computing depends on quantum mechanics principles, primarily superposition and entanglement. Superposition enables qubits to be in more than one state simultaneously, enabling calculations to be much quicker. Entanglement is such that when two qubits are connected, manipulating one qubit affects the other even when they are separated by large distances.
Unlike regular computers that handle one calculation at a time, quantum computers can execute multiple calculations at the same time. This renders them much quicker in solving complicated problems, including encryption, drug discovery, and financial modelling.
One of the most significant impacts of quantum computing will be in cybersecurity. Current methods of encryption, such as RSA encryption, depend on the fact that regular computers would take thousands of years to decrypt them. But quantum computers are able to decrypt these in seconds with Shor's Algorithm.
A US National Institute of Standards and Technology (NIST) report said that a quantum computer with 4,000 qubits would be able to break RSA-2048 encryption within a few hours. This has prompted companies such as Google and IBM to create quantum-safe encryption to secure digital data.
Quantum computing will also introduce significant changes in the healthcare sector. Creating new drugs is a complicated process involving the simulation of how molecules interact. Classical computers find it difficult because molecular interactions are governed by quantum mechanics. Quantum computers, however, can model these interactions with ease, resulting in accelerated drug development.
In 2020, Google AI and researchers from China simulated a simple chemical reaction using a quantum computer. IBM is also working on a quantum system with over 1,000 qubits by 2026, which could greatly help in medical research.
The finance sector is based on data analysis of large volumes, forecasting stock market movements, and risk management. Quantum computers process financial information faster than regular computers. This can enhance fraud detection, stock market analysis, and bank and financial company decision-making.
A study by Boston Consulting Group estimates that quantum computing has the potential to generate as much as $850 billion in value globally across industries in 2050. Large financial institutions such as JP Morgan and Goldman Sachs have already begun exploring quantum research with a view to enhancing risk management and financial modelling.
Artificial intelligence (AI) relies on rapid data processing and pattern recognition. Quantum computers can enhance AI by optimizing problems and optimizing machine learning algorithms.
Google's Sycamore processor in 2019 solved a problem in 200 seconds that would take the world's fastest supercomputer 10,000 years to solve. This achievement demonstrated the potential of quantum computing in AI development.
Although it has its benefits, quantum computing is currently in its infancy. Qubit stability is one of the largest hurdles. Qubits are highly sensitive to their environment. Even minor interference can produce errors. To keep qubits stable, quantum computers must operate in extremely cold temperatures and utilize sophisticated error-correcting methods.
Another hurdle is the cost. Quantum computers are extremely costly to construct and maintain. IBM's Quantum System One is priced in millions, so creating large-scale quantum computers is hard.
Quantum computing will not entirely replace traditional computers. What will happen is both will coexist, with quantum computers doing complex things and traditional computers doing day-to-day operations.
Such nations as China, the US, and the European Union are vying for achieving quantum supremacy, i.e., developing a quantum computer which performs better than the world's topmost classical computers. The worldwide investments in quantum technology already surpass $25 billion, the investments being driven both by the governments and business companies, reveals a 2023 McKinsey report.
Quantum computing is a new technology that will revolutionize problem-solving. Even though it is still in the process of development, its influence on cybersecurity, medicine, finance, and AI will be tremendous. Companies and governments need to begin preparing for this change by investing in quantum technology and developing new security protocols. As quantum computing continues to develop, it will unlock new possibilities that were previously impossible.
