5 Ways Quantum Computing is Kick-Starting Innovations Across Industries

Traditional computers are getting replaced because they eventually reduce to a series of the smallest possible units of data, known as bits. A quantum computer can perform all operations at the same time and provide users with the information they require quickly. Hotshots such as Intel, Microsoft, Google, and quantum computing firms such as IBM have already begun to pour money into this lightning-fast technology known as quantum computing.

Investment dollars are pouring in as breakthroughs accelerate, and quantum-computing start-ups are proliferating. Major technology companies are also working to improve their quantum capabilities. Of course, all of this activity does not always translate into commercial success.

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While quantum computing promises to help businesses solve problems that are beyond the reach and speed of conventional high-performance computers, use cases are currently experimental and hypothetical.

Pharmaceuticals

Quantum has the potential to revolutionize molecular structure research and development in the biopharmaceuticals industry, as well as provide value in production and further down the value chain. In R&D, for example, new drugs cost an average of $2 billion and take more than ten years to reach the market after discovery.

It has the potential to make R&D significantly faster, more targeted, and precise by making target identification, drug design, and toxicity testing less reliant on trial and error and thus more efficient. Also, it has the potential to benefit manufacturing, logistics, and supply chain.

Software

The number of Software as a Service start-ups is growing faster than any other part of the quantum computing value chain. In the software industry, participants are currently offering customized services and hope to develop turnkey services as the industry matures. Organizations will be able to upgrade their software tools and eventually use fully quantum tools as quantum-computing software develops.

Meanwhile, the technology necessitates a new programming paradigm—as well as a new software stack. The larger industry participants frequently provide their software-development kits for free in order to build developer communities around their offerings.

Chemicals

It has the potential to improve R&D, manufacturing, and supply-chain optimization in the chemical industry. Consider how this technology can be used to improve catalyst designs in manufacturing. New and improved catalysts, for example, may allow for energy savings in existing production processes, while innovative catalysts may allow for the replacement of petrochemicals with more sustainable feedstock 

Automotive

The development of self-driving cars by Tesla and other major technology companies such as Apple and Google is not new. These advancements have the potential to raise living standards, reduce pollution, traffic congestion, and serious accidents. The process can be accelerated thanks to quantum computing.

Google is always the first to apply and develop cutting-edge technology. Naturally, Google and Volkswagen are already developing battery, transportation, and self-driving technology with quantum computers. Volkswagen (VW) has already optimized traffic flow for 10,000 taxis in Beijing and is working on more developments.

Finance

Finally, quantum computing use cases in finance are a bit further in the future, and the benefits of potential short-term applications are speculative. However, we believe that portfolio and risk management are the most promising applications in finance. Loan portfolios that are efficiently quantum-optimized and focused on collateral, for example, could allow lenders to improve their offerings, potentially lowering interest rates and freeing up capital.

In Conclusion..

Quantum computers will not provide immediate miraculous results for your company’s bottom line! However, as you can see, it has the potential to assist businesses in better optimizing their investment strategies, discovering products, improving encryption, and more.

And now it’s all about how quickly we can implement machine learning and artificial intelligence to speed up our business processes. It appears that quantum computing will be no different, as it is set to revolutionize every industrial sector in the near future! So, from now on, take a more strategic, pragmatic approach to exploring the business value of quantum computing!