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Quantum Computing – a Breakthrough for Business Classes

Last Updated : 05 Mar, 2021
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Quantum computing is an emerging commercial phase that is expected to bring great changes to the world. Its ability to solve problems with good accuracy and faster pace may achieve a breakthrough, rising businesses. Unlike the modern days conventional computers taking exponential time for computation, quantum computers have the ability to solve problems in polynomial time. It means that if a conventional computer takes years to solve a given problem, a quantum computer can solve it in just 10 minutes. In simple terms, for a large value of the input, the quantum computer takes a relatively much smaller time of computation.

Selecting Correct Quantum Computer For Our Business:
There are different Quantum Computers (QCs) meant for a different purpose. These are classified as- Quantum annealing QCs, Noisy intermediate-scale quantum (NISQ) computing, and Fault-tolerant universal quantum computing. NISQ is the best computing category for business because of the advancement of algorithms and speed committing fault-tolerant universal quantum computing, which is our ultimate goal. It is able to hold important business classes as well scientific problems, exponentially faster than conventional computers. However, quantum annealing is limited for use in business because it does not provide significant speedup over classical computing.

Why Organization Needs To Act Now:
Quantum computers because of their abilities to solve very complex problems in polynomial time, show potential for transforming the industry value chain. This is why organizations should start with the quantum age as soon as possible, which will help them to take leadership in the industry. Many organizations like Google, IBM, Microsoft, Honeywell, etc have already become quantum-ready. The reason why the organizations should consider being ready for the quantum era now is that-

  1. QCs can transform industry value chains, particularly in the areas of chemistry (complex molecule-structure computation), biology (drug analysis and prediction), materials science (chip and battery efficiency), finance (stock market analysis), and artificial intelligence (AI), enabling market share gain and enhanced profit for organizations that adopt them.
  2. Quantum computing has a steep learning curve, so the company can become a fast follower only when it tries to catch up early, and can possibly lead to a winner takes all for the last-comers.
  3. Building a Quantum Center of Competency of our own takes time and dedication in terms of skilled resources and capital, which is not easily available.

Steps Into The Quantum Future:
Organizations/businesses adopting NISQ would probably be able to over-perform their peers, excelling at a greater rate. So, now is the time to gear up to be quantum-ready. The paths to the quantum future include:-

  1. Selecting a quantum professional-
    Every organization should hire a quantum professional if not already, who could make them understand quantum computing, its impact on our industry, how our business may benefit, and how are other organizations approaching it.
  2. Begin identifying quantum computing-
    Once, the working of quantum computing, business challenges, and opportunities are understood, one should start identifying fields where using quantum computing could help excel our organization from competitors. One should evaluate the opportunities in terms of capabilities of quantum computer operations, and it could advantage us.
  3. Experimenting with real quantum systems-
    After identifying opportunities, we should start experimenting it on the real quantum system/environment, working with those opportunities. Quantum solution may not be suitable for every business problem. Quantum professional needs to focus on the solution which the classical computer cannot produce.
  4. Chart quantum course-
    It includes the construction of a quantum computing roadmap, with steps to deal with problems that could create imitating competitive barriers and efficient business advantage. To accelerate at a good pace, one should prefer joining the emerging quantum community, which would provide technical and skill support.
  5. Being flexible about quantum future-
    Quantum computing is continuously evolving. Seek out with the advanced quantum technology and environment, realizing new breakthroughs which may fix our approach to our quantum development process.

Advantages Of Quantum Computing:
Briefly, quantum computing could benefit the business in three concepts: 

  1. Quantum simulation-
    Quantum computing can potentially model processes and systems occurring in nature because of its quantum mechanical nature. This could help to enhance long-life batteries, biotech startups developing drugs devoted to individual patients, etc.
  2. Quantum optimization-
    Solving optimization problems involves reaching the best-optimized solution. Conventional computers, take shortcuts to provide an optimized solution for optimization problems of significant size which, however, are often sub-optimal. Business that can be benefited by the quantum optimization is:- Telecommunications organizations developing their network infrastructure, Consumer products and the retail company providing marketing offer, Finance organizations enhancing their risk optimization, etc.
  3. Quantum-assisted machine learning-
    Quantum computers have the ability to provide a large set of opportunities that conventional computers cannot process, thus it could expand the adeptness of AI/ML. Quantum algorithms might develop ML in the area of data clustering, while ML might help better understand quantum computing.

Disadvantages of Quantum Computing:
Quantum computing is a great breakthrough however, it has some uncertainty with its proper functioning, which include:

  1. Difficulty to engineer, build, and quantum program-
    The engineering of the quantum computer is extremely difficult as one has to work a nano-level dealing fabrication. It needs to be maintained at a very low temperature of -4600F. Also, QCs require special quantum algorithms to perform tasks, which need to be developed such that it provides an optimized solution for any problem.
  2. Decoherence- 
    Decoherence is the loss of coherence on interaction with the environment which might destroy the quantum properties of the quantum computers. This may lead to an error-prone system, taking us far away from our ultimate goal of getting a fault-tolerant universal quantum computing system.
  3. Internet Security-
    Scientists predict that if quantum computing will be implemented with the best approach then internet security might break because QCs could decrypt all the codes on the internet.

Visionary organizations are already adapting to quantum computing for getting quantum ready, exploring opportunities and associated algorithms that address complex business problems. This would help them rise better than others. So, organization

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