Quantum computing uses hardware and software that is entirely different from classical computers, and it performs certain types of computing functions many times faster.
In the business realm, quantum computing is getting attention partly because of its promised impact on cybersecurity. Many predict that quantum computers will be able to code-break the encryption methods currently used for most software and internet communications — with some predicting that these methods will become unsafe by 2029 and fully breakable by 2034.
“Quantum computing will compromise traditional cybersecurity” said Grant Thornton Risk Advisory Managing Director Vikrant Rai. “We can no longer assume that datasets are protected if they are encrypted.” In fact, governmental and other organizations have adopted a “harvest now, decrypt later” approach by gathering encrypted data and communications with the intention of decrypting them once capable.
However, once organizations address the risks, quantum computing holds great promise for data analysis and solution discovery across a range of industries. While these capabilities will take time to mature into broadly accessible offerings, organizations should plan for offerings like quantum computing as a service, with solutions that deliver results not possible with classical computing.
How does quantum computing work?
Quantum physics studies subatomic particles, and it has found that these particles have unique properties. Quantum mechanics studies the factors behind these properties. Quantum computing applies those properties and the factors behind them to “qubits” that are used for quantum computing hardware and software.
Quantum hardware and software is designed to leverage four discoveries from the study of quantum (subatomic) particles:
- Superposition: Quantum physics has found that subatomic particles can be in two states at the same time. Like a coin that is always flipping in the air, they are essentially in both states until the moment they're observed — then, they can be different at the next observation. This two-state position is called “superposition,” and quantum hardware stores data in “qubit” storage units that exhibit superposition. While the “bits” used in classical computing hardware can only be 0 or 1, “qubits” can represent a superposition of 0 and 1 simultaneously.
- Entanglement: Entanglement is a phenomenon where two or more particles become linked so that they share the same state, even when they’re literally miles apart. This entanglement allows quantum computing algorithms to manipulate and measure many qubits in one operation, while classical computing can only manipulate and measure bits individually.
- Interference: Even if qubits are not entangled, they can influence each other in some situations. Quantum computing algorithms are designed to take advantage of this influence (“interference”) to accelerate operations.
- Decoherence: As qubits interact with their environments, they can wear out and lose their ability to maintain a superposition, becoming stuck in one position. This is called “decoherence,” and this is a negative attribute of quantum computing that can produce computing errors.
Quantum computing software takes advantage of superposition, entanglement and interference to build algorithms that can complete computational tasks much faster than classical computing algorithms. For instance, if a classical computer needs to find the right path out of a maze, it tests each path one at a time (like a human would). However, a quantum computer can test all paths at once. As you might imagine, this capability could be applied at scale to identify solutions exponentially faster than classical computers.
Business benefits for quantum computing
The World Economic Forum and many others have recognized the potential of quantum computing in applications like these:
- System optimization: Quantum computing can process multiple possibilities at the same time, so it offers significant advantages in analyzing and optimizing very complex systems for:
- Supply chain logistics
- Financial portfolios
- Business organizational plans
- Energy grid designs
- Civic and traffic plans
- Scenario modeling: Quantum algorithms can model complex scenarios with more speed and accuracy than classical computing, for:
- Financial outlooks
- Enterprise business plans
- Risk identification and mitigation strategies
- Weather and climate forecasting
- AI models
Note: Experts forecast significant promise from combining quantum computing with AI, to analyze data and to accelerate advances in these technologies.
- Molecular simulation: Quantum computing can simulate molecular interactions in ways that classical computing cannot, enabling:
- Pharmaceutical research and development
- Chemical and material science research and development
Note: This includes the creation of new materials and improvements to superconductors that will impact many industries.
- Cryptography: While quantum computing will break traditional encryption methods, it can also help detect vulnerabilities in existing systems and protocols, along with creating more secure cryptographic systems for:
- Cybersecurity
- Personal privacy
- Financial and business transactions
Don’t forget the classics
Quantum computing will not replace classical computing.
Quantum computers are a little like jet engines: They open a new realm of possibility, but we still need a car for the grocery store. At least in the near term, classical computing will still be more cost-effective and applicable for tasks that are within its capabilities, like these:
- Isolated data processing: The programmatic and algorithmic processing in most of today’s software applications — including data in typical documents, spreadsheets or even databases — is well within the capabilities of classical computing.
- Isolated tasks: General office tasks like creating, editing and processing emails, documents, web pages and other typical content are better served by the responsiveness and single-threaded efficiency of classical computing.
- Live interaction: Classical computers offer speed and reliability for real-time interactions and multimedia processing for functions like gaming, video conferencing and streaming.
- Integration: Classical computers offer compatibility for stable integration with existing systems, while quantum computing requires a layer of interface and integration.
Business challenges for quantum computing
It’s important for businesses to immediately address quantum resilience for their cybersecurity and data privacy systems, if they haven’t already done so. When developing a plan to combat the risks of quantum computing cyberattacks, it’s essential to identify and secure the data repositories that contain sensitive data — and the systems and software that can access the repositories.
Once businesses have established a higher “resilience quotient” to the risks of quantum computing, they can consider how to apply this promising new technology. Businesses should focus on addressing a few areas before they take advantage of quantum computing:
- Errors and decoherence: Quantum computing is more prone to errors than classical computing unless error-correction techniques are applied. Error correction is especially important to help counter the effects of decoherence, where qubits lose their capabilities and become more susceptible to errors over time. Error correction techniques are still being developed and refined, and advancements in this area are necessary to drive the broader use and implementation of quantum computing.
- Hardware and scalability: Quantum computers currently exist in different forms, and each form has challenges. One challenge is that current quantum computers have a limited number of qubits — adding more qubits tends to cause decoherence and instability. So, researchers need to find ways to build quantum computers with a larger capacity while still maintaining stability.
- Software and expertise: It’s challenging to bridge the gap between quantum theory and quantum computing applications, especially when existing foundational work and templates are limited. Quantum development requires an understanding of computer science and engineering, which are already in high demand, together with an understanding of quantum mechanics. Further, quantum algorithms are incredibly complex to conceive, develop and implement successfully. The advancement of quantum algorithms, and proven skill development, will take time and could be limited by a lack of access to quantum computers.
- Integration: As quantum computing matures, so will its applications and integrations with classical computing. These integrations will require some new approaches. That said, some integrations could be addressed by quantum computing as-a-service models that have already been initiated.
- Cost: The challenges for quantum computing are currently very expensive to overcome. This cost barrier will likely remain until the solutions to these challenges become more established, widespread and competitive.
Quantum computing impacts on every business
Quantum computing might sound theoretical, and some of it still is. However, it’s currently important for every business to consider:
- Cybersecurity and data privacy: Many experts predict that quantum computing will be able to break common encryption methods used for cybersecurity and data privacy within the next few years, and some organizations are already collecting online encrypted data and communications in anticipation of this new decryption capability. Now is the time to ensure that your business has a quantum resilience strategy for its sensitive data and communications.
- Packaged capabilities: While your business might not develop its own quantum computing capabilities, these capabilities are already being developed by providers to offer as a service or in other packaged models. As with any hosted offering, organizations need to identify their needs and ensure the service meets their expectations.
- Integration with other technologies: Even if your organization does not use quantum computing directly, quantum capabilities will likely become integrated with existing solutions for cybersecurity, analytics and other functions.
- Regulatory compliance: If your organization does use quantum computing solutions, you will want to maintain an awareness of and compliance with any relevant laws and regulations. Professional organizations have already begun developing relevant standards, and governmental organizations have already begun developing regulations for the use of quantum computing.
As quantum computing continues to advance quickly, its potential for positive or negative business impacts is advancing as well. Make sure to stay aware of this technological landscape and the actions that your business should be taking.
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