Innovations in technology are driving the change in the way businesses all over the world work. Today, almost every industry has gone digital, and by incorporating the use of computers in their processes, businesses have been able to streamline the same to quite an extent.
Now, what about the future? Going by the recent hype in the technological advancements, one wave that has surpassed everything is that of Quantum computing.
While traditional computers use binary bits in the form of 1 and 0, Quantum computing focuses on quantum bits (qubits) for calculations. This means what traditional computers can do in ages can be done in a short span of time with the help of quantum computing, exploiting additional quantum mechanics’ features in the form of quantum entanglement and quantum superposition.
So, let’s get started and figure out its use in the practical world.
Here are some key areas that can benefit from developents in quantum computing.
It is a known fact that data management involves multiple risks in the form of data breaches. blockchain is one of the most advanced ways to deal with a data breach. Having quantum blockchain in place with respect to its usage with the leading quantum computers like Google and Microsoft, there will be no scope left for a data breach, leading to enhanced and secure data managementeventually.
If we talk about the financial institutions like banks, they have to deal with a number of issues including, market predictions, portfolio optimization, fraud detection, risk analysis, asset pricing and more. All these issues can be addressed successfully with the use of quantum computing.
Experimentation can be seen in this regard with bank collaborations such as NatWest-Fujitsu, JP Morgan Chase and Barclays-IBM.
With the help of quantum computing, insurers can evaluate financial instruments (like derivatives, bonds, etc.), options and guarantees on insurance products in a more efficient way, along with quantifying the risks & issues associated with the insurance companies operations. One of the first companies to start experimentation in this regard was Allianz, which partnered with 1QBit.
The aviation industry comprises of one of the most complex computing models in the form of aeronautical engineering. Enhanced commercial benefits in the form of costs and time can be achieved with the help of aircraft routing and scheduling with the help of quantum computing. This is the reason companies like Lockheed Martin and Airbus are researching excessively in order to gain maximum benefit from this technology.
Quantum computing and quantum mechanics hold the capability to solve problems on a large scale.
