Top tips is a weekly column where we highlight what’s trending in the tech world today and list ways to explore these trends. This week, we’ll look at three real-life use-cases of quantum computing.
The concept of quantum computing has come a long way since the inception of quantum bits (qubits). Qubits, the foundation of quantum computing, are like bits on steroids. Unlike their predecessors, which can exist only in one of two states, qubits have the ability to simultaneously exist in both states. This opens up possibilities to optimize a wide range of complex calculations and intricate functions.
Although it’s still in its early stages, the opportunities for quantum computing to take on and revolutionize various fields are being identified, and researchers from MIT believe this technology will be market-ready much sooner than we expect. The brains behind this technology are working on overcoming the limitations that today’s technology present. Major hurdles, such as scaling the hardware and developing compatible algorithms and software, are being cleared at a slow, yet steady pace to prepare this technology for mass consumption.
Quantum computers have the potential to perform calculations beyond the capabilities of classical computers, which is why this technology is highly sought after in various fields. Here are three practical applications of quantum computing:
1. Finance
Quantum computers have the potential to revolutionize several areas in finance, including: risk profiling, fraud detection, and trading optimization.
By analyzing large datasets, quantum computers can detect even the smallest anomalies or patterns that can classify fraudulent activity. Using the data derived from analyzing large sets of transactional records, quantum algorithms can greatly improve the accuracy of fraud detection and make it easier for institutions to prevent fraud before it happens.
Quantum computing can also analyze market data in real-time using quantum algorithms and help develop better strategies that can optimize trading. These algorithms can help identify trends in the market and help traders make strategic decisions and increase profitability.
2. Healthcare
With a rising dependence on the healthcare industry, faster drug development, enhanced diagnostics, and treatment seem to be the need of the hour, and quantum computing promises to deliver on this front. It has the capability to optimize the healthcare industry and greatly improve patient health.
Traditional computers do not have the technology to accurately simulate complex molecules, due to the vast number of atom interactions involved. However, quantum computers can apply quantum mechanics principles to simulate molecular structures and binding properties effectively, greatly reducing the time taken for drug synthesis and development. These processes, which usually takes 10-15 years and cost billions of dollars, can now be drastically reduced, in turn saving lives and improving overall health.
Quantum computing can also allow for early detection and diagnosis by enhancing imaging services such as MRI, CT, and PET scans. Quantum algorithms can help process complex imaging data quickly and provide more accurate diagnoses. Using quantum computing, large amounts of medical data such as medical history, lifestyle, and genetic data can be processed to predict the likelihood of medical conditions occurring in patients.
3. Energy
Energy is arguably the most important resource in the world today, and the focus has largely shifted to renewable energy. Solar, wind, and geothermal energy are naturally available renewable energy sources that can serve as a good alternative for fossil fuels.
Quantum computing can simulate and optimize renewable energy generation and distribution systems, maximizing the efficiency of power grids. It could help in balancing supply and demand, predicting energy needs, and managing resources effectively. Quantum computers can help with designing better batteries and fuel cells by simulating complex electrochemical processes, which could improve energy storage solutions critical for electric vehicles and renewable energy.
Quantum computing promises to address problems that are insurmountable for classical computers. Its ability to process complex calculations and vast datasets in parallel makes it uniquely suited to tackle some of today’s most pressing challenges. Despite its current limitations, the rapid advancements in quantum technology signal that it may soon deliver tangible benefits. Quantum computing will not replace classical computing but will instead complement it, solving specific problems that classical systems cannot.
