The Quantum Advantage: How Quantum Computing Impacts Different Industries
You may have heard about how quantum computing is being heralded as the next big thing in innovation. Or maybe you’ve come across discussions about how quantum computers could soon be outperforming even the most powerful of today’s supercomputers—this is the idea of so-called “quantum advantage.”
But how close are we to creating practical quantum computers with real world applications? And which industries are expected to benefit the most from this potentially disruptive technology?
Quantum computing promises to be a paradigm shift in computation, potentially solving problems classical computers struggle with, and eventually delivering real-world impact for businesses across the board.
While the coming quantum revolution is still a work in progress, businesses can benefit from learning more about the potential impact and preparing their organization for the eventual arrival of quantum technology.
Unpacking Quantum Advantage:
Over the past few years, several companies and research units have announced demonstrations of quantum computing solving mathematical problems in ways that classical computers could not. However, these claims often spark intense scrutiny, with new classical algorithms emerging that challenge or surpass the quantum results. This ongoing "ping-pong" dynamic between classical and quantum computing highlights the vibrant competition and innovation in the field, underscoring that definitive proof of practical quantum advantage has not yet been achieved.
Rather than providing proof of superiority, these milestones demonstrate the boundaries being pushed by both classical and quantum technologies. The race to refine quantum processors and develop more efficient classical algorithms is driving advancements in computing at large. Continued testing, benchmarking, and innovation in this space will be essential for shaping the future of quantum technologies.
Improved Batteries Through Quantum Simulation and Optimization:
A combination of quantum processors and machine learning techniques is being explored to create high-performance specialized materials through quantum simulation. While quantum simulation holds promise for advancing material science, this progress is not necessarily tied to achieving quantum advantage but rather to leveraging the unique capabilities of quantum systems in conjunction with classical techniques.
Quantum computers can naturally simulate quantum systems, providing a path to innovation in industries where the accurate modelling of systems at the atomic level is paramount. One example of such application is the search for longer-lasting batteries. Quantum computing could be used in such research because it can allow researchers to virtually simulate the molecular interactions in potential battery materials, which might allow them to predict battery degradation and identify the most robust potential materials.
Scientists hope that quantum simulation will open new doors to discoveries in areas like medicine for rare diseases, and new products from novel materials.
Building quantum computers is challenging, requiring complete isolation and finite control of some of the smallest objects in our universe. Researchers are currently working on increasing the number and quality of qubits within quantum systems, but reliability, stability and scalability challenges remain. We are not yet at the stage of fault-tolerant, commercially viable systems, but we are on the path toward it, and many promising demonstrations of quantum computing viability have been released.
Companies That Have Shared Their Roadmaps:
Many organizations either have or are planning to release roadmaps describing their path to quantum advantage. Here are some companies that have shared their roadmaps.
Quantum Computing in Action: Its Practical Potential and Applications
We are now seeing more indications of potential quantum advantage, but that doesn’t mean quantum computers will replace classical computers entirely. Instead, quantum computing will address specific problems and be useful for certain applications, and hence quantum processors will complement rather than replace classical computing.
Widespread adoption of quantum technologies may be on the horizon, and more companies are investing in their potential. Reflecting on a study commissioned by D-Wave, that found that companies exhibit increased motivation to explore quantum computing, Dr. Alan Baratz, CEO of D-Wave, says, “organizations are increasingly recognizing the impact practical quantum solutions can have on solving their most complex computational problems, thereby driving operational efficiencies and fueling growth. The feedback from companies in this study reflects what we’re hearing from our customers – practical quantum computing is unlocking near-term business value and is quickly becoming an essential tool in helping achieve competitive advantage.”
Optimization problems, for example, are important beyond just shipping and logistics. Utilities and energy distribution rely heavily on optimization tools, as do telecommunication companies with their networked information sharing. Patient scheduling and resource allocation in health care, portfolio management in finance, and inventory management for retail and e-commerce—are all areas where businesses could benefit from quantum innovation. Optimization is one area where quantum could prove valuable, but the quantum advantage for large-scale optimization problems has yet to be demonstrated.
Potential Real-World Applications Across Industries:
The practical advantage of large-scale quantum computing remains unclear. Here are some possible areas of exploration, although assessing the actual benefits requires further exploration Pharmaceuticals – Drug companies spend over $2 billion and 15 years on average to bring a drug to market. Quantum simulation may eventually reduce that timeline and allow companies to address a wider range of diseases at less expense.
One example is Menten AI, a Canadian machine learning and quantum simulation company set to transform early drug discovery through protein and peptide design. By using computational modelling simulations, Menten AI simulates complex molecular interactions and predicts the behaviour of proteins and peptides with accuracy and speed.
Finance – One key aspect of risk management in finance is the attempt to sufficiently account for randomness and uncertainty in financial markets. Critical infrastructure is another key aspect for organizations to safeguard against the growing threat of quantum decryption.
The Bank of Canada is collaborating with evolutionQ to implement quantum-resistant encryption and agility into the potential development of a Canadian central bank-backed digital currency. A 2022 study by the Bank of Canada looked at how to make high-value payment systems (HVPSs) more efficient using quantum computing. HVPSs handle numerous large payments individually, and determining the most practical order in which these payments are processed is complex. approximately CAD$240 million in daily liquidity.
Supply Chain Management – Processing data, optimizing storage and delivery, and exploring possibilities in a different way could give quantum computing its edge in route scheduling and logistics.
D-Wave is one example of a company exploring the application of quantum algorithms in optimizing supply chain management. Their quantum annealing technology has been used to solve optimization problems in route scheduling and logistics, aiming to reduce transportation costs and delivery times. D-Wave's solutions have been used by grocery retailer Save-On-Foods, seeing results such as a significant reduction in optimization tasks time from 25 hours to just 2 minutes, although the quantum advantage over the best possible classical approach was not explroed
Energy – Renewable energy producers could benefit from quantum computing's potential impact on materials science, for example, by making more efficient solar cells and energy storage systems.
Researchers at Oak Ridge National Laboratory used a quantum computer by Quantinuum called H1-1, to explore a process called singlet fission. Simplified, singlet fission is when one light photon is absorbed and produces two excited states in a molecule, effectively storing energy. The researchers found that this molecule has the potential to make solar panels more efficient from this improved singlet fission process.
Business owners are likely to have questions and concerns about quantum computing. As with any new technology, it will be important that businesses not only understand the potential applications within a given industry but that they assess the challenges and opportunities related to integration, utilization and migration—from practical usage and compatibility issues to skills training and implementation to potential regulatory and compliance concerns.