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  • Writer's pictureChesapeake Group

Quantum Revolution is coming... Are we ready?

What is Quantum Computing and how does it work? – Quantum computing is based upon the ability of a subatomic particle to exist in more than one state at any time. Due to the tiny nature of these particles, computing operations can be done more quickly and with less usage of energy than any conventional technology. For a classical computer the information is always stored in two binary bits – 1 or 0. A quantum computing defines its owns quantum bits called ‘qubits’. A qubit can be thought like a imaginary space whereas a classical bit can be in two states. A classical bit can be either the two poles of the sphere whereas a qubit can be any point on the sphere. So, a computer using these qubits can store much more data than the conventional computer.

Quantum future awaits us all – Quantum computer can solve our complex mathematical problems easily. Quantum computing can help speed up biomedical and chemical simulations. This could lead to more drug discoveries and also uncover new medical treatments in a very short time. Google has been working to build something called ‘quantum supremacy’, a 49-qubit computer. IBM is a step ahead and had already developed its version of 50-qubit quantum computer in November 2017. In 2012, D-wave a company backed by Goldman Sachs and Bezos Expeditions produced its first commercial quantum computer, which was powered by 2000 qubits. It helped in financial modelling and risk management for the financial industry.

Onset of Quantum Revolution, the ultimate challenge for Blockchain Technology? – Lately Blockchain has become the popular technology for providing secure storage and transactional services. However, with quantum computing taking the grand stage, it stands to expose the vulnerability of Blockchain. Quantum computing has tremendous capability in finding large prime numbers. Since these prime numbers are important component of cryptography, quantum computers can thereby crack the cryptography that protects the Blockchain networks quite easily. This can pose a significant risk to all the networks protected by Blockchain Technology. With quantum revolution, the onus is now on all the industries using Blockchain, specifically financial services and insurance – the leading industry verticals adopting Blockchain, to pay more attention in protecting confidential client data.

Technologies like cyber and space satellites, driverless automotive, smart grid, 5G and the entire IoT space are are expected to face some serious challenges from quantum computing. Researchers have now realised the magnitude of risk and are busy developing technologies that are resistant to quantum hacking. The only question is whether they will be ready in time?

Despite the challenges for existing technologies, the future looks equally exciting, with Quantum Computing promising to contribute largely in fields of finance, healthcare and space science. It can also solve some of nature's most explicable mysteries for mankind with it’s computing prowess. It will be interesting to see if these systems can be produced and adopted commercially.


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