The rise of quantum computing (QC) is a topic fundamental to all businesses globally. Whether or not quantum computers will appear in offices any time soon, cloud technology and some other central processing hubs are already using QC to speed up their processing. The opportunities and risks, however, are important to understand.

How do quantum computers work?

The technological step that separates classical computers from quantum computers is the difference in the apparatus that processes information. The key to traditional computers is the array of microscopic conductors known as 'bits'.

Every bit can either be recorded as a '1' if it has current running through it or '0' if it does not, allowing each bit to have two potential states. Qubits, which are found in quantum computers, harness the fundamental discovery of quantum physics (that subatomic particles can exist in multiple states simultaneously) to have vast numbers of potential.

To put into context the difference in processing power that qubits allow for, 500 qubits have the same power as 2500 conventional computer bits.[1] It's clear to see how QC allows for far more complex algorithms to be run and for these programs to process at significantly faster speeds.

What are the challenges with quantum computing?

QC has undoubtedly come a long way in its relatively short lifespan since Paul Bienhoff described a theoretical quantum computer in 1982.[2] The Canadian company D-Wave was the first to take QC into the commercial realm, selling a 182-qubit machine for around $10 million in 2011, and IBM made QC available over the cloud in 2016.[3] However, a number of challenges remain.

It remains very difficult to make viable and error-free qubits. Creating the perfect conditions for quantum states to maintain their superpositions takes significant energy and remains expensive and experimental. Also, there are not currently enough quantum-trained engineers to keep up with any projected commercial demand for QC, nor is there enough quantum-centred software to make use of the power if QC were to become more widespread.

McKinsey estimated that, while some 5000 quantum computers may be operational by 2030, the hardware and software necessary for these computers to really upgrade computing speeds for the masses will be at least five years behind.[4]

Who is leading the quantum advancement?

Who are the market players leading the development of QC and innovation? Technology firms such as IBM, Google, Microsoft, and Amazon are advancing research and providing cloud-based QC services. Financial institutions, such as JPMorgan Chase and Goldman Sachs, are exploring the potential and benefits of QC finance.

Industrial applications are being pursued by companies such as Honeywell and Boeing, while startups such as Rigetti and IonQ are dynamically exploring quantum technology. Academic institutions like MIT, Cambridge, and Berkeley are also contributing foundational research pertaining to the technology, while government initiatives such as NASA, the UK’s National Quantum Programme, and the EU’s Quantum Flagship are all funding large-scale projects, shaping the landscape of quantum and its future.