Exploring Real-World Applications of Quantum Computing in 2024

Every new year brings new opportunities for optimism and forecasts. In recent years, rising technology has penetrated practically every aspect of our life. There is lots to discover! In this essay, I will focus on three growing technological fields that are already having an impact on our future but are still in the early stages of realizing their full potential: artificial intelligence, quantum computing, and space systems.
 

Glimpse into Quantum Computing

 

In the ever-changing technological world, quantum computing stands out as a revolutionary force with the potential to transform the very underpinnings of computing. Unlike traditional computers, which use bits, quantum computers use quantum physics principles to do complicated calculations at extraordinary speeds.

 

Over the last six years, quantum physics has evolved dramatically from the domain of physicists interested in learning about the world in extremely small sizes to a source of new technologies that we can all employ for practical purposes. These technologies rely on the quantum characteristics of individual atoms or light particles. They include sensors, communication networks, and computers.

 

Quantum technologies are predicted to have a wide-ranging impact on our society, including health care, financial services, defense, weather modeling, and cybersecurity. Clearly, they offer tremendous benefits. However, the history of technological evolution demonstrates that we cannot simply trust that new tools and systems will always be in the public interest.

 

Quantum computers are not like traditional desktop computers. It's improbable that you'll be able to walk down to the store and pick one up. Quantum computers capable of tackling important issues will be costly, complex machines run by a small number of critical actors.

 

Key Components of Quantum Computing 

 

Today's computers encode data using binary systems. Such a binary framework runs on processors that do computations using transistors. The transistors function as switches in the computer's circuitry, producing 0s and 1s to process computing logic. However, quantum computers replace these 0s and 1s with quantum bits, also known as qubits, which encode quantum information and process various quantum states.

The quantum computing model is driven by the following key components:

 

1. Qubits 

 

Quantum computers rely on qubits. These are quantum-mechanical systems that can take on various quantum values and scale exponentially beyond the standard ones and zeros. For example, a two-qubit system can execute four concurrent computations, a three-qubit system eight, and a four-qubit system sixteen.

 

2. Superposition

 

Superposition indicates that the quantum system can be in multiple states simultaneously. Consider a coin toss scenario. When you flip a coin, heads or tails. However, when the coin is suspended in the air, it can hold both heads and tails. Similarly, quantum particles such as electrons exist in a state of quantum superposition until measured. As a result, quantum computers address the issue of 'uncertainty'.

 

3. Interference

 

Interference is a technique for manipulating quantum states in a quantum system by reinforcing or decreasing the wave functions of quantum particles. As a result, quantum states that result in a right output can be amplified, whereas wrong-output states can be canceled.

 

4. Photonics

 

Photons have a natural isolation quality due to their weak interactions with the surrounding environment, making them an ideal candidate for information transfer, qubit representation, and room temperature functioning. Another advantage is that photonic quantum computers can be integrated into current fiber-optic-based telecommunications networks.

 

5. Trapped ions

 

Quantum hardware based on trapped ion qubits often uses microwave or optical signals transported through free space or waveguides and delivered to the qubits' position. Current trapped-ion quality control prototypes include a chain of 5 to 20 static ions in a single potential well.

 

Also Read | Revolutionizing Financial Services: The Potential of Quantum Computing

 

Real World Applications of Quantum Computing

 

With the exponential growth of computing power, quantum computing is preparing for its close-up. Quantum computers are best suited to tackling complicated issues that are difficult for conventional computers but simple to factor on a quantum computer. This breakthrough opens up a world of options in nearly every facet of modern life. Some of the major applications of quantum computing are:

 

1. Online security

 

When quantum computers become widely adopted, there will be both positive and negative consequences for online security. The downside? Our present data encryption methods will become obsolete. Currently, most online security measures rely on the fact that "cracking the code" takes a long time since computers crunch huge numbers. However, quantum computers will be able to handle this data swiftly, making our computers, financial institutions, and personal information susceptible. The good news is that significant work has been done to develop quantum encryption methods such as quantum key distribution, an ultra-secure communication method that requires a key to decipher a message. 

 

2. Computational Chemistry

 

IBM once stated that one of the most promising quantum computing applications would be in computational chemistry. It is claimed that the number of quantum states in even the smallest molecule is incredibly large, making it difficult for traditional computational memory to process. The capacity of quantum computers to focus on the existence of both 1 and 0 at the same time could provide enormous power to the machine in correctly mapping molecules, potentially opening up new avenues for pharmacological research.

 

3. Drug development

 

Quantum computing can play an important role in medication research by testing pharmaceuticals for stable chemical configurations utilizing molecular modeling procedures. In addition, quantum computers may do extensive simulations on various participating organic compounds to assist determine their compatibility for the medicine.

 

Quantum computing is frequently used to solve combinatorial optimisation challenges when specific compounds required for medication development are unknown or unavailable. 

 

4. Finance

 

Quantum computing can overcome the limitations of classical algorithms, which perform badly in time-sensitive financial operations. It can assist with stock portfolio management, investments, and financial trading.

 

Consider an example of a typical 'high-frequency trading model'. There is a large time lag between two successive financial transactions in such setups. Investors may suffer losses as a result of this time lag, as they are unable to rebalance frequently. This difficulty can be addressed with quantum computing, which accelerates the financial calculations required in trading.

 

5. Enhance weather forecasting and climate change projections.

 

Even with modern instruments, weather forecasting remains somewhat of a guessing game. Just ask anyone who has been taken off guard by a storm or who was expecting a blizzard but ended up with snowflakes. Because quantum computers can analyse all data at once, meteorologists will have a much better understanding of when adverse weather will occur to inform people, thus saving lives, agony, and money.

 

Also Read | A Note On Quantum Computing in Drug Discovery

 

Wrapping Up

 

Quantum computing is still in its nascent stage. The present quantum computers require particular hardware and cooling temperature settings. However, as multiple huge corporations, governments, and academic institutions continue to invest millions of dollars in quantum computing research and development, quantum computing will soon become a ubiquitous processing technology.