For most people, the theory of quantum computing seems like something out of the realm of science fiction, unattainable at the moment. However, thousands of scientists around the world have been working on the implementation of full-fledged quantum computers for several decades. And it's worth saying that science has made significant headway on this issue.
Over the past 30 years, the whole world has watched the parabolic development of technology. The pace of emergence of new technologies and the development of old ones is accelerating every year. Thus, quantum computers are just a matter of time, and sooner or later they will radically change the modern technological world. To confirm this fact, we present data on the capitalization of the industry, which a year ago reached only $507.1 million, and by 2030 may reach an indicator of $65 billion, experts say.
The largest tech corporations have been competing for quantum supremacy for years. IBM, Google and Honeywell devote significant attention to working on quantum computers, sometimes ahead, sometimes inferior to each other. The latest big announcement came from North Carolina-based Honeywell about a supercomputer with a quantum volume of 64 (Quantum volume is a metric for measuring the power of a quantum computer, introduced by IBM). This figure is exactly twice the power of competitors' devices. Indeed, only in January 2020, IBM announced a new supercomputer Raleigh, the quantum volume of which is 32. Honeywell rightfully considers its new supercomputer “twice as powerful as the next alternative in the industry”.
“That means we are closer to industries leveraging our solutions to solve computational problems that are impractical to solve with traditional computers” — said in a statement.
There are a lot of applications for quantum computers. These can be the most complex mathematical calculations, building various models and testing scientific theories. The enormous computing power allows quantum computers to solve problems that are not available to conventional computers at the moment. In addition, quantum supercomputers can provide invaluable assistance in analyzing market data, according to QubitTech.
QubitTech was one of the first to realize the potential of quantum computing in asset management services. Quantum neural networks are used by QubitTech to generate quantitative market data, whereas quantum algorithms are used to process quantitative data and significantly reduced the time it takes to process raw data into information accurate enough to be successfully used in asset management operations. Leveraging the power of IBM, QubitTech worked with partners to develop and test tools based on machine learning methods, quantum algorithms and quantum neural networks. QubitTech also diversifies asset management through trading and venture capital investments in quantum startups.
“Quantum technology is causing major distribution in Encryption, Cybersecurity and Blockchain; like a coin with two sides quantum can be used to either brake existing algorithms or make these much more secure” — Qubittech, Jorge Sebastiao, CTO
If a few years ago quantum computers were mentioned by crypto enthusiasts as a future threat to the security of the blockchain, now, as we can see, the vector is changing. These two advanced technologies, which are actively developing, can coexist and complement each other. However, both industries are quite young, and it will take a lot of effort to unlock their potential. However, companies like QubitTech are bringing these plans closer.