Quantum computing across industries

By: Bank of Baroda
Mon Jan 11, 2021
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It has been long foretold that quantum computers would tackle problems which involve an overwhelming number of variables and probable outcomes much quicker than any classical computer. And we are now seeing some of these prophecies taking shape.

As per a CB Insights report, funding to quantum computing-focused startups have climbed steadily over the last few years and set a new record in 2020 with 37 deals. PsiQuantum is the most well-funded startup in the space, with $278.5M in total disclosed funding. Backed by Microsoft’s venture arm, the company claims that its optical-based approach to quantum computing could deliver a 1M qubit machine in just a few years.

Cambridge Quantum Computing is focused primarily on quantum computing software and has raised $95M in disclosed funding from investors including IBM, Honeywell and more. It offers a platform to help enterprises build out quantum computing applications in areas like chemistry, finance and machine learning.

There are several industries that would directly get impacted by quantum computing. In Healthcare, Drug Discovery would be one aspect directly affected. ProteinQure, is tapping into current quantum computers to help predict how proteins will fold in the body.

Another pharma company, Biogen has partnered with quantum computing software startup 1QBit and Accenture to build a platform for comparing molecules to help speed up the early stages of drug discovery.

Manufacturing and Industrial Design is another sector looking keenly at Quantum computing. Take for example, Airbus which has established a quantum computing unit in 2015 and has also invested in quantum software startup QC Ware and quantum computer maker IonQ for the purpose of efficient airplane designs. A Machine Learning startup Solid State AI is already offering quantum-supported services for manufacturing industry.

In the area of logistics, DHL is eyeing quantum computers to help it more efficiently pack parcels and optimize global delivery routes.

Coming to cybersecurity, the commonly used encryption models today are threatened by powerful quantum computers. Now there are companies such as Isara and PostQuantum developing new encryption methods, collectively known as “post-quantum cryptography.”

In a data-heavy world, ever-more powerful computers are essential to calculating probabilities accurately. With that in mind, several financial institutions are turning to quantum computing capabilities, as well. We believe that It is only a matter of time before quantum solutions will enter the mainstream making changes across Industries.

Credits : Akhil Handa

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