The mainstream adoption of quantum computing technologies will be much closer than many experts have predicted. Tech giants across India have started to increase their investment in quantum computing to not fall behind in the quantum supremacy race. Not only private entities but the Indian government has also stepped in to capitalize on the technology and commercialize quantum solutions in the next five years.
In fact, the Indian government has already declared quantum technology a “mission of national importance” in 2019. Furthermore, the government, back in the February 2020 budget, has come out with a total outlay of ₹8,000 crore (over $ billion) for a period of five years to be implemented by the Department of Science and Technology (DST).
India is planning to develop a 50 qubit quantum computer by 2026. Within two years, various projects have already been underway, and more are likely to be expected in coming years. According to a report by Nasscom, India will invest $1 bn in the next five years in various programs. It is essential for companies to know the latest trends that will shape quantum computing’s future in 2023 and beyond.
Improvement in AI models
Today, most AI models can only understand one language at a time and train them. If it has to understand a different language, AI engineers need to teach it from scratch. However, with the use of quantum computing, AI models will be able to solve the problem of language barriers. Not only will the use of quantum computing help AI models to seamlessly understand languages, but also empower AI teams to build a global AI that can speak multiple languages.
Major financial institutions were quick to invest in quantum computing after realizing its potential. For instance, banks such as Goldman Sachs, Wells Fargo, and JP Morgan Chase, have already invested in quantum finance, to predict the stock portfolio risks, or forecast the price of an asset. In 2023, with the advancements and increase in qubits, hedge funds will be able to get millisecond advantages in predicting the price of a particular asset. Quantum algorithms will provide financial institutions to drastically increase the speed of essential financial calculations.
The aim of quantum computing is to transform the computing environment. But, building a quantum computing facility with a fault-tolerant processor is still a major challenge that many enterprises across the world are currently facing. This is attributed to the high sensitivity of subatomic particles to heat and energy changes such as machine environment, cosmic rays, electromagnetic radiation and more. Therefore, tech giants and startups are equally getting involved to build efficient coding techniques and qubit grouping for lower error rates. One of the smart technologies to tackle quantum computers' issues with heat sensitivity is the introduction of quantum error correction (QEC) and new bosonic codes to safeguard computers against outside disruption.
Cybersecurity is one of the industry realms that scientists are still divided over quantum computing integration. While it has the potential to increase the resilience of cybersecurity, it equally poses a threat to it. For instance, breaking 2048-bit encryption with the present technology requires an unfathomable amount of time. With the present breakthroughs in technology, there is no doubt that the timeline of quantum power computers will be significantly reduced. Hence, in 2023 enterprises will increase their focus to be crypto-agile as quantum computing continuously poses a significant threat to secure online transactions.
Enhance weather forecasting
As per Deloitte’s Global Turning Point report, climate-related issues can cost the global economy upwards of USD 178 trillion in the next 50 years. Hence, it is critical to enhance the present weather forecasts. One way to do this is by leveraging quantum computing predictions that consist of long-term weather forecasts, due to its ability to process far more data efficiently than conventional smart computers. In 2023, scientists will use quantum computing to improve their weather forecasting.
Although the introduction of quantum computing has barely started five to ten years ago, the momentum it is experiencing worldwide is unbelievable. It is slowly becoming mainstream, and its advancements to revolutionize the technological landscape will soon allow every industry to reap the benefits.
Rohit Singal is the Vice President, India at Rahi.