Billions of dollars pour into quantum computing

Designing more efficient batteries for electric vehicles can be accelerated by years with the help of quantum computing, as is being done by IBM in collaboration with Mercedes

While quantum computing has been around for decades, the last few months have seen tremendous interest from investors and governments. Quantum computing uses principles of physics where sub-atomic Qubits can store and process information in a way that traditional computers can’t. The scale and speed of quantum computing are far ahead of what even a supercomputer can achieve. Some tasks that a classical computer may take a week to complete can be done in just one second with quantum computing. 

Until late 2021, the governments of 18 countries have committed about $25 billion in quantum computing initiatives, according to the talent and training firm Qureca. This includes India, which has committed more than $1 billion to the National Mission on Quantum Technologies and Applications.

Private investment has grown, too. More than $1 billion was invested by venture funds in quantum computing companies last year. 

“Quantum computing is an inherently multidisciplinary field, spanning a diverse range of disciplines from physics and mathematics to engineering and computer science. Quantum computing programmes globally also involve a broad range of stakeholders across government, industry, academia and civil society,” says a new report by the World Economic Forum (WEF) on Quantum Computing Governance Principles.

The core principles that WEF has identified include privacy, cyber security, open innovation and sustainability. A set of core values have also been identified to prevent human biases and ensure responsible behaviour. Quantum computing must have “mechanisms in place to ensure human accountability, both in its design and in its uses and outcomes.” Similar questions and challenges have arisen in decisions taken by AI-based algorithms. Establishing human accountability for computing decisions is a matter of intense debate among regulators globally. 

Such principles become critical while considering the multi-industry applications of quantum computing. Companies like IBM have deployed quantum computing for several solutions. For example, it has worked with Mercedes to enhance the quality of batteries for electric vehicles. Scientists are keen to simulate the working of a battery at a molecular level to help improve efficiency.

Simulating chemical reactions, interactions of millions of electrons and their impact can take a fraction of the time when done with quantum computing. Designing more efficient batteries can be accelerated by years with the help of quantum computing, as is being done by IBM. According to the company, it has more than 20 quantum computers across the world “running over 1 billion executions” a day. 

Quantum computing has tremendous use in the pharmaceutical sector as well. From drug discovery to vaccine trials, several efforts can be enhanced, improved and fast-tracked using quantum computing. 

Financial regulators hope to use quantum computing to keep track of increasingly complex and fast-paced digital transactions. Credit risk analysis, which includes several more parameters, can be become far more accurate with quantum computing. 

The wide impact of quantum computing is becoming increasingly apparent to all stakeholders. However, the complex nature of quantum science needs deeper linkages between academia, scientists, governments, tech companies and investors. Even systems of national security, especially cyber threats, will be enhanced by quantum science. 

India and other emerging economies must now invest in the talent required to fuel quantum science. Global power is now defined by technological abilities and not just military and economic strength. While India has committed to quantum computing, the effort will require multi-dimensional effort, which involves skilling as well as industry linkages. From super computers to quantum computing is still a big leap.