Quantum computing has immense potential, despite being a considerable distance off from practical application. It’s crucial that we consider its beneficial uses.
A new $5 million reward has been set to propel the industry of quantum computing forwards. This reward encourages developers to create novel algorithms which will be integral in solving problems faced in the real world with the help of this budding technology.
A brand new competition called Quantum for Real-World Impact has been introduced by the XPRIZE Foundation. Their goal is to expedite the creation of algorithms in quantum computing, focusing on societal issues, health, and sustainability. This competition, which will run for three years, is sponsored by Google Quantum AI and the Geneva Science and Diplomacy Anticipator Foundation. The competition aims to “unleash the potential” of quantum computing, states the contest site.
At this stage, quantum computers lack the necessary advancement to solve societal issues that traditional computers cannot handle, according to the competition’s website. As the technology progresses, a limited number of university researchers and companies concentrate on translating these algorithms for use in real-world applications, as well as assessing their capability to tackle global problems once the hardware is sufficiently powerful.
The importance of the new contest to the progress of quantum computing cannot be overstated, proclaimed Rebecca Krauthamer, co-founder and chief product officer at QuSecure, a company that produces quantum-resistant cybersecurity solutions.
“XPRIZE has a long-standing and influential role in driving progress in the realm of cutting-edge technology, in fields as varied as advanced medicine, spaceflight, and conservation,” she observed. In her eyes, the competition “underlines that we find ourselves in a genuinely thrilling period for quantum computing.”
Though the development of quantum computing hardware still has substantial strides to make, she believes that the lion’s share of the innovation will be derived from the creation of new algorithms and the application of quantum computers to tackle real-world problems.
In her view, the contest serves to highlight “the extraordinary potential that quantum computing holds, not only for commercial but also societal benefit,” she further elaborated.
Quantum computing provides a unique platform for contestants to develop innovative algorithms for solving new problems, showcase how existing algorithms can be adapted to unravel hitherto unexplored applications of quantum computing, or strategize ways to reduce the computing resources required by a quantum computer to function on well-established algorithms or applications.
Ideas for potential contest submissions encompass:
Jim Ingraham, serving as vice president of strategic research at EPB of Chattanooga, a corporation engaged in power and telecommunication services, sees this contest as a launch pad for the incorporation of quantum computing in business models. He states after having initiated a quantum-powered network in the closing months of 2022 that the critical future stride for quantum technologies is their transition from laboratories to practical real-world places.
Further, he emphasizes the importance of the EPB Quantum Network, terming it as a significant progression. The network “grants access to a vital testing arena for quantum technologists to demonstrate their investment worth and commercial feasibility,” he states. “This is an indispensable measure to assist corporations, government bodies, and researchers in expediting the modification and enhancement of their technologies.”
The competition could provide a lifeline to businesses struggling to monetize quantum computing innovation, suggested Lawrence Gasman, the founder and president of Inside Quantum Technology, a quantum research enterprise.
“It might usher in businesses that would otherwise be unable to survive,” he remarked. “This suggests that the financial support is rigorously scrutinized and is only awarded to businesses that can generate profit in the immediate to medium term.”
Though quantum computing isn’t quite ubiquitous yet, that day is on the horizon, claimed Krauthamer from QuSecure.
“When you spot a news headline declaring that quantum computers have cracked a problem that’s familiar to you – like improving battery technology, optimizing investment portfolios, or reducing greenhouse gas emissions – that will be your cue that quantum computing has gone mainstream,” she explained. “We should expect to see more such headlines over the next few years.”
