Quantum computing was an area we discussed theoretically and experimented with in small-scale laboratory settings for decades until we began conversing about its potential as a viable future technology. Now, however, it is a recurrent topic in the technology world and seems primed to allow new levels of processing capabilities in a variety of industries, from banking and biopharmaceuticals to cybersecurity and artificial intelligence. However, while there is a growing excitement around quantum computing, there is also an important question about whether it represents the genuine transformation that we are being promised or an innovation that is currently more hype than substance, and one that should prompt curiosity from software developers and business leaders alike. 

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Defining and Understanding Quantum Computing 

Quantum computing utilizes the principles of quantum mechanics, such as principles like superposition and entanglement, to perform computations in fundamentally different ways than a classical computer. A classical computer uses pieces of data that can be either 0 or 1, known as bits, whereas a quantum computer uses states of matter that can exist in many states all at once is known as a quantum bit or qubit. This distinction in technology is suspected to allow quantum computers to perform catastrophically complex computations more quickly than today's best supercomputers on the planet and in ways that would make today's best computers seem obsolete. 

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Where Is Quantum Computing At? 

Right now, quantum computing is at an experimental stage. Tech stalwarts like IBM, Google, Amazon, and startups like Rigetti and IonQ are competing to build modern quantum hardware, and are beginning to make tangible, if slow-moving, advances in that goal. Google achieved a momentous feat when it achieved quantum supremacy in late 2019, when a calculation was made on its quantum chip in a fraction of the time that it could be performed by classical supercomputers. Nonetheless, the commercial applicability of quantum computing remains constrained by several key limitations, including the stability of hardware, qubit coherence times, and error rates. Quantum hardware is extraordinarily sensitive and requires controlled environments with stable dynamics, aside from extreme cooling conditions, to stabilize qubits.

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Real-World Applications Emerging Now

Despite these challenges, several industries are starting to see the real-world applications of quantum computing:

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Finance

Quantum algorithms show great potential for solving complex portfolio management problems, risk, and algorithmic trading. Organizations like JPMorgan Chase and Goldman Sachs are applying quantum solutions to improve predictive modeling of financial systems.

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Pharmaceuticals and Healthcare

One exciting opportunity for quantum computations is drug discovery, which can involve combining the molecular structure and interactions involved at speeds that are impossible to achieve using classical computers. Companies such as Roche and Pfizer are pursuing quantum computing research to reduce the time and cost of drug development.

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Cybersecurity

Quantum computing is an opportunity, but it may also threaten security. Some quantum algorithms can circumvent classical encryption in less than an hour. While institutions develop quantum-safe encoding to keep confidentiality safe, conflicts with commercial opportunities arise.

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Problems Ahead

Quantum computing has made many advancements; however, various challenges remain:

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​Tech Limitations​

​Current quantum computers have limited amounts of qubits, and the error rates naturally increase with more qubits. Since a scaling approach is needed for viable quantum computing, delivering the required scale will continue to be a challenge.

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Infrastructure and Access

Access to quantum computing is limited and expensive. Cloud-based quantum computing is beginning to provide access and availability of quantum technology, but respondents illustrated that specialized skills are needed to leverage quantum from providers like IBM Quantum and AWS Braket.

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Talent and Skills Gap

There is a talent and skills gap in the quantum computing space, and many respondents stressed that there is a shortage of qualified professionals who can develop quantum algorithms and integrate software systems successfully. The availability of talent and skilled people reinforces the possibilities for the practical utilization of quantum computing.
 

Reality vs. Hype: Finding the Balance

Quantum computing is full of potential; however, expectations must be pragmatic. Quantum computing isn't going to obsolete classical computing as a business model; it is more likely to be complementary to classical computing, with exceptional abilities in computation. Respondents suggested taking the approach of investing in a more balanced way during the planning phases by being aware of the technological developments instead of whether it is an investment in broker/buy institute partnering or spending on processes to enable initial quantum use-cases to help develop the institution’s in-house capability.​

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Looking Ahead: The Future of Quantum in Software

Within the next 10 years, quantum computing will begin to move from research laboratories to mainstream industry applications and will continue to improve through the extrapolation of overcoming current limits. Developing quantum readiness, developing talent, experimenting with quantum algorithms, and designing quantum-oriented infrastructure will benefit organizations attempting to reap the many rewards of quantum computing. In summary, quantum computing is a combination of both hype and reality today. Its transformative potential is real and possible, but limited by current technical and practical limitations. For organizations that are visionaries, today is the day to prepare strategically for a quantum-based future while tempering their expectations.