Kicking Off the Quantum Decade
Quantum computing has made great strides in recent years and is poised for a takeoff in the coming years. Look for tech developers, investors and governments to kick off the quantum decade with fresh momentum this year.
Quantum Supremacy Set the Bar
Passing the “quantum supremacy” milestone set the stage for the next ten years of quantum computing development. Quantum supremacy refers to the point in development at which a quantum computer can outperform a classical computer. A report from Google and the National Aeronautics and Space Administration (NASA) late last year claimed that current quantum computing capabilities have reached this point.
In an experiment performed by Google, a quantum computer conducted a test calculation within 200 seconds, whereas “a state-of-the-art supercomputer would require approximately 10,000 years to perform the equivalent task.” Although the test calculation is not particularly relevant to solving a major humanitarian challenge, it evidences quantum computing’s proven advantage over classical computing, confirming the technology’s imminent potential in 2020 and beyond.
IBM Continues to Double Computing Power
IBM is also making waves in the quantum computing space. Since the introduction of its first quantum computer in 2017, IBM has doubled “Quantum Volume” every year. Quantum Volume is a performance metric created by IBM researchers that reflects computing power and the ability to solve complex problems.
After rolling out the IBM Q System One – the first commercial quantum computer – last year, IBM announced at CES 2020 that its new 28-qubit quantum computer has achieved a Quantum Volume of 32, up from last year’s 16. If IBM continues with its goal of doubling computing power every year, we can expect to see major breakthroughs in capability this decade.
Investment is going to flock to quantum computing
The quantum computing market is expected by some to reach $283 million by 2024 and a whopping $9.1 billion by the end of the decade. Suffice to say, it’s captured the attention of investors and venture capitalists.
There is no shortage of big players in the space, including Google, IBM, Intel and Microsoft. Even retail giant Amazon announced plans late last year to roll out a quantum computing service. There are also several successful startups, such as Rigetti Computing, D-Wave, and Silicon Quantum, attracting hundreds of millions in investment. Investment deals in the quantum computing sector have increased by more than 200% since 2013.
Government-sponsored development is also likely to take off in the next decade as more and more countries realize the opportunities the new technology offers. The US has already appropriated $80 million in funding for research, development, education and training every year through 2023 as part of the National Quantum Initiative (NQI) Act.
Expect something transformational
Quantum computing may possess the power to transform life as we know it. By paving the way for deep learning artificial intelligence (AI) based algorithms, teleportation of information, simulation of nature and new forms of encryption, quantum computing could solve some of society’s most complex challenges and transform major industries, from engineering to healthcare, agriculture, telecommunications and energy.
Haim Israel, Bank of America’s Managing Director of Research, compared the impact of quantum computing in the next ten years to what the smartphone did for the 2010s. The quantum revolution is here but how long it takes to produce results could be a decade or more away. As we look forward to the quantum decade, expect its effects to be dramatic and far-reaching.
This article originally appeared in Law Technology Today.
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Monica Zent
Monica Zent is an experienced technology entrepreneur, investor, businesswoman and trusted legal advisor to leading global brands, over a period that spans decades. She is the founder of leading legal services company, ZentLaw and its innovative ZentLaw Labs. She is also the founder of LawDesk360, the workflow efficiency platform for legal departments and law firms.
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MENTIONED IN THE ARTICLE
NASA
The National Aeronautics and Space Administration (NASA) is the U.S. government agency driving pioneering research and technological development in both atmospheric flight (aeronautics) and space exploration (astronautics). NASA acts as a research organization, utilizing advanced wind tunnels, supercomputing, and flight test laboratories to advance aircraft aerodynamics, propulsion, and materials, while simultaneously involved in the design, construction, and operation of launch vehicles and spacecraft for deep space exploration. Through its aeronautics research directorate, the agency works to improve the safety, efficiency, and environmental impact of aviation, whereas its space programs focus on developing cutting-edge flight systems, robotic explorers, and human transportation capabilities.
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IBM
IBM is an iconic technology pioneer founded in 1911 as the Computing-Tabulating-Recording Company and officially renamed International Business Machines Corporation in 1924. Beyond foundational computing, IBM possesses a deep legacy in aerospace and defense from building the guidance computers and Instrument Unit for NASA's historic Apollo missions to partnering with Airbus on CIMON, the first AI assistant on the ISS.
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Intel
Intel's mission is to drive the future of technology to contribute to a better world. By advancing in areas such as AI, analytics, and cloud-to-edge technology, Intel is central to many innovations.
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Microsoft
Microsoft engages in the creation and licensing of software for both consumer and enterprise use. The company is renowned for its development of Windows operating systems and the Office suite designed for productivity. Microsoft's structure encompasses three major segments of roughly equal size: productivity and business processes, which encompasses legacy Microsoft Office, cloud-based Office 365, Exchange, SharePoint, Skype, LinkedIn, and Dynamics; the intelligence cloud, which includes offerings like Azure, Windows Server OS, and SQL Server; and more personal computing, which covers Windows Client, Xbox, Bing search, display advertising, and a range of Surface laptops, tablets, and desktops.
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Rigetti Computing
Rigetti Computing develops integrated quantum computers and superconducting processors specialized for complex aerospace optimization and satellite communication tasks, including collaborations with the U.S. Air Force. Founded in 2013, the firm produces modular, multi-chip processors internally and provides cloud-based access for large-scale, complex simulations.
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D-Wave Quantum
D-Wave Quantum is a pioneering dual-platform quantum computing company that partners with aerospace organizations to solve complex logistical, defense, and satellite challenges. Founded in 1999, the company’s quantum annealing technology is utilized by industry leaders like Lockheed Martin to optimize aircraft networks, improve manufacturing efficiencies, and support critical national security initiatives.
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Bank of America
Bank of America is a leading multinational financial institution offering a comprehensive range of banking, investment, and financial services to individuals, businesses, and governments worldwide. The bank is committed to sustainable finance and has been actively involved in initiatives to support the transition to a low-carbon economy.
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