Quantum computing has the potential to shape our future significantly - ranging from unparalleled efficiency gains in all sorts of industries to critical implications for encryption and cyber security.
In this Sparkr Podcast, the host Christian Lundsgaard from Sparkr talks to Damir Bogdan, CEO of Quantum Basel, about the implications of quantum computing for business and society.
A Deep Dive About Quantum Computing
Welcome to an exploration of the quantum computing frontier. In this episode of the Sparkr Podcast, we engage in an insightful conversation with Damir Bogdan, CEO of QuantumBasel. Together, we embark on a journey through the sometimes mind-boggling realms of this rapidly evolving technology platform and we discuss its profound implications for businesses and society at large.
The Potential Of Quantum Computing In Business And Society
At its core, quantum computing offers unparalleled computational power especially when looking at applications involving optimization, simulation, and machine learning.
In these areas, quantum computers promise significant advancements across industries - from logistics and manufacturing to finance and life sciences. Imagine a world where complex logistical puzzles are effortlessly solved, where financial risk models are optimized to unprecedented levels, and where potentially groundbreaking advancements in medicine and material science are within reach.
Let's look at an example of the port of Los Angeles - one of the largest logistical hubs in the world. At Pier 300 a proof of concept was made using quantum computing to optimize the efficiency of the pier. Thanks to the emerging technology the port of Los Angeles increased efficiency by 60% (increases in deliveries per crane per day).
Quantum computing has the potential to unlocking transformative opportunities wherever problems of optimization, simulation or machine learning are involved. Examples range from optimized energy consumption of complex buildings to efficiency gains of port logistics thanks to digital twin simulations of the infrastructure. In the podcast conversation, Damir shares a couple of impressive examples and proof of concepts which are already in action today.
Moreover, quantum computers emerge as a probable ally in the fight against climate change, empowering researchers to model and mitigate environmental risks with unprecedented accuracy.
Thanks the vast potential of the technology McKinsey estimates that $700 billion (!) in value is at stake in finance, automotive, chemicals or pharmaceuticals by 2035 as a consequence of quantum technology.
Rethinking Cybersecurity With Quantum Computing
The rise of quantum computers not only has its merits but also its risks that require our full attention. Due to the evolution of quantum computing a profound reevaluation of encryption methods and cybersecurity protocols is needed. And that's absolutely critical for all of society. Here's why:
Traditional cryptographic techniques and encryption build the defensive line of everything we do in our digital world. Everything from financial transactions to health data or critical infrastructure like power plants and water supply is protected by encryption. And these traditional encryption methods face the threat of losing their protecting characteristics due to quantum systems' computational prowess.
Even though quantum computers are not yet capable of cracking today's encryption, we must be alert. The "harvest now, decrypt later" principle highlights our vulnerability already today because today's encrypted data can be harvested and stored for years simply to be decrypted in the future as quantum computing capabilities evolve.
To illustrate that point, let's jump some years into the future when we've arrived in the age of sufficiently capable quantum computers. In that future, all our private health or financial data from several years could be decrypted. This illustration should underscore the urgency of implementing quantum-resistant encryption to safeguard sensitive information and digital infrastructure. The good news: There are several options of quantum-secure encryption techniques on the market. They just have to be implemented.
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How Quantum Computers Are Different
To grasp the essence of quantum computing, one must understand its fundamental departure from classical computation. Unlike classical bits, which adhere to binary states of either 0 or 1, quantum bits (qubits) exist in a state of "superposition", embodying both 0 and 1 simultaneously. This enables quantum computers to explore myriad possibilities in parallel, leading to exponential computational leaps.
Furthermore, while classical computers operate through linear sequences of instructions, quantum computers leverage the principles of "entanglement" and quantum parallelism to explore vast solution spaces rapidly.
These principles of "superposition" and "entanglement" (among others) which are rooted in quantum mechanics make the novel computers so proficient at solving optimization problems, simulating complex systems, and driving advancements in machine learning.
The Best Time To Start Is Now: Explore Quantum Computing In Collaboration With QuantumBasel
QuantumBasel’s vision is to democratize quantum computing. Therefore, they foster collaboration and enable seamless access to the world’s best quantum computers with the goal to create breakthroughs across industries.
QuantumBasel offers companies, start-ups and leading research institutes access to quantum computing and high-performance computing. With that they are laying the foundation for tackling future challenges in the life sciences, industrial manufacturing, logistics, finance and more.
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