The future of quantum computing - latest developments


Quantum computing has the potential to radically change the world around us by revolutionizing industries such as finance, pharmaceuticals, AI, and automotive over the next several years. The value of quantum computers comes because of the probabilistic way they function.

One recent report estimates that quantum computers could generate nearly a trillion dollars in annual revenue by 2050, with applications from auto and airplane manufacturing to pharmaceutical development and finance.

2022 has been an exciting year for Quantum Computing. In the race for what may become a key future technology, tech giants like IBM and Google are investing enormous resources into the development of quantum computing hardware. However, current platforms are not yet ready for practical applications.

Quantum computers are also not constrained by the same limitations as classical computers, meaning they can solve currently impossible problems. This makes quantum computing the perfect candidate for powering artificial intelligence. The vast amounts of data processed by AI systems require enormous computational power.

At the beginning of 2019, IBM unveiled its first commercial quantum computer. Fast forward to January 2020, and the company claimed at CES 2020 that we are now in the decade (the 2020s) of quantum computing.

There are following difficult problems which can be easily solved by quantum computers:

  • Quantum encryption.
  • Simulation of quantum systems.
  • Ab initio calculations.
  • Solving difficult combinatorics problems.
  • Supply chain logistics.
  • Optimization.
  • Finance.
  • Drug development.

A major hurdle in the quantum computer revolution is the unintended interactions between qubits and the environment, which are referred to as noise. A qubit's ability to maintain a superposition state can fall apart due to noise. According to Investopedia definition, a qubit (quantum bit) is any bit made out of a quantum system, like an electron or photon. Just like classical bits, a quantum bit must have two distinct states: one representing “0” and one representing “1”.

By most estimates, a single qubit costs around $10K and needs to be supported by a host of microwave controller electronics, coaxial cabling and other materials that require large, controlled rooms in order to function.

QCL (Quantum Computer Language) is the most advanced implemented quantum programming language. Its syntax resembles syntax of the C programming language and classical data types are similar to data types in C.

Virtual Reality (VR) technology is making quantum computing easier to access and adopt. Virtual reality is a technology that allows a user to carry out actions in a digital environment while feeling as if they are in a physical environment.

In Europe, Denmark’s Novo Nordinsk Foundation plans to spend $200 mn for development of the first quantum computer. The Foundation targets to use the quantum computer for life science research with applications ranging from creating new medicines to finding links between genes, environment, and disease. The Foundation also plans to establish its own company, called Quantum Foundry, to manufacture materials and hardware for the quantum computer.

This year, IonQ announced that IonQ Aria, the company's latest quantum computer, has achieved a record 20 algorithmic qubits and has furthered its lead as the most powerful quantum computer in the industry based on standard application-oriented industry.

To the largest global companies which are currently investing heavily in quantum computing development belong: IBM, Alphabet, Intel, Microsoft, Amazon, IonQ. In our opinion there will be more companies involved in quantum computing in the future.

Our opinion: in the next decade, we will have quantum computers that are significantly better than super computers today, but they most likely won't be in mass use by governments and companies until the 2030s. Eventually toward the end of the 2030s and early 2040s they'll shrink down to a size and cost viable for consumer use. Quantum computing will be more relevant to certain businesses where highly complex algorithms need to be evaluated which in a normal computer would take days, weeks, months or even years.  For more insights please do not hesitate to contact us at