Domen Zavrl has a PhD in applied macroeconomics and has taken cryptography courses at Stanford University. This article will look at quantum computing and how a new generation of supercomputers could change the world, revolutionising virtually every industry, from banking and finance to manufacturing.
In recent years, leading tech companies have made significant advancements in figuring out how to harness the power of quantum mechanics to develop a new generation of faster, more powerful supercomputers. Google has already developed a quantum computer approximately 158 million times faster than the fastest supercomputer.
Quantum computing poses the potential to transform numerous industries, chief among them the electric vehicle (EV) sector. Experts anticipate that, by harnessing the power of quantum computing, EV manufacturers could soon be able to make million-mile EVs, as well as making major headway in terms of reducing their costs through battery optimisation modelling and material simulation.
For centuries, scientists have developed, tested and validated the laws of classical mechanics, scientifically explaining where things in the physical world come from and how they work. However, in 1897, J.J. Thomson turned all of these fundamental principles on their head when he discovered the electron. In doing so, Thomson lifted the veil on a new subatomic world of tiny particles that do not obey the laws of classical mechanics. Rather, subatomic particles follow their own set of rules, a discipline known as ‘quantum mechanics’.
Quantum mechanics and classical mechanics differ in two very important ways. First, in classical mechanics, an object can only exist in one place at one time, whereas in quantum mechanics, subatomic particles theoretically exist in multiple places simultaneously before they are observed. Quantum mechanics teaches that a single subatomic particle can exist at both point A and point B simultaneously until it is observed, at which point it can only exist at point A or point B. The true location of a subatomic particle is therefore a combination of all of its possible locations, a concept known as ‘quantum superposition’.
Second, in classical mechanics, an object can only ‘work’ with other real objects. For instance, a mechanic cannot use an imaginary spanner to undo a nut – they need the real thing to remove it. However, in quantum mechanics, rather than being independent, subatomic particles are entangled, with super-complex particles working together to create a super-complex ecosystem known as quantum entanglement. Scientists theorise that subatomic particles can exist in multiple states simultaneously, with these probabilistic states potentially working together all at once to accomplish their task.
Essentially, quantum mechanics goes against many of the principles taught in classical mechanics. It goes against basic common sense. However, quantum mechanics is true. It is real. Scientists have only just begun harnessing its power, but this unique phenomenon has the potential to change everything.
While today’s computers are built following the laws of classical mechanics, storing data binarily as either ‘1’ or ‘0’, quantum computers utilise qubits leveraging super positioning to be both ‘1’ and ‘0’ simultaneously. By using multi-state qubits and relying on entanglement, mankind could create a machine with so much computational power that it would make even today’s most advanced supercomputers seem rudimentary. This is precisely what is happening today, with AI and quantum computing increasingly being combined to create a seismic shift. Scientists believe the breakthrough could be as important as the development of the internet or the discovery of fire by ancient man.
Quantum computing could bring the seemingly impossible within reach. As humankind embraces this new era of innovation, experts warn that there are also significant legal, ethical and societal impacts to consider. Nevertheless, by ensuring the quantum revolution is shaped with the best interests of society in mind and that the benefits are widely accessible, the impact of quantum computing could be overwhelmingly positive, a report from the University of Munich suggests.
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.