To understand how this works in practice, think of a simple maze-like the one seen above. If you wanted to solve this with a classical computer, it would have to run different paths through the maze turn by turn until it finds the correct one. On the other hand, a quantum computer could run all these paths concurrently at the same time - and thus solve the problem exponentially faster. 

 

Therefore, qubits could theoretically allow quantum computers to solve complex problems, which would take supercomputers thousands of years, in a matter of seconds. This was recently demonstrated by a quantum computer built by Google which managed to simulate a chemical reaction in 200 seconds - a feat which would have taken a supercomputer an estimated 10,000 years!

 

Google’s experiment shows how quantum systems could potentially open up a plethora of opportunities within quantum chemistry that may lead to discoveries such as new life-saving drugs, improved fertilisers, better batteries, faster semiconductors, and an endless list of other materials. 

 

Moreover, quantum computing could revolutionise our artificial intelligence and machine learning capabilities whilst offering new ways to solve problems that require simulation of real-world scenarios. This could lead to breakthroughs in areas such as predicting financial markets, improving weather forecasts, optimising economic policy, and better understanding quantum physics. 

 

But there are some risks...

 

Provided they have enough qubits, quantum computers could break even the strongest encryptions in the world. This poses significant risks to not just individual privacy but the entire financial system, health records, government databases, and anything else for which encryption is necessary. If quantum systems do eventually become more accessible - and powerful - we’d need to rethink and reinvent our encryption methods to ensure that they are quantum-proof. 

 

Additional challenges 

 

Although it is extremely promising in theory, quantum computing is still a relatively new field with a long way to go before it can be used to tackle significant real-world issues. Quantum mechanics are complicated and far from being fully understood. As of yet, there has still been no ‘real’ quantum computer i.e. one which can operate independently of a classical computer. Rather the ones developed so far have always relied on some contribution from classical systems to function. 

 

However, the potential for growth is enormous - and this fact is not lost to the world. China is pouring billions into quantum technologies and education, with the aim to be the world leader in the field. Google and IBM are also in the race with each hoping to further expand commercial quantum technologies. As investment and education within quantum technology continue we could see it make leaps and bounds of progress over the next two decades.     

 

References:

https://www.wired.co.uk/article/quantum-computing-explained 

https://www.wired.com/2017/03/race-sell-true-quantum-computers-begins-really-exist/ 

https://www.scientificamerican.com/article/googles-quantum-computer-achieves-chemistry-milestone/ 

Consequences and Limitations of Conventional Computers and their Solutions through Quantum Computers, (Barde, Thakur, Bardapurkar, Thalvi, 2011), Leonardo Electronic Journal of Practices and Technologies: http://lejpt.academicdirect.org/A19/161_171.pdf

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The views expressed within this article are those of the authors and do not represent the views of the Finance Student's Association. All images and references in this article are for fair and educational purposes only. The content in this article is not intended as legal, financial or investment advice and should not be construed or relied on as such.