I read about the potential in the pairing Artificial Intelligence (AI) and Quantum computing online this week and the thought of those paired had me imagining what our future could look like in the next 30 years. I honestly find it more difficult than imagining 2025 back in 2000. I followed that curiosity by diving into Quantum Computing as we’ve focused on AI so much recently. Here’s what I found.
Quantum computing is a cutting-edge technology that leverages the principles of quantum mechanics to perform computations at unprecedented speeds. Unlike classical computers, which use bits to represent data as 0s and 1s, quantum computers use quantum bits, or qubits, which can exist in multiple states simultaneously. This means that the computer can complete calculations with data set at or ranging between 0 and 1 simultaneously. This unique property allows quantum computers to solve complex problems much faster than our computers today.
IBM has a quantum computer called Osprey, a 433-qubit machine. Competitors, such as Microsoft and Intel are building quantum computers and even including those with cloud services. It is anticipated that quantum computing will be mainstream around 2030.
Here are some potential banking applications with Quantum computing:
- Enhanced Security and Encryption: Quantum computing has the potential to significantly improve the security of our data. Traditional encryption methods could be rendered obsolete by quantum computers, but quantum encryption techniques, such as quantum key distribution, offer a higher level of security that is virtually unbreakable.
- Risk Management and Fraud Detection: Quantum computing can process vast amounts of data quickly, enabling us to identify patterns and anomalies that may indicate fraudulent activities.
- Portfolio Optimization: Quantum computers can analyze multiple variables and scenarios simultaneously, making them ideal for optimizing investment portfolios. This can lead to better decision-making and improved returns.
- Efficient Transaction Processing: The speed of quantum computing can revolutionize transaction processing, reducing the time required for complex financial transactions and improving overall efficiency.
Challenges and Considerations
While the potential benefits of quantum computing are immense, there are also challenges to consider. The implementation of quantum computing will require significant investments in infrastructure and training. It’s difficult to imagine the power of that level of computing and how we would perform our work daily. We would possibly need to rethink our daily work!
Also, considering the security implications is immense. I can’t imagine a scenario where passwords would still exist because historically as we implement a technology the hackers are alongside or one step ahead. With Quantum computing, passwords would be cracked within a second.
Conclusion
Quantum computing will bring massive change to our daily work and probably our lives. I trust that as these computers are built that security implications are kept in mind; we have a peek at what those will be and it’s exciting to imagine entirely what that would entail. Pairing this technology with AI, it seems limitless on what could be accomplished. It will take some time for this to be mainstream, however watching these technologies develop is pivotal to understanding our future.
Sources:
Generative AI, (2024) CoPilot (Dec 19 version)
YouTube Ted – A beginner’s guide to quantum computing | Shohini Ghose
https://mitsloan.mit.edu/ideas-made-to-matter/quantum-computing-what-leaders-need-to-know-now