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From financial markets to fertilizer, the technology could prove immensely useful. Quantum Computing has the potential to revolutionize many aspects of our daily lives. While the topic is often over-hyped, quantum computers may prove to be particularly good at solving certain types of problems. Not those related to complex calculations, necessarily, or those related to search engine functionality, or image processing. But quantum computing can drastically improve optimization and artificial intelligence, potentially disrupting a number of industries. AI is the perfect candidate for quantum computation, because it is based on the principle of learning from experience - which in turn is based on calculating the probabilities for many possible choices. Another primary application is the modelling of molecular interactions that can result in innovative products, including pharmaceutical drugs and solar cells. It can also be applied to producing the fertilizer necessary to feed the planet; while current processes for creating fertilizer are incredibly energy-intensive, research suggests quantum simulations could help chemists develop more efficient methods. Cryptography is another area where quantum computers can outperform digital computers, potentially rendering current online security methods obsolete. Modern financial markets run on some of the most complicated systems in existence, and investors and analysts may turn to quantum computing to help make them more efficient. Weather forecasting is another potential application that could benefit both the public and private sectors. Just about any country’s economic health is directly or indirectly affected by the weather; improved forecasting would benefit food production, transportation, and many other facets of GDP. In addition, better climate models could give us more insight into future climate scenarios. In light of all of these potentially impactful applications, governments and businesses have scaled up research and development efforts. In 2018, the European Commission kicked off the ramp-up phase of its Quantum Technologies Flagship initiative, aimed at using a €1 billion budget to bring together research institutions, companies and public funding. Meanwhile the US is spending about $1.2 billion between 2019 and 2028 to make its mark on the technology, and China is building a $10 billion national laboratory for related research. However, while the development of quantum technologies is moving fast, it is still at a relatively preliminary phase.

Practical Applications for Quantum Computing

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Quantum Computing