The new technological innovations are revolutionizing various industries — from pharmaceuticals and healthcare to cybersecurity and FinTech — and one such invention is Quantum Computing. The branch of mechanics ‘Quantum’ itself is vast and intimidating enough, and combining it with computing technology opens new doors to an unimaginably vast framework of reality. Any discussion of quantum computing is reminiscent of a quantum jump into a science-fiction world. Well, advancements like cryptography systems are not only limited to the realms of sword and sorcery. We soon will be able to harness the power of quantum weirdness to design ultra-powerful computers and solve real-world problems such as climate, traffic, security, and other issues. Before taking a look at some practical examples of how this advanced technology will change FinTech, AI, and other sectors, let’s dive into the basics first.

What Exactly Is Quantum Computing?

Quantum computing is the area of study focused on replacing today’s traditional computers with scalable, super-fast systems using defined and counterintuitive logic of quantum physics. The underlying idea behind this phenomena is to come up with technological solutions at both atomic and subatomic level for addressing as well as fixing various real-time issues, which, at present, are intractable for classic systems.

These future computers take advantage of an advanced information exemplification called “qubits” to store and process data in the third state known as “Superposition.” This condition allows creators to analyze a zero or a one at the same time by altering their orientation and represent four scenarios at once instead of one or two. This process increases the ability to store and process an enormous amount of information more resourcefully and also perform computations in new powerful ways using less energy than a conventional system.

The Relationship Between Quantum Computing and Cloud

Cloud-based quantum solutions and services are emerging as a potential game-changer in the digital cloud computing industry. Companies like Rigetti are now building hybrid qubit quantum processors integrated with classical computing infrastructure to execute quantum algorithms in the cloud. Last year, IBM raised the bar significantly by developing a 50-qubit processor with the purpose of improving error correction code and also making quantum computing freely accessible to end users via the cloud.

Combining the cloud into tiered storage architecture of the quantum computer creates an optimal mix of scalability, efficiency, and performance and also improves workflow while unlocking an array of off-site capabilities.

Top Three Applications of Quantum Computing

Online or Cybersecurity

Compared to physical security issues, cybersecurity problems undeniably are the most dangerous threats since they are harder for users to assess and visualize. Conventional wisdom has it that the more innovatory a technology is, the severe the disruption will be, and the ground-breaking technology “quantum computing” is no exception either. At present, most online security systems depend on factoring, especially large numbers, and the longer it takes to crack the code, the more secure the encryption method is.

Since quantum computers can process massive databases almost instantaneously and solve calculations in less than a minute that take conventional system decades or thousands of years to decode, the current data encryption techniques will turn out to be destructible. This will put our financial, personal, and other confidential information at risk. Well, here’s the good news: the adoption of quantum computers will rock our existing security protocols and open the new doors to robust, advanced cryptography techniques that theoretically are unbreakable.

Regardless of how much computing resources will be used to decipher quantum-based security networks, users will still be able to send data as well as conduct transactions securely. Certain ultra-secure communication methods and encryption implementations like quantum key distribution will lead to inherent security infrastructure.

Artificial Intelligence

Both AI technology and quantum computers are two most stimulating frontiers that have tied the knot to transform the field of deep learning and neural network optimization. By scanning monumental amount of data in milliseconds, quantum computers can provide feedback much efficiently compared to classic computers, results in shortening the learning curve for AI.

Researchers are putting more focus on accelerating deep learning algorithms including CNN and RNN to improve accuracy & performance and also process unsorted, large datasets to spot inconsistencies or other patterns extremely faster. QC, in fact, can be applied to various tasks such as:

Simulation

Optimization

Sampling

It’s not hard to imagine that in a few years, quantum computing technology will be able to facilitate exponential speed-ups and solutions for central and classic problems including clustering, principal component analysis, pattern-matching etc.

Financial Modeling

Let’s face it, quantum computing will emerge as a powerful calculator that soon is going to make current human trading and financial model obsolete. The implementation of quantum mechanics will take the FinTech sector to a whole new level. Today’s markets deal with a basketful of risky and uncertain situations that require faster and more secure processing solutions, and that’s where QC comes into the picture. The advanced systems would be a big help in isolating key global risk factors and finding the new ways to handle complex financial data by carrying out an incomprehensible number of calculations all at once.