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Quantum computers, once fully scaled, could lead to breakthroughs on many fronts medicine, finance, architecture, logistics.

First, its important to understand why quantum computers are superior to the conventional ones weve been using for years:

In conventional electronic devices, memory consists of bits with only one value, either 0 or 1. In quantum computing, a quantum bit (qubit) exhibits both values in varying degrees at the same time. This is called quantum superposition. These ubiquitous states of each qubit are then used in complex calculations, which read like regular bits: 0 and 1.

Since qubits can store more information than regular bits, this also means quantum computers are capable of processing greater quantities of information. Having four bits enables 16 possibilities, but only one at a time. Four qubits in quantum superposition, however, let you calculate all 16 states at once. This means that four qubits equal 65,500 regular bits. Each qubit added to the quantum computing system increases its power exponentially.

To put things in perspective, a top supercomputer can currently accomplish as much as a five- to 20-qubit computer, but its estimated that a 50-qubit quantum computer will be able to solve computational problems no other conventional device can in any feasible amount of time.

This quantum supremacy has been achieved many times so far. Its important to mention that this doesnt mean the quantum computer can beat a traditional one in every task rather, it shines only in a limited set of tasks specially tailored to outline its strengths. Also, a quantum computer still needs to overcome many obstacles before it can become a mainstream device.

But once it does, its computational power will boost science and industries that profit from it.

Large companies working on quantum computing in their respective industries include AT&T T, +0.75%, Google holding company Alphabet GOOG, +1.33% GOOGL, +1.22%, IBM IBM, +1.49% and Microsoft MSFT, +0.57%.

Here are a few industries that could benefit the most:

Quantum chemistry, also called molecular quantum mechanics, is a branch of chemistry focused on the application of quantum mechanics to chemical systems. Here, quantum computers help in molecule modeling, taking into account all of their possible quantum states a feat that is beyond the power of conventional computing.

That, in turn, helps us understand their properties, which is invaluable for new material and medicine research.

Quantum cryptography, also known as quantum encryption, employs principles of quantum mechanics to facilitate encryption and protection of encrypted data from tampering. Using the peculiar behavior of subatomic particles, it enables the reliable detection of tampering or eavesdropping (via the Quantum Key Distribution method).

Quantum encryption is also used for secure encryption key transfer, which is based on the entanglement principle. Both methods are currently available, but due to their complexity and price, only governments and institutions handling delicate data (most notably in China and the U.S.) can afford them for the time being.

Quantum financeis an interdisciplinary research field that applies theories and methods developed by quantum physicists and economists to solve problems in finance.This especially includes complex calculations, such as the pricing of various financial instruments and other computational finance problems.

Some scientists argue that quantum pricing models will provide more accuracy than classical ones because theyre able to take into account market inefficiency, which is something classical models disregard.

Quantum computing will also enhance analysis of large and unstructured data sets, which will improve decision making across different areas from better-timed offers to risk assessment. Many of these calculations will require a quantum computer with thousands of qubits to resolve, but the way things have been progressing recently, its not unrealistic to see quantum computers reach this processing potential in a matter of years, rather than decades.

Although still in the domain of conceptual research, principles of quantum mechanics will help quantum computers achieve a markedly greater speed and efficiency than what is currently possible on classical computers when executing AI algorithms this goes especially for machine learning.

Current computational models used in weather forecasting employ dynamic variables, from air temperature, pressure and density to historic data and other factors that go into creating climate prediction models. Due to limited available processing power, classical computers and even conventional supercomputers are the bottlenecks that limit the speed and efficacy of forecasting calculations.

To predict extreme weather events and limit the loss of life and property, we need faster and more robust forecasting models. By harnessing the power of qubits, quantum computing is capable of providing necessary the raw processing power to make that happen. Furthermore, machine learning provided by the quantum AI can additionally improve these forecasting models.

Despite its rapid progress, quantum computing is still in its infancy, but its clearly a game changer, capable of solving problems previously deemed insurmountable for classical computers.

This power will provide most benefits not only to science and medicine, but also to businesses and industries where fast processing of large datasets is paramount.

As a marketing specialist, I can see a huge advantage for my industry, but others, especially finance and cryptography, will undoubtedly find the quantum boost to their decision-making processes and quality of their final product hugely beneficial.

The real question is who will be the first to harness this power and use quantum computing as a part of their unique value proposition and competitive advantage? The race is on.

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Quantum computers' power will remake competition in industries from technology to finance - MarketWatch

Safe Deposit. Symbol of cryptocurrency safety. The man puts a physical bitcoin in small Residential ... [+] Vault. Toned soft focus picture.

Theres a lurking fear in cryptocurrency communities about quantum computing. Could it break cryptocurrencies and the encryption that protects them? How close might that be? Do the headlines around quantum supremacy mean that my private keys are at risk?

The simple answer: no. But lets dive deeper into this phenomenon and really try to understand why this is the case and how quantum computing will interact with cryptocurrencies.

To start off with, lets define quantum computing and the classical computing were all used to, and seeing where the terms compare and contrast with one another. Quantum computing can be roughly placed in the same paradigm as classical pre-1900s physics and modern physics which comprises Einsteins insights on relativity and quantum physics.

Classical computing is the kind of computers weve grown used to, the extensions of Turings theories on computation, the laptops or mobile phones that you carry around with you. Classical computing relies heavily on the manipulation of physical bits the famous 0s and 1s.

Quantum computing relies on qubits, bits that are held in superposition and use quantum principles to complete calculations. The information captured or generated by a quantum system benefits from the ability of qubits to be in more than one physical state at a time (superposition), but there is information decay in capturing the state of the system.

One point that will be immediately relevant to the discussion is that quantum computers are not universally better than classical computers as a result. When people speak about quantum supremacy, including reports from Google GOOG and/or China, they really mean that a quantum computer can do a certain task better than classical computers, perhaps one that is impossible to do in any reasonable timeframe with classical computers.

We can think of this in terms of time scales from a computing perspective there are some, but not all functions, that go from being impossible to accomplish in any meaningful human-level time period to ones that become slow but manageable with a large enough quantum computer.

In a way, you can think of Turing tests and quantum supremacy tests in much the same way. Designed at first to demonstrate the superiority of one system over another (in the case of Turing tests, artificial language generation vs. human language comprehension, in the case of quantum supremacy tests, quantum computing systems vs classical computers), theyve become more gimmick than substance.

A quantum computer has to perform better at some minute and trivial task that might seem impressive but completely useless in much the same way a Turing test of machine-generated English might fool a Ukrainian child with no fluency in the language.

This means that we have to narrow down to a function that quantum computers can be better on that would materially affect cryptocurrencies or the encryption theyre built on in order for quantum supremacy to matter.

One area of specific focus is Shors Algorithm, which can factor large prime numbers down into two smaller ones. This is a very useful property for breaking encryption, since the RSA family of encryption depends on factoring large prime numbers in exactly this manner. Shors Algorithm works in theory with a large enough quantum computer and so its a practical concern that eventually, Shors Algorithm might come into play and among other things, RSA encryption might be broken.

On this front, the US National Institute of Standards and Technology (NIST) has already started gathering proposals for post-quantum cryptography, encryption that would operate and not be broken even with much larger quantum computers than the ones were currently able to build. They estimate that large enough quantum computers to disrupt classical encryption will potentially arrive in the next twenty years.

For cryptocurrencies, a fork in the future that might affect large parts of the chain, but it will be somewhat predictable there is a lot of thought being placed on post-quantum encryption technology. Bitcoin would not be one of the first planks to fall if classical encryption were suddenly broken for a number of reasons. Yet, a soft fork (as opposed to a hard one) might be enough to help move crypto-assets from suddenly insecure keys to secure post-quantum encryption.

Even an efficient implementation of Shors Algorithm may not break some of the cryptography standards used in bitcoin. SHA-256 is theorized to be quantum-resistant.

The most efficient theoretical implementation of a quantum computer to detect a SHA-256 collision is actually less efficient than the theorized classical implementation for breaking the standard. The wallet file in the original Bitcoin client is using SHA-512 (a more secure version than SHA-256) to help encrypt private keys.

Most of the encryption in modern cryptocurrencies are built on elliptic curve cryptography rather than RSA especially in the generation of signatures in bitcoin which requires ECDSA. This is largely due to the fact that elliptic curves are correspondingly harder to crack than RSA (sometimes exponentially so) from classical computers.

Thanks to Moores law and better classical computing, secure RSA key sizes have grown so large so as to be impractical compared to elliptic curve cryptography so most people will opt for elliptic curve cryptography for performance reasons for their systems, which is the case with bitcoin.

However, quantum computers seem to flip this logic on its head: given a large enough quantum computer with enough qubits, you can break elliptic curve cryptography easier than you might break RSA.

Both elliptic curve cryptography are widely used in a bunch of other industries and use cases as well RSA-2048 and higher are standards in the conventional banking system to send encrypted information, for example.

Yet, even with a large enough quantum computer, you would still have to reveal or find somebodys public keys so they could be subject to attack. With cryptocurrency wallet reuse being frowned upon, and a general encouragement of good privacy practices, the likelihood of this attack is already being reduced.

Another area of attack could be Grovers algorithm, which can exponentially speed up mining with a large enough quantum computer though its probable that ASICs, the specialized classical computers mostly used to mine bitcoin now, would be faster compared to the earliest versions of more complete quantum computers.

This poses more of a stronger threat when it comes to the state of cryptocurrencies: the ability to mine quickly in a sudden quantum speedup could lead to destabilization of prices and more importantly control of the chain itself an unexpected quantum speedup could, if hidden, lead to vast centralization of mining and possible 51% attacks. Yet the most likely case is that larger systems of quantum computing will be treated like any kind of hardware, similar to the transition for miners between GPUs, FGPAs and ASICs a slow economic transition to better tooling.

Its conceivable that these avenues of attack and perhaps other more unpredictable ones might emerge, yet post-quantum encryption planning is already in process and through the mechanism of forks, cryptocurrencies can be updated to use post-quantum encryption standards and defend against these weaknesses.

Bitcoin and even other cryptocurrencies and their history are filled with examples of hardware and software changes that had to be made to make the network more secure and performant and good security practices in the present (avoiding wallet reuse) can help prepare for a more uncertain future.

So quantum computers being added to the mix wont suddenly render classical modes of encryption useless or mining trivial quantum supremacy now doesnt mean that your encryption or the security of bitcoin is at risk right at this moment.

The real threat is when quantum computers become many scales larger than they currently are by which point planning for post-quantum encryption, which is already well on the way would come to the fore, and at which point bitcoin and other cryptocurrencies can soft fork and use both decentralized governance and dynamism when needed in the face of new existential threats to defeat the threat of quantum supremacy.

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Here's Why Quantum Computing Will Not Break Cryptocurrencies - Forbes

New York, USA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- A latest report published by Research Dive on the globalquantum computing market sheds light on the current outlook and future growth of the market. As per the report, the global quantum computing market is expected to garner $667.3 million by growing at a CAGR of 30.0% from 2020 to 2027. This report is drafted by market experts by evaluating all the important aspects of the market. It is a perfect source of information and statistics for new entrants, market players, shareholders, stakeholders, investors, etc.

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The report includes:

A summary of the market with its definition, advantages, and application areas. Detailed insights on market position, dynamics, statistics, growth rate, revenues, market shares, and future predictions. Key market segments, boomers, restraints, and investment opportunities. Present situation of the global as well as regional market from the viewpoint of companies, countries, and end industries. Information on leading companies, current market trends and developments, Porter Five Analysis, and top winning business strategies.

Factors Impacting the Market Growth:

As per the report, the growing cyber-attacks across the world is hugely contributing to the growth of the global quantum computing market. Moreover, the rising implementation of quantum computing technologies in agriculture for helping farmers to improve the efficiency and yield of crops is likely to unlock rewarding opportunities for the market growth. However, absence of highly experienced employees, having knowledge regarding quantum computing is likely to hinder the market growth.

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COVID-19 Impact Analysis:

The sudden outbreak of COVID-19 pandemic has made a significant impact on the global quantum computing market. During this crisis period, quantum computing technology can be used for medical research and other activities related to COVID-19 pandemic. Moreover, the technology can be beneficial for developing advanced drugs at an accelerated speed and for analyzing different types of interactions between biomolecules and fight infectious like viruses. In addition, businesses are greatly investing in the development of quantum computers for drug discovery amidst the crisis period. All these factors are expected to unlock novel investment opportunities for the market growth in the upcoming years.

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Segment Analysis:

The report segments the quantum computing market into offerings type, end user, and application.

By offerings type, the report further categorizes the market into: Consulting solutions Systems

Among these, the systems segment is expected to dominate the market by garnering a revenue of $313.3 million by 2027. This is mainly due to growing use of quantum computing in AI, radar making, machine learning technologies, and many others.

Based on application, the report further classifies the market into: Optimization Machine Learning Material Simulation

Among these, themachine learning segment is expected to observe accelerated growth and garner $236.9 million by 2027. This is mainly due to significant role of quantum computing in enhancing runtime, capacity, and learning efficiency. Moreover, quantum machine learning has the potential to speed-up various machine learning processes such as optimization, linear algebra, deep learning, and Kernel evaluation, which is likely to boost the market growth during the forecast period.

Regional Analysis:

The report explains the lookout of the global quantum computing market across several regions, including: Europe Asia Pacific LAMEA North America

Among these, the Asia-Pacific region is estimated to lead the market growth by growing at a striking growth rate of 31.60% during the forecast period. This is mainly because of the growing adoption of quantum computing technologies in numerous sectors including chemicals, healthcare, utilities & pharmaceuticals, and others in this region.

Market Players and Business Strategies:

The report offers a list of global key players in the quantum computing market and discloses some of their strategies and developments. The key players listed in the report are:

QC Ware, Corp. Cambridge Quantum Computing Limited D-Wave Systems Inc., International Business Machines Corporation Rigetti Computing 1QB Information Technologies River Lane Research StationQ Microsoft Anyon Google Inc.

These players are massively contributing to the growth of the market by performing activities such as mergers and acquisitions, novel developments, geographical expansions, and many more.

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Global Quantum Computing Market Predicted to Garner $667.3 Million by 2027, Growing at 30.0% CAGR from 2020 to 2027 - [193 pages] Informative Report...

We still think of quantum computing as of science fiction, but in fact, it is already there. The quantum computing industry was worth $507.1 million in 2019. Experts from the McKinsey consulting company estimate that the quantum computing industry may exceed $65 billion by 2030, and reach an unprecedented $1 trillion by 2035. So, basically, in a few years, quantum computing will become mainstream. But how does business react to this eventuality?

Tech giants like IBM, Google, Honeywell and many others are in for the race to be the first to implement quantum computing on a massive scale. There is no clear leader yet, but recently Honeywell made a bold move: the company announced that its newest quantum computer has reached a quantum volume of 64 - twice as much as computers of IBM and Google.

And while the giants are at each other's throats, smaller companies look for alternative approaches. One of the first minor companies to showcase real-life use cases for the technology is QubitTechthat has demonstrated application of quantum computing in asset management. Thus quantum computing becomes not a theoretical breakthrough, but a financially viable and useful technology for everyone.

QubitTech is a company founded by a group of independent experts in algorithmic and traditional asset management. QubitTech CEO Greg Limon, also co-founder and shareholder of Toronto-based DigiMax Globa,l is known to have conducted two successful IPOs and participated in numerous venture projects with over $2 billion funds raised. His market expertise is second to none, as he has personally raised over $300 million for a series of successful startups that have grown to become global names.

Application of quantum technologies

The QubitTech platform makes use of quantum technologies that were initially fielded by IBM and offered a unique set of tools based on machine learning methods, quantum algorithms, and quantum neural networks.

Continuous improvements and testing have allowed the algorithmic systems used by QubitTech to advance into more sophisticated areas of application and offer their users a host of adjustable settings for achieving better risk to reward ratios in financial operations.

QubitTech has a clearly defined internal structure with dedicated workgroups for separate departments. Apart from having a healthy mix of experts on the team from financial, consulting, investment banking and other areas, QubitTech designs its own software solutions using internal resources.

The technological products offered by QubitTech give users the ability to select from a variety of balanced strategies based on smart diversification achieved by the use of algorithmic and traditional methods that are applied on the Bitfinex and Binance exchange platforms. More traditional approaches are also available for clients considering their strategies conservative.

The constructs have been proven to deliver up to 7% monthly yields. The simultaneous use of several strategies has been proven to deliver more promising results and QubitTech delivers.

Apart from trading bots and quantum computing constructs, QubitTech offers a host of other products as well, underscoring the platform's title as a full-fledged ecosystem of interconnected applications. Among the products is the P2P platform CryptoLocal are:

Other services that QubitTech plans to release in 2021 include a marketplace, a dedicated gaming platform, a venture fund, and an accelerator powered by the efforts of the project community.

The company has been making headway in its global expansion and is already represented in 13 countries with 150,000 active users.

The merger of quantum computing and the cryptocurrency industry may be a novel practice, but time has proven that advanced technologies often benefit each other. And while the two industries seem to be developed separately, some companies like QubitTech are taking leaps of faith and technological development, showing audiences what combined efforts can deliver.

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QubitTech shapes the future of quantum computing - IBTimes India

Raise your hand if you ever wanted to get beamed onto the transport deck of the USS Enterprise. Maybe we havent reached the point of teleporting entire human beings yet (sorry Scotty), but what we have achieved is a huge breakthrough towards quantum internet.

Led by Caltech, a collaborative team from Fermilab, NASAs Jet Propulsion Lab, Harvard University, the University of Calgary and AT&T have now successfully teleported qubits (basic units of quantum info) across almost 14 miles of fiber optic cables with 90 percentprecision. This is because of quantum entanglement, the phenomenon in which quantum particles which are mysteriously entangled behave exactly the same even when far away from each other.

When quantum internet is finally a thing, it will make Wifi look obsolete and dial-up even more ancient than it already is. We achieved sustained, high-fidelity quantum teleportation utilizing time-bin (time-of-arrival_ qubits of light, at the telecommunication wavelength of 1.5 microns, over fiber optic cables, Panagiotis Spentzouris, Head of Quantum Science at the Fermilab Quantum Institute, told SYFY WIRE. This type of qubit is compatible with several devices that are required for the deployment of quantum networks.

What you might recognize is the fiber optic cables used in the experiment, since they are everywhere in telecommunication tech today. Lasers, electronics and optical equipment which were also used for the experiments at Caltech (CQNET) and Fermilab (FQNET) that could someday evolve into the next iteration of internet. Though this is equipment you probably also recognize, what it did for these experiments was enable them to go off without a glitch. Information traveled across the cables at warp speed with the help of semi-autonomous systems that monitored it while while managing control and synchronization of the entangled particles. The system could run for up to a week without human intervention.

So if entangled qubits are inextricably linked despite the distance between them, is there even a limit to how far information can travel? Hypothetically, they could go on forever. What limits exist in reality are not in the qubits but the effects of their surroundings. While one of the qubits containing information stays where it is, the other one has to zoom over to wherever it needs to transfer that information. It could run into obstacles on the way.

What limits the distance that information can be transmitted is loss and noise: either from the properties of the medium we use to send the information or the effects of the environment on the medium, or imperfections on the various operations we need to perform to realize the information transfer, Spentzouris, who coauthored a study recently published in PRX Qunatum, said.

To keep quantum internet running at high precision and over distances around what it was able to cover in this experiment, the quantum teleportation that powers it needs quantum memory and quantum repeaters. Quantum memory is basically the quantum version of the memory your computer and smartphone use now. Instead of storing memory as something like 100101011, it stores it in the form of qubits. To make it possible for entangled qubits to travel as far as possible, quantum repeaters make it easier for those qubits to traverse by splitting it into sections over which they are teleported.

With this system, Spentzouris and his team are planning to lay out the epic Illinois Express Quantum Network (IEQNET), which will use the same technologies that the CQNET and FQNET experiments so successfully pulled off. More tech will obviously needed to realize this sci-fi brainchild. It will combine quantum and non-quantum functions for its quantum nodes and controls. The only thing missing will be the repeaters, since they will need more development to operate over such an expanse. Spentzouris believes quantum computing itself reaches far beyond internet.

Fully distributed quantum computing includes applications include GPS, secure computation beyond anything that can be achieved now, all the way to enabling advances in designing new materials and medicine, as well basic science discoveries, he said. It will unleash the full power of quantum computing and have a profound impact on our lives.

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Beam me up: long-distance quantum teleportation has happened for the first time ever - SYFY WIRE