5 steps businesses can take now to get ‘quantum-ready’

The promise of quantum computing is undeniable. Google’s recent launch of Willow, a state-of-the-art quantum chip, signals that industry and society are accelerating towards a quantum-powered future. 

With unmatched computing power, quantum systems can process vast amounts of data simultaneously, solving specific problems at speeds classical computers cannot match. 

That said, quantum computers are not a one-size-fits-all solution. Classical systems are better suited to tasks involving small datasets and sequential processing. 

At its core, quantum computers leverage the principles of quantum mechanics, particularly superposition and entanglement, to perform calculations beyond the reach of classical machines. By leveraging superposition, quantum computers can handle multiple computations at once, processing data in parallel and tackling complex problems exponentially faster. 

It excels at solving computationally complex problems, such as optimisation challenges, encryption, and cryptography, and it aids in the discovery of new drugs and materials. 

So what will it take for businesses to become “quantum ready”, and what obstacles will they need to overcome to secure their quantum future? 

These are questions that a recent closed-door roundtable discussion hosted at SGInnovate addressed. Seasoned tech writer, author, podcaster and co-founder of NewsonTech, Grace Chng, spearheaded the discussion alongside a panel of industry experts, exploring the actionable steps business leaders in industries like banking and healthcare ought to consider when gearing up for the quantum future.  

The 70-minute discussion focused more intensively on issues related to capability building, understanding business risks, harnessing open-source libraries, and deploying a defence in preparation for ‘Q-Day’.

(From L to R) Julian Tan, Supply Chain Transformation Leader, AI, Analytics and Quantum at IBM; Dr Amanda Chew, Vice-President of Product at Horizon Quantum Computing; Grace Chng, Editor, NewsonTech; Dr Navneeth Ramakrishnan, Senior Research Scientist, Entropica Labs; Miles Upton, Regional General Manager, Asia, Cambridge Consultants. 

Early preparation for the advent of quantum will involve building specialised teams to work on initial proof-of-concept projects. This approach is already being followed by leading financial institutions such as J.P. Morgan and Goldman Sachs. 

Building a team now allows businesses to cultivate in-house expertise ensuring they are ready to leverage quantum advancements as they emerge. Quantum computing is a highly specialised field where talent is scarce, so early action helps secure skilled professionals. 

Such teams would also be able to keep business leaders informed of the latest quantum developments. 

By investing in capability building and quantum readiness, businesses position themselves as innovators, ready to harness the technology when quantum computing achieves broader applicability. 
 

The promise of quantum computing and its capabilities are well-documented here and here. 

However, the technology is not ideal for all tasks. Several types of tasks like web browsing, word processing or running most software applications are not suited for quantum computing. 
 
Sectors heavily reliant on high-volume data processing, including some aspects of healthcare such as patient records and medical imaging, and finance such as market data analysis for real-time trading and credit scoring, will not benefit a great deal from this technology.

These systems, which require extremely high precision and accuracy, are not suitable due to the inherent probabilistic nature of quantum systems and its current high error rates. 

Hence having a team to identify and assess suitable problems for quantum computing is essential.

Businesses must have the relevant research and information to determine whether quantum advancements pose a threat or opportunity, enabling them to prepare strategically for future developments. 

Mathematical modelling is one way to identify possible problems to tackle. The panel recommended this method as an essential early step in a business's quantum journey. 

Mathematical modelling reframes real-life issues, such as supply chain inefficiencies or portfolio optimisation, into mathematical terms, typically in the form of equations or graphs for better analysis through mathematical concepts and language.

This approach enhances current efficiencies and highlights future problems, enabling businesses to assess the value of future quantum solutions to remain competitive. 

The panellists agreed that although the wide applicability of quantum computing is probably eight to ten years away, it is imperative that businesses have strong security systems in preparation for ‘Q-day’, which marks the day when quantum computing can crack the encryption techniques that safeguard the Internet and undermine the data security that underpins our digital lives. 

Businesses can start by implementing post-quantum cryptography (PQC) immediately as a baseline level of protection. PQC’s algorithms are designed to ensure that sensitive data remains secure even if hackers intercept it today and decrypt it years later, a concept known as ‘store now, decrypt later’.  

For organisations requiring the highest levels of security, such as those handling military or national security data, combining PQC with quantum key distribution (QKD) can provide an additional layer of protection. Another thing to note when implementing PQC, is to follow established protocols such as those recommended by the US National Institute of Standards and Technology (NIST). The organisation recently released draft standards for PQC implementation that are available for free download. 
 

WATCH: pQCee's Solution for Businesses 

The panel also pointed out that QKD only protects data during transmission. As it does not secure data at rest or at endpoints, it creates vulnerabilities. This means implementing PQC is essential for comprehensive cybersecurity protection. 

READ: The quantum cybersecurity startup enabling businesses to stay ahead of the curve 

For broader business adoption, it is crucial that quantum computing be simplified. Misconceptions including the myth that only experts with PhDs can work with quantum systems, should be addressed. 

The good news is that there is a growing focus on creating user-friendly tools and software to lower the barriers to entry for programmers and businesses. There are open-source libraries for developers to tap into such as Qiskit and Cirq, which help users create quantum algorithms, manage quantum hardware, and perform key tasks such as noise mitigation and optimisation.

These tools are designed to make quantum programming more accessible while ensuring computations are as accurate and efficient as possible. 

Developers are also beginning to integrate Generative AI with quantum, making it even faster and easier to deploy open-source software development frameworks and create solutions.  

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