Quantum computing may sound like a step into science-fiction, but behind the scenes it is quietly starting to gather pace. “The quantum computing revolution is a paradigm shift in computing technology,” says Dr. Farshad Badie, dean of the Faculty of Computer Science and Informatics at the Berlin School of Business and Innovation.

He says that, unlike classical computers that rely on bits (0 or 1) or binary values, quantum computers use qubits. Qubits can exist in multiple states simultaneously. This allows for incredibly complex calculations to be performed at speeds far beyond what is possible with traditional computers.

The benefits of quantum computing

This has the potential to unlock computational speed-ups that enable breakthroughs in areas like cybersecurity, material science, drug discovery and optimisation, says Professor Alessando Fedrizzi of the School of Engineering and Physical Sciences at Heriot-Watt University. “These speed-ups vary by problem type: for example, in factoring large numbers, quantum computers could achieve exponential improvements, solving problems in minutes that would otherwise take classical processors millions of years,” he says. “In other domains, such as database search, the speed-up is more moderate but still significant.”

This will present a range of opportunities for businesses to be more efficient and innovative. “One of the earliest use cases we expect to see is in financial modelling and optimisation,” says Dr. Chris Ballance, co-founder and CEO of quantum computer firm Oxford Ionics, a spinout from Oxford University. “Scalable and reliable quantum computing will be able to help financial institutions optimise how they make lending decisions, analyse investment portfolios or react to real-time market changes. Even a few percentage-point improvements in optimisation through useful quantum computing could yield millions of dollars in profit for these institutions.

“Another critical use case lies in materials science,” he adds. “While classical computers are limited in their ability to model materials properties, quantum computers will revolutionise our ability to do so. With this enhanced computing power, we’ll be able to design better batteries or improve pharmaceutical modelling.”

Fred Huet, a partner at consultancy firm Altman Solon, points to potential benefits in the life sciences sector. “Quantum computing can be used to model how molecules and proteins will interact before developers start clinical trials,” he suggests. “It has the potential to save pharmaceutical companies significant amounts of time and money during the trials, and result in faster go-to-market processes.” It could also significantly reduce energy consumption for certain practices, including running data centres, he adds.

Which parts of the world are using quantum computing?

China and the US are leading the way in the race to make use of quantum computing, says David Brink, a partner and UK and European patent attorney at law firm EIP, but UK businesses are very much in the mix. “This is unlikely to involve many UK businesses owning quantum computers, but there are opportunities to develop technologies that are needed for quantum supremacy, from refrigeration units and control electronics to error correction techniques,” he says. “In addition, quantum-computing-as-a-service offerings are already available in the cloud and allow UK businesses to start investigating the capabilities of early quantum computers.”

Rhys Lewis is head of the Quantum Metrology Institute at the National Physical Laboratory (NPL), which is a partner in the UK National Quantum Technologies Programme. He says we are currently in the NISQ (Noisy Intermediate-Scale Quantum) phase, where quantum computers can tackle specific tasks but still suffer from noise and errors. “Progress is promising but today’s devices have limited practical application,” he says.

He identifies several challenges that need to be addressed before it can move into widespread use, including reducing errors, increasing the number of qubits while maintaining their stability, and bringing down costs. “While quantum computing is currently costly, the government’s focus on public-private partnerships will help drive innovation, lower costs and accelerate commercialisation,” he says.

Threats that you need to know about

Organisations also need to be aware of the potential threat that comes from quantum computing, particularly from a security perspective. “Quantum computers pose a major challenge to current cryptographic techniques, which protect information such as bank accounts,” says Issam Toufik, chief technology officer at industry standards group ETSI. “The stronger processing power and new methods of cryptanalysis put existing techniques at risk, rendering them outdated and leaving data exposed to attacks. Developing industry standards now is critical, before the technology becomes widely accessible.”

Huet highlights the potential to decrypt RSA, the most common encryption method for files, as the biggest current threat. “In response to the threat to RSA, the industry has developed new encryption methods called Post Quantum Cryptography (PQC),” he says. “Three methods have already been recognised as standard by the National Institute of Standards & Technology (NIST) and a few others will be adopted by the International Organization for Standardization and the European Union. It will become mandatory for all players to adapt their infrastructure and communication protocol to the PQC, as the US federal government already has.”

Andersen Cheng is CEO of cybersecurity firm Post-Quantum. He says significant progress has been made against the threat from quantum machines, including attempts by Google and Apple to explore consumer-facing quantum-proof surfing and messaging, and a finalised set of encryption algorithms issued by NIST in August.

“This marked an important moment in upgrading the internet protocols to protect against quantum computer attacks, even though implementing the changes remains complex and calls for extreme caution,” he says. “It also does not mean that the entire internet ecosystem is now secure from future quantum attacks.”

But his message to organisations is to think about hybrid solutions that will allow migration to start to happen, rather than waiting until final internet protocols are finished. “By then it will be too late,” he warns. “This starts with evaluating your IT systems and infrastructures to identify vulnerabilities and prioritising how to secure sensitive long-life information vulnerable to Harvest Now, Decrypt Later attacks first. Work out from there by securing communications – perhaps with an end-to-end quantum-safe messenger – to your entire infrastructure.”

Quantum computing is likely to remain in the research and development phase for the next five years, believes Lewis, before starting to infiltrate mainstream activities. “As error rates decrease and qubit numbers increase, we expect to see more practical, commercial applications of quantum computing,” he says.

“In the long-term, beyond 10 years, it will likely begin to disrupt industries on a larger scale. Quantum-safe cryptography standards will become necessary, and we anticipate a wider adoption of quantum solutions across sectors.”

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