Quantum Futures: How Ready Are You?

Quantum-Safe Data Protection

In a 2023 Forrester study, industry experts hypothesised quantum computers will be able to crack all current cryptosystems in the next five to 30 years, with a majority claiming a 50%-70% chance of this occurring before 2028. From accessing collected customer data to private messages and banking, quantum computers represent a massive threat should they fall into the wrong hands.

‘I think the price of introducing post-quantum cryptography will far outweigh the risks, and shoring up against this threat will be some companies’ first exposure to preparing for the advent of commercial-scale quantum computing,’ Berenice Baker, editor of Enter Quantum, tells LS:N Global. ‘Many are undertaking audits of their security systems to protect against the harvest now and decrypt later threats – where bad actors steal encrypted data to decrypt it once the technology becomes available.’

In May 2023, IBM unveiled its IBM Quantum Safe technology, a comprehensive suite of tools and expertise designed to safeguard organisations including businesses and government agencies, as they prepare for the quantum era. The firm hoped to offer enterprises a comprehensive solution to protect their most valuable data against future quantum attacks. Similarly, at the RSA Conference on online cybersecurity in June 2023, British telecommunications company Vodafone announced new quantum-safe cryptographic solutions, ensuring businesses can maintain the security of their data against quantum-powered hacking.

‘The potential threat quantum computing poses to encryption is indeed a reality, even though current quantum computers are not yet capable of executing Shor’s algorithm, which could potentially break existing encryption models,’ says QuEra’s Boger. ‘This looming threat is driving the demand for quantum-safe encryption solutions. The question may not be who can afford to invest in quantum-safe encryption but rather who can afford NOT to invest in it.’

In July 2023, HSBC became the first bank to join BT and Toshiba’s quantum-secured metro network, using quantum key distribution (QKD) to prepare its global operations against future cyber threats.

A Quantum Health Revolution

As explored in IBM’s Quantum Computing Nirvana, the technology is set to revolutionise healthcare and drug discovery. In March 2023, the firm unveiled the first deployment of an on-site, private sector IBM-managed quantum computer at the US non-profit Cleveland Clinic, which is looking into developing a pipeline where quantum computers can help screen and optimise drugs that target specific proteins. It will also experiment with quantum-enhanced machine learning to improve prediction models for cardiovascular risks following non-cardiac surgery.

‘There is no question that international pharma giants are researching quantum computing,’ says Baker. ‘Some use cases we have covered on Enter Quantum include Insilico Medicine, which has combined quantum computing and generative AI to explore lead candidates for drug discovery. Roche partnered with [quantum machine learning library] QC Ware to better identify the presence of diabetic retinopathy. Fujitsu is also working with the Barcelona Supercomputing Centre to use quantum computing to advance personalised medicine.’

Christopher Monroe, co-founder and chief scientist of IonQ, a Maryland-based quantum computing company aiming to transform ‘business, society and the planet’, insists that investing in quantum is crucial for the healthcare industry. He tells LS:N Global: ‘On average, it takes several years and billions of dollars to take a new drug from the lab to the marketplace, with years of R&D effort required before a candidate molecule even makes it into clinical trials. Quantum computing has the potential to expedite the entire process by simulating chemical reactions via software instead of in the lab.’

In February 2023, SandboxAQ, a New York SaaS (software as a service) company combining AI and quantum tech, raised £412.5m ($500m, €473.5m) in funding. Backed by the American multinational technology conglomerate Alphabet (the parent company of Google) and other prominent investors, the company uses quantum-inspired computing for drug discovery through its AQBioSim division. This technology aims to expedite the development of treatments for diseases like cancer, Alzheimer’s and Parkinson’s by streamlining the research and development process. SandboxAQ has already partnered with big names such as AstraZeneca, Sanofi and the University of California, San Francisco, all of which are exploring AQBioSim’s technology for drug discovery processes.

Advancing Eco-tech

‘We believe quantum technology can provide next-generation solutions to advance sustainability significantly. For example, our partnership with Hyundai Motors highlights quantum’s potential for more efficient EV batteries – a critical goal in meeting global sustainability targets,’ says IonQ’s Monroe.

Several other experts predict that as the technology matures, quantum computing will help to develop eco-tech and new solutions to live more sustainably. The hardware could require less energy expenditure than classical supercomputers.

For Baker, sustainability use cases for quantum computing could impact various industries, from managing decentralised energy networks to developing new battery materials for EVs or reducing fuel consumption and pollution by creating efficient delivery routes. Quantum could also forecast and monitor the effects of climate change via more in-depth data analysis executed in a snap.

British aerospace and defence company Rolls-Royce has worked with Brighton-based computer hardware manufacturer Universal Quantum since 2021. Both firms hope to develop quantum computers that could improve the efficiency of aircraft engines, potentially resulting in environmental benefits by reducing carbon emissions.

In May 2022, PsiQuantum, a Palo Alto tech company building a utility-scale quantum computer, launched Qlimate, a quantum computing net-zero initiative to scale decarbonisation technology breakthroughs. Qlimate is partnering with businesses such as global green energy company Fortescue, governments and philanthropic organisations to develop and optimise decarbonisation use cases that can run on the first-generation quantum computer, focusing on agriculture, solar, green hydrogen and carbon capture. The goal is to speed up the path to net-zero emissions and tackle climate change using quantum computing capabilities.

Big Four accounting firm EY is also getting involved in quantum against climate change. Leveraging its partnership with IBM quantum technology, EY plans to support its clients across finance, oil and gas, healthcare and government with innovative quantum-powered innovations and ESG strategies.

From healthcare to telecommunications and banking, businesses have already identified the potential of quantum computing. However, while tangible use cases are still in their early days, firms aren’t aware of all the possibilities that different kinds of quantum computers represent. For instance, IonQ systems don’t require exotic quantum materials fabrication (such as gold and diamond) and don’t need to be refrigerated to near absolute zero like IBM’s chandelier quantum computer. IonQ’s systems can also run off a standard wall circuit.

But, as explained by Dr Ilana Wisby, the founder and CEO of Oxford Quantum Circuits, a UK firm building quantum computers for business, patience remains crucial when it comes to driving new revenues via quantum. ‘We typically have three types of customers. One is super quantum smart. We can give them an API [application programming interface], and they can get started,’ she tells LS:N Global.

She says the second kind of customers (70% of her clientele) are early quantum adopters with usually a use case. They know what type of algorithm they want to run and also have their data, but they don’t necessarily know how to put something together. ‘That’s when we can use our team to support them or to be able to say 'here’s an example of how you might run this type of optimisation algorithm on this kind of data,' and hold their hand until they can take it from there,’ says Dr Wisby.

‘And then the remaining part wants immediate business impact. For them, quantum computing is questionable, and they’re unsure of the return on investment. They’re focused on that as opposed to learning.’ As seen with HSBC and Vodafone, the priority for businesses in the 2020s will be to quantum-proof their ventures to protect their data and retain consumers’ trust.

The next step, already taken by firms including Roche and Rolls-Royce, is to join forces with quantum computer hardware manufacturers and SaaS providers created for business.

‘This is how quantum computing will emerge. Users will partner with quantum computing companies working on a particular problem and try to reach for low-hanging fruit,’ Professor Winfried Hensinger, chief scientist, co-founder and chairman of Universal Quantum, told The National News.

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