In this article, you will know the basic concept of quantum computing. You will know its working, pros, and cons of quantum computing. Then you will become able to analyze that whether banks should invest in quantum computing or not.
You have heard the word quantum many times. Especially while studying physics, you may often come across this. What is quantum or quantum mechanics? The simple answer is, it is the study of the physical properties of nature at a very small level. Meanwhile, it is also a study of the dual nature of an atom. By small, it means at the atomic and subatomic levels. The idea came after the theories of Max Planck and Albert Einstein. Now quantum computing uses this idea like dual nature of atom they intruded dual nature of input for a computer.
What Is Quantum Computing?
As apparent from the name that it is something in which computing will be done at a very fast speed because of the use of quantum technology. And yes, this is what actually happening in quantum computers. They work very fast as compared to classical computers. Classical computers can take information in form of 1 or 0 called bits.
But in quantum computing, computers can take input as 1 and 0 at the same time or their combination as well. It is quantum bits or qubits. Using qubits quantum, computers increase the working abilities of the machine, while the use of normal bits makes them relatively slow as their input method is restricted.
Fundamentals of Quantum Computing:
Quantum computing works on the basis of two principles: superposition and entanglement. Superposition gives the idea that inputs of a computer can have dual nature also called qubits. Entanglement explains that the two inputs that are intermingled with each other cannot be described separately. Contrary to classical computers which use transistors of 1 and 0, quantum computing uses qubits which can be 1 or 0 simultaneously. With the increase on the quantity of qubits, the computing power increases exponentially.
The main purpose of quantum computers is to solve complex problems for daily life usage. There is no need to increase the memory of quantum computers rather they need a good cooling system. Quantum computing is highly recommended in financial, biological, big data searches, intelligence and military affairs, and digital manufacturing.
Pros and Cons Of Quantum Computing:
Let us discuss the pros and cons of quantum computing for its better understanding.
- Speed: Speed is the first and foremost benefit of quantum computers. They work on the basis of qubits which increase the computing power a thousand times than classical bits.
- Complex Data Handling: Quantum computers are known for their complex data handling. No matter how complex the data is, they can solve the issue in nanoseconds.
- AI And Machine Learning: Supercomputers can take a precise and intelligent decision on the basis of the capability of handling huge complex data and also, they require less coding to produce similar outcomes
- Price: Quantum computers are very expensive. You cannot afford it for small businesses. Their price ranges from 10k dollars to 10 billion dollars.
- Cooling Systems: Supercomputers require a very good cooling system. As their processing power is very high, they need to be cooled down to handle the temperature.
- Security: If quantum computers become more public and cheaper in price, there is a threat that they can breach all the security protocols. With the high computing power, they can easily decode the internet security codes.
Quantum Computing and Banks:
According to research by a PhD dissertation help firm, everybody in this world wants to invest his money at someplace where he can earn a lot. A place where risks are minimized and profits are at maximum level. In the last decade, the industry of mobile phones has grown like none else. But in upcoming years, artificial intelligence, blockchain technology, and robotics will gain importance in the world. People will run short on computing power if they rely on a classical computer.
The next generations need supercomputers that work on the basis of quantum computing. Technology has always played an important role to increase economic growth. You can take the example of steam engines and then the transistor technologies played their part in every instrument and they go on increasing. After that silicon instruments came and change the pace of the economy.
In the banking system also, we need not better but the best technologies. The probability of fraud in banks is high which needs to be detected efficiently. With thousands of transactions every day, the structure of the debits and credits is very complex. Banks have to deal with a lot of businesses other than just cash handling. That list of products and their related data is also very complex. Banks need to stay connected every second of every minute with other companies and banks globally. There are many risks involved in trading with them.
Just imagine that how much data banks have to manage every day. Even if the server goes down just for a few minutes, the whole network gets disturbed. Regulation departments also need to focus on the activities going on in banks. These complex networks increase the demand for computing power. The existing classical computers are not perfectly fulfilling the computing powers.
According to an estimate, quantum computing can resolve the problems in less than half an hour in which classical computers may take ten years. Quantum computers can handle complex calculations in nanoseconds. Saving nanoseconds from each transaction can make a huge difference in big stock markets.
After the USA and CHINA, now Switzerland is also focusing on the use of supercomputers to overcome financial needs. They have made a supercomputing center as well named Piz Daint which is one of the top supercomputing centres in the world. So, it is very wise for banking systems to adapt quantum computing to handle their networks and save time and money. This is will increase the pace of the market. Moreover, it is going to be the biggest sales market in 2025 to meet the world’s needs. So, investing in this industry would give the best profits.