Quantum Computing Paradigm

Quantum computers have shown the potential to be game-changing for large-scale industries in the near future. Quantum solutions (hardware and software), in their prime, have the potential to put humankind on planet Pluto with their optimized calculations. According to a Gartner report, 20% of organizations will be budgeting for quantum computing projects by 2023 (The CIO’s Guide to Quantum Computing, https://tinyurl.com/yrk4rp2u). This technology promises to achieve better accuracy and deliver real-world experiences via simulations. This book delves into the potential applications of quantum solutions to solve real-world financial problems.

In this chapter, we will discuss various computing paradigms currently in the research phase. A chronicle of quantum computing is also curated and presented. Then, we will cover the limitations faced by classical computers and how these challenges will be overcome with the help of quantum computers. After that, the role of quantum computing in shaping the next generation of business is defined.

Later in the chapter, we will go through the basics of quantum computing. The types of hardware powering quantum computers are described in a subsequent section. We will also look into the potential business applications of this technology and how organizations can align their business strategy accordingly to harness their true potential.

The following topics will be covered in this chapter:

• The evolution of quantum technology and its related paradigms
• Basic quantum mechanics principles and their application
• The business applications of quantum computing