Google, the Geneva Science and Diplomacy Anticipator (GESDA), and XPRIZE launched a competition Monday that may award $5 million over three years to groups who can find real-life applications for quantum computers.
Quantum computers process information otherwise from the regular, classical computers in use today, which allows them to finish certain tasks in shorter periods of time. Google researchers found in 2019 that a quantum computer took 200 seconds to finish a task that a high-performing supercomputer, which IBM estimates can have a million times more processing power than a standard laptop, would take 10,000 years to finish.
The issue that the XPRIZE competition sets out to resolve is the disconnect between quantum algorithms and the actual world. Applicants must be working on quantum algorithms that address sustainability and social impact.
The competition is open to anyone internationally working in any field. Winners can have submissions that “most speed up” quantum algorithms for “positive real-world applications,” in accordance with the competition guidelines.
Applicants can submit a latest quantum algorithm, a latest application of an existing algorithm, or enhanced performance in the shape of fewer resources to run a longtime algorithm. The University of Chicago, IBM, Microsoft, and Purdue University are a few of the many institutions that supply courses on quantum computing.
Registration is open on the XPRIZE website.
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A cryostat from a quantum computer stands during a press tour of the Leibniz Computing Center. Photo: Sven Hoppe/dpa (Photo by Sven Hoppe/picture alliance via Getty Images
Quantum computing is a focus area for a lot of tech giants, with McKinsey estimating a record $2.35 billion in investments in 2022. The McKinsey report further suggests that 4 industries are more likely to see the earliest advantages of quantum computing: automotive, chemicals, financial services, and life sciences.
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IBM CEO Arvind Krishna spoke to the Duke Fuqua School of Business last April concerning the advantages of quantum computing, and about how business minds were essential to find out the precise use cases for the technology.
“So, it is advisable to work on what sort of algorithms, which use case can leverage those algorithms, and the technology,” Krishna told the outlet.
IBM and Google gave $150 million last 12 months to advance quantum computing research on the University of Chicago and the University of Tokyo.