The founders of a new institute will work to ensure that the vast emerging power of quantum computers is used for the common good. Quantum computing, based on the strange quirks of the atomic world, promises to solve some of humanity’s most pressing challenges. Computers that exploit the properties of atoms and molecules could one day accelerate drug discovery, crack encryption, speed up financial transactions, help develop revolutionary materials, and even address climate change.
Some of those applications, which are being tested now, may be available in a few years. Others might take longer. But experts say that, in time, the technology will significantly improve a broad range of industries and fields.
The new Open Quantum Institute, backed by Swiss bank UBS and the Geneva Science and Diplomacy Anticipator Foundation (GESDA), has set out to identify the most promising future applications for the fast-emerging technology. It calls on researchers worldwide to pinpoint the most promising use cases and ensure that they are open and accessible to all.
The institute is working with partners from across the globe, including universities and the private sector. Pharmaceutical companies, for example, are experimenting with quantum computing to design drugs faster and more cost-effectively. They hope the new systems will one day be able to simulate the complex interactions between the particles that make up molecules, which is currently a laborious process involving trial and error.
Other potential uses for quantum computing include improving weather and climate forecasts, enabling more accurate and timely warnings of extreme weather events and the effects of global warming. Banks like JP Morgan, Goldman Sachs, and Wells Fargo are exploring quantum computing to increase the efficiency of their banking operations. The financial sector will also be interested in quantum-based models that can predict how stocks will move and the implications for their investors.
There is also the prospect that quantum computers could slash the cost of developing new batteries, essential for storing renewable energy and reducing dependence on fossil fuels. The systems can predict how a battery will perform by analyzing thousands of configurations and finding the best one, saving the multimillion-dollar investment required to carry out these simulations.
But there are other risks and hazards, from the possibility that quantum-based encryption might allow cybercriminals to steal data from businesses to the danger that an adversarial nation could use quantum computing to hijack a blockchain network to manipulate the economy and undermine national security. The institute’s founders argue that a wide range of stakeholders must be involved to ensure the development of quantum technology is carried out responsibly, with ethical values as a guide.
They say it is essential that governments and universities nurture the skills of quantum specialists to ensure that the new technologies are developed responsibly and can benefit humanity. This includes ensuring that young people are exposed to quantum topics from an early age so they have the opportunity to become experts in these areas before entering the workforce.