In science fiction, quantum computing is often the magic behind time travel machines or alternate universes. But in real life, it could be the next big thing in computing; the end of cryptography as we know it; the catalyst for revolution in industries as diverse as finance, medicine, and more.
Governments, corporations, and venture capitalists are pouring billions into developing the tech. Venture capitalists funneled $1.5 billion into quantum startups in 2021, more funding than the previous three years combined (though overall venture capital shattered records across the board last year). Companies like PsiQuantum and Guoke Quantum Communication Network closed mega-rounds worth hundreds of millions of dollars.
“All of this research and future prospects is based on a commitment of funds that doesn’t come from revenue—it comes from expectation, or anticipation, of future revenue,” says Bob Sorensen, the senior vice president of research at Hyperion Research.
But progress in quantum computing is slow. Quantum computers are still fraught with errors, and they’ve yet to prove themselves commercially useful at a large scale. When will quantum computers reach their potential?
Dig deeper into the state of quantum computing in our latest presentation.
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