Unlocking the Future: The Case For Quantum Technology

Most weeks, someone comes along questioning why I advocate investing time and resources into quantum technology.

It’s a fair question, considering the technology is still in its infancy and the path to commercial-scale quantum computers is uncertain. But it’s also a question that reveals some common misconceptions about the field — and, more importantly, risks repeating the same short-sighted focus on immediate ROI that hindered early adoption of Generative AI. Dismissing quantum’s long-term potential now could lead to missed opportunities that will define the next technological revolution.

So, let me take a moment to explain why quantum computing matters now more than ever, and why dismissing its potential could leave organisations unprepared for the future.

The Practical Realisation of Quantum Computing

When I began my research in quantum communications at Cambridge in 2005, quantum computers were largely theoretical. But the belief that these machines would one day become practical was the driving motivation behind my work.

Anyone familiar with quantum computing won’t be surprised by its current limitations. The scientific and engineering hurdles to build large-scale, reliable quantum computers are substantial. However, the field has progressed exponentially in recent years, with significant advancements in both the number and quality of qubits.

Industry veterans such as IBM have made their roadmaps to logical qubits public, while start-ups continue to push the boundaries with innovative approaches. For instance, QuEra achieved 48 logical qubits last December, and Paris-based startup Alice & Bob have developed a unique quantum error correction architecture, recently claiming a 200-fold improvement in the ratio of physical to logical qubits compared to competing technologies. If these breakthroughs are realised, they could significantly compress the timeline to practical quantum computing.

Does that mean commercial-scale quantum computing is guaranteed?

Not yet. There are still considerable challenges to overcome. But breakthroughs will continue, and the odds will shift dynamically as the technology progresses. This is why it’s sensible to explore the potential impact of quantum computing now, to avoid being caught unprepared when these advancements materialise.

The Global Shift Towards Quantum Security

Beyond the development of quantum computing itself, there is a seismic shift occurring across industries when it comes to quantum security.

• Public sector investment in quantum technologies continues to grow. For example, the UK recently launched a ten-year, £2.5 billion quantum research and innovation programme. The Monetary Authority of Singapore has committed S$100 million to support innovation in quantum. These are just two, that I happen to be involved in - but theres north of US$42 billion investment worldwide.

• Major tech companies such as Amazon, Google, IBM, Microsoft, and NVIDIA have all made significant commitments to quantum research. Even widely-used messaging platforms are beginning to adopt quantum-secure communications. Apple has launched quantum-resistant security features, and Google deployed Post-Quantum Cryptography (PQC) in Chrome last year. META, notably, has opted not to heavily invest in quantum technologies, which could prove to be a risky move.

• Regulatory bodies are increasingly pushing for preparations for the quantum era. In February 2024, the Monetary Authority of Singapore issued guidance for banks to begin safeguarding against quantum encryption threats. Globally, organisations such as the World Economic Forum (WEF) and the Financial Conduct Authority (FCA) are developing frameworks to ensure the finance sector is quantum-secure. In October 2024, the G7 Cyber Expert Group recommended action to combat financial sector risks from quantum computing.

• NIST have released new cryptography standards in August 2024 to modernise encryption and protect against the future threats posed by quantum computing.

• Quantum export controls are becoming the norm as nations seek to secure their own competitive advantage. The UK, for instance, has just announced new export controls on quantum technologies, following a recent move by France.

These global initiatives point to the increasing belief that a quantum revolution is on the horizon. Soon, what is currently advisory will become mandatory, and transitioning our cybersecurity infrastructure to be quantum-safe is an enormous task that should start now.

The Value of Investing in Quantum Today

There’s a common misconception that the value of quantum computing lies solely in achieving “quantum advantage” — the point at which quantum computers outperform classical machines on real-world problems. While that is certainly the ultimate goal, it’s not the only place where value can be unlocked in the near term.

Quantum research and development isn’t happening in isolation. There are already real-world applications being explored today that use quantum technologies to address current challenges. Over the past two years, I’ve seen strong indications of advantage in areas such as fraud detection, portfolio optimisation, and the use of quantum random number generation (QRNG) for financial simulations.

Work in these areas doesn’t rely on the complete realisation of quantum advantage but instead leverages quantum inspired and bridging technologies — systems that combine quantum and classical computing — that are already available for production scale today. These near-term innovations will offer commercial benefits long before the full potential of quantum computing is realised.

The growing interest in quantum technologies is clear. Regulators are engaging with banks, technologists seek out collaboration, start-ups in the quantum space want partnerships, and the media is eager to cover advancements. Our reputation in the realm of emerging technologies continues to rise, with one of our recent announcements on quantum-secure FX trades reaching over 5 million people.

We’ve published scientific papers, filed patents, and are making significant contributions to the field. As a result, we are well-positioned to derive value from quantum technologies today, and when the quantum revolution truly arrives, we’ll be ready to capitalise on its full potential.