Google, the Geneva Science and Diplomacy Anticipator (GESDA) and XPRIZE launched a competition Monday that will award $5 million over three years to teams that can find real-life applications for quantum computers.
Quantum computers process information differently than normal classical computers in use today, which allows them to complete certain tasks in shorter periods of time. Google researchers found in 2019 that a quantum computer takes 200 seconds to complete a task that a high-performance supercomputer, which IBM says can have a million times more processing power than a standard laptop, would take 10,000 years to be completed.
The problem that the XPRIZE competition aims to solve is the disconnect between quantum algorithms and the real world. Applicants should work on quantum algorithms that address sustainability and social impact.
The competition is open to anyone around the world working in any field. According to the competition’s guidelines, winners will have to submit proposals that will “greater accelerate” quantum algorithms for “positive real-world applications.”
Applicants may present a new quantum algorithm, a new application of an existing algorithm, or improved performance in the form of fewer resources to run an established algorithm. The University of Chicago, IBM, Microsoft, and Purdue University are some of the many institutions offering courses on quantum computing.
Registration is open on the XPRIZE website.
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The cryostat of a quantum computer 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 an area of interest for many tech giants, with McKinsey estimating a record $2.35 billion in investment in 2022. The McKinsey report also suggests that four sectors are likely to see the first benefits of quantum computing quantum: automotive, chemical, financial services and life sciences.
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IBM CEO Arvind Krishna spoke at the Duke Fuqua School of Business in April about the benefits of quantum computing and how business minds are essential to determining the right use cases for the technology.
“So, you have to work on what kind of algorithms, what use case can leverage those algorithms and the technology,” Krishna told the outlet.
Last year, IBM and Google donated $150 million to advance quantum computing research at the University of Chicago and the University of Tokyo.