Scientists warn the ‘quantum revolution’ may stagnate economic growth

Quantum computing technologies are gradually beginning to trickle out of the laboratory setting and into industrial markets. While it remains to be seen when mainstream adoption will happen, a number of companies are currently taken part in experiments and trials with paying clients to establish quantum computing services. According to a set of scientists from the University of Cambridge and Bandung Institute of Technology, respectively, this represents a vital duration wherein the world still has the opportunity to prepare itself for what theyre deeming “the quantum revolution.” In a recently published commentary in the Nature journal, scientists Chander Velu and Fathiro Putra describe the efficiency paradox and describe how the mainstream adoption of quantum computing could slash financial development for a decade or more. Per their commentary:”The digital transformation took decades and needed businesses to change pricey devices and totally reconsider how they run. The quantum computing transformation might be a lot more uncomfortable.”The performance paradox is a company and financing term that describes why the introduction of new, better technology doesnt generally result in an immediate increase in performance. Weve seen this in almost every aspect of the nascent blockchain and cryptocurrency industries. As the requirements for mining increase, for example, so do the costs connected with going into the space in any competitive capacity. Less than a decade ago, it was fashionable to mine cryptocurrency with your desktop PCs spare calculate. As the rates of adoption have increased, so have business interests and the costs of entry.Screenshot of chart showing mining hashrates in time on Blockchain.comAnd, as fintech is one of the markets specialists predict will experience instant disturbance from the quantum computing sector, its likely well see direct combination with cryptocurrency, mining and blockchain innovations right away. Related: Researchers show unconditionally protected quantum digital paymentsTo describe the efficiency paradox, the scientists cite a period lasting from 1976 through 1990 where labor performance development– a step of how efficient individuals are at work over time– slowed to a crawl. The reason for this stagnation included the start of the computer era.Essentially, the expenses connected with the worldwide switch from paper to computers combined with the requirement to retrain the entire workforce and produce totally service communities and workflows caused the trend of development to stall out up until the integration finally completed throughout the mid-1990s. The scientists see a comparable predicament taking place as quantum computers go from brushing up against effectiveness to, possibly, becoming a foundation innovation for business. The two primary roadblocks to a smooth shift into the quantum age, according to the researchers, are a lack of basic understanding of the innovation among leaders and run the risk of aversion.While services with a clear usage case, such as shipping or pharmaceutical companies, may be quick to adopt quantum solutions, the rate-of-return may not interest risk-averse businesses searching for immediate impact. To reduce these concerns and accelerate the adoption of quantum computing, the researchers recommend a restored focus from governments and scientists on highlighting the possible advantages of quantum computing and the advancement of language and terms to explain the necessary ideas to the service neighborhood and the public. The scientists conclude by stating that the first order of company when it concerns preparing for the quantum computing future is to make sure that the “quantum web” is ready for secure networking.

Related: Researchers demonstrate unconditionally secure quantum digital paymentsTo describe the performance paradox, the scientists cite a duration lasting from 1976 through 1990 where labor productivity growth– a step of how productive individuals are at work over time– slowed to a crawl. The 2 primary obstructions to a smooth shift into the quantum age, according to the scientists, are an absence of general understanding of the technology among leaders and risk aversion.While services with a clear use case, such as shipping or pharmaceutical business, may be quick to adopt quantum options, the rate-of-return may not appeal to risk-averse services looking for instant effect. To alleviate these issues and speed up the adoption of quantum computing, the researchers recommend a renewed focus from governments and scientists on showing the prospective advantages of quantum computing and the development of language and terms to describe the needed ideas to the organization neighborhood and the general public.

Other Questions People Ask

What do scientists mean by the ‘quantum revolution’ potentially stagnating economic growth?

Scientists warn that the ‘quantum revolution’ could lead to a stagnation in economic growth due to the efficiency paradox. This paradox suggests that the introduction of advanced technologies, like quantum computing, does not immediately translate into improved productivity. Instead, businesses may face significant costs and challenges in adapting to these new technologies, similar to the transition from paper to computers in the late 20th century.

How can businesses prepare for the challenges posed by the quantum revolution?

To prepare for the challenges of the quantum revolution, businesses should focus on understanding the technology and its implications. This includes investing in training for their workforce and developing new workflows that incorporate quantum computing. Additionally, companies should engage with governments and scientists to better grasp the potential benefits of quantum technologies and how they can be applied effectively in their industries.

What role do risk aversion and lack of understanding play in the adoption of quantum computing?

Risk aversion and a lack of understanding among business leaders are significant barriers to the adoption of quantum computing. Many companies are hesitant to invest in new technologies without clear, immediate returns on investment. To overcome this, it is essential for researchers and policymakers to communicate the long-term advantages of quantum solutions and create a supportive environment for businesses to experiment with these innovations.

Why is the concept of the ‘quantum web’ important for economic growth?

The ‘quantum web’ is crucial for ensuring secure networking as quantum computing becomes more prevalent. A robust quantum web will facilitate the safe exchange of information and support the development of quantum applications across various industries. By prioritizing the establishment of this infrastructure, businesses can better prepare for the integration of quantum technologies, ultimately fostering economic growth rather than stagnation.

What historical example do scientists use to illustrate the potential stagnation caused by new technology?

Scientists reference the period from 1976 to 1990, where labor productivity growth slowed significantly due to the transition from paper to computers. This historical example illustrates how the costs associated with adopting new technology and retraining workers can lead to temporary stagnation in economic growth. Understanding this precedent can help current businesses anticipate similar challenges as they navigate the shift towards quantum computing.