The Banking Executive Magazine - February 2023 Issue

Quantum Computing unbreakable defence that no mali- cious actor could get through. • Daily practices: Quantum comput- ing offers a competitive advantage. Banks and financial institutions that are able to implement quan- tum computing in their daily prac- tices could be ahead of their competitors. They could reduce the processing time for many daily tasks to mere seconds. TOP 10 QUANTUM COMPUTING APPLICATIONS IN 2023 According to Analytics Insights, the top 10 applications of quantum com- puting in 2023 are: • Quantum cryptography: One of the most unique applications of quantum computing is quantum cryptography which majorly fo- cuses on the key distribution part of a cryptosystem. • Drug design and development: quantum computing can be an ef- fective way of understanding drugs and their reactions to humans thereby saving a lot of money and time for drug companies. • Financial modelling: The tech- nique of ‘Monte Carlo’ simulations is continually being run on con- ventional computers. The problem with this is that it consumes an enormous amount of computer time. However, by applying quan- tum technology to perform these massive and complex calculations, companies can not only improve the quality of the solutions but also reduce the time to develop them. • Weather Forecasting: Quantum computing can crunch vast amounts of data, in a short period. Quantum computing could en- hance weather system modelling by allowing scientists to predict the changing weather patterns in no time and with excellent accuracy. • Advertising: Quantum computing can help advertising companies reach a wider range of people. • Traffic flow management: With quantum computing, one can tackle the issue of traffic, by opti- mizing traffic flow itself. Quantum computers can find the optimal route for a select number of cars and possible routes to take. • Better mobile network coverage: Quantum computers can help find the optimal satellite coverage posi- tion required. • Cybersecurity: Quantum comput- ing with the help of machine learn- ing can help in developing various techniques to combat cybersecu- rity threats. • Gaming: Quantum hardware can compute faster than the current best computers. This improves gaming experience because quan- tum computer algorithms work very differently from classical ones. • Computational chemistry: The ability for quantum computers to focus on the existence of both 1 and 0 simultaneously could pro- vide immense power to the ma- chine to successfully map the molecules. This in turn opens op- portunities for pharmaceutical re- search. ISSUE 170 FEBRUARY 2023 the BANKING EXECUTIVE 15