Quantum Computing, AI and Blockchain : The Future of IT
Apr 25, 2023by, Pooja Ramesh
As technology continues to evolve at an unprecedented pace, the convergence of quantum computing, artificial intelligence (AI), and blockchain is poised to reshape the future of IT. With the ability to solve complex problems faster and more efficiently than traditional computing methods, quantum computing is poised to revolutionize industries.
Leading firms are investigating the potential of quantum computing, AI, and blockchain as catalysts for corporate transformation and intelligent change. In areas like drug development and manufacturing, where conventional and supercomputers are unable to provide the simulations required further to amplify and convey new developments to these industries, quantum computing has the ability to confront the computational needs of modern technology industry development. To encourage AI development and research as well as investigate risk reduction utilising AI, more than 60 countries have created national AI strategies and policies.
Additionally, blockchain-based distributed ledger technologies are assisting in the security of data and transactions in industries like finance, government, energy, and transportation.
As data growth and collection for industry solutions are on the rise, quantum computing will assist in introducing new levels of computational power and efficiency. As a result, AI, blockchain, and quantum computing all naturally go hand in hand. According to Gartner, by the end of 2024, around 75% of businesses will have operationalized AI, leading to a 5x growth in streaming data and analytics infrastructures.
Additionally, the integration of AI and blockchain to enhance the customer experience through health information management systems and trends like protecting sensitive data for natural language processing algorithms are expected to drive the global blockchain AI market to reach USD 973.6 million by 2027.
Quantum Computing, AI & Blockchain’s Effects On Business
Compared to traditional and supercomputers, quantum computing has a huge potential to speed up problem-solving because of qubits (quantum mechanical bits).
Although the implementation of quantum computing in mainstream business is still a few years away, some significant technological businesses are already investing. The best way for businesses to prepare for a world with quantum computing is to stay current with technological developments, improve their data security procedures, and adapt their industry and company trajectory to account for potential disruption from new technology.
Quantum computing will help several businesses, including finance, cybersecurity, chemical, and pharmaceutical firms, discover how to better protect data from possible hackers:
- Testing chemical experiments: Testing chemical experiments is a costly process that could be done much more quickly, according to researchers. These simulations can solve physics and chemistry issues, boost R&D and industrial productivity, and create better products.
- Battery improvements: Algorithms are now being investigated for ways to make batteries for renewable energy sources more affordable, larger, and faster to charge.
- Material improvements: In a variety of sectors, including consumer goods, aircraft, and transportation, developing and testing novel material designs can accelerate the development of new possibilities while cutting costs.
Artificial intelligence, on the other hand, has been widely used in business. It is used to enhance talent management, supply chain operations, customer service analysis, logistic network operations, and many other things. It is also used to optimize product and service features.
In half of the corporate functions like marketing and sales, manufacturing, human resources, strategy and finance, and supply chain management, businesses are reporting revenue boosts from AI. Businesses reporting the greatest success say AI is to blame for it because:
- Leadership advancing AI efforts and utilizing insights about successful AI adoption
- Organizations investing in AI with greater resources than their rivals
- AI is enhancing performance and growth.
Blockchain is a distributed ledger shared over public and private networks, and businesses are investing heavily in it.
Each node in the computer network stores encrypted data, and each new block must first receive approval before it can be added to the chain. Organizations are benefiting strategically from blockchain because it can help cut costs and doesn’t require a middleman to access its benefits. It is frequently used in smart contracts that are programmed to activate when certain conditions are met.
Businesses are looking into how blockchain technology might be used in several applications:
- Supply chain traceability: When confirming the legitimacy of items with QR code scanning or material treatment for labor and environmental compliance, transparency and traceability are crucial to supplying chain operations.
- Transportation: Using secure identification, authentication, and identity verification, such as vehicle information, to improve how people use and pay for transportation services.
Blockchain, AI, and quantum computing enable enterprises to improve and accelerate the digital transformation of sectors globally and have several business ramifications and uses in the future.
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Disclaimer: The opinions expressed in this article are those of the author(s) and do not necessarily reflect the positions of Dexlock.