Future of Computing!
In the changing technology field, quantum computing is set to revolutionize industries and drive innovation. Leading this effort is EY’s Global Innovation Quantum Lab, a team of innovators dedicated to exploring the potential of quantum technologies. The team’s cutting-edge research and work is part of EY’s latest Applied Innovation efforts led by Global Chief Innovation Officer Joe Depa. The firm’s refreshed strategy is focused on anticipating the next wave of growth by cutting through the noise and turning emerging tech into ROI and unlocking real-world value.
From quantum computing and simulation to communications, cybersecurity, and sensing, the lab leads advancements for sectors ranging from financial services and healthcare to manufacturing and environmental sustainability. This article examines the work of the EY Quantum Lab, uncovering the lab’s key focus areas, research, and the promising future for quantum technology.
Advancing Quantum Innovations
EY Global Innovation’s Quantum Lab focuses on four key aspects of quantum technology: quantum computing and simulation, quantum communications, quantum cybersecurity, and quantum sensing and metrology. Each of these areas has its own timeline for development, ranging from immediate implementation to research and development over the next 3 to 10 years. The mission is to drive innovation and provide solutions across sectors using advanced technologies.
Exploring Quantum Solutions for DNA Data
The EY Quantum Lab has been exploring the application of quantum computing in DNA sequencing. This approach, developed with researchers from NCSR Demokritos, has the potential to assist in computational molecular biology when analyzing large DNA datasets.
Today’s most potent tensor processing units cannot handle the volume of DNA data, necessitating a significant leap in computing power. Therefore, it is essential to investigate the usefulness of quantum computers in genomic data analysis, especially in DNA sequence alignment. Quantum computers are expected to be involved in DNA sequencing, initially as parts of classical systems, acting as quantum accelerators.
Sustainable Revenue with Quantum Technology
Quantum computing can significantly impact portfolio optimization by providing the computational power to solve intricate financial models. The EY Quantum Lab has been leading this development, working on projects considering the obtained revenue and the available budget, the minimization of financial risk, and the impact on sustainability. This is an example of how companies can add value to their workstreams by using quantum computing to enhance their results and revenues.
Harnessing Quantum Phenomena for Insights
Quantum computing is a fundamentally different approach to information processing than classical computing. It utilizes quantum phenomena such as entanglement, superposition, and interference to process information and generate insights. This new computing paradigm can enable solving specific, intricate computational problems with alternative approaches, sometimes offering exponentially faster processing times and superior solutions. This leads to unprecedented computational power, reduced execution times, and the ability to tackle currently intractable problems across various sectors.
Quantum Computing in Financial Services
Quantum computing has promising applications across various industries. In financial services, it can be used to optimize investment portfolios, price financial assets, and detect fraudulent transactions using Quantum Machine Learning algorithms. In manufacturing, it can aid in product design, predictive maintenance, and the development of new materials.
For supply chain and transportation, it can optimize supply networks, route designs, and inventory management. Additionally, it has applications in healthcare, such as drug discovery and personalized treatment plans, as well as environmental sustainability and power grid optimization.
Quantum-Resistant Algorithms for Cybersecurity
Quantum computing poses considerable security challenges, particularly regarding data breaches. Quantum computers have the potential to break current encryption methods in the future, which could lead to substantial financial losses and data privacy issues. Some of these problems need to be addressed today, such as the so-called ‘harvest-now-decrypt-later’ issue, where current data is gathered now so its security can be broken whenever a quantum computer with enough power is built.
To address these challenges, it is essential to develop quantum-resistant algorithms and implement post-quantum cryptography measures. This includes creating quantum-resistant networks, quantum-safe VPNs, and hybrid software architectures that can withstand current and future threats posed by quantum computers.
Extending Quantum Strategy and Implementation
The team has achieved some notable milestones. In 2023, they reached Quantum Utility and published necessary research, developing several use cases such as DNA sequencing, portfolio optimization, index tracking, reconciliations, supply chain optimization, Quantum Machine Learning for classification of remote sensing data, and fraud detection. They have successfully developed quantum-resistant networks and implemented quantum-safe VPNs for clients. They continuously work on thought leadership to raise public awareness and general knowledge of quantum technologies.
Currently, they are extending their work in developing and implementing use cases, exploring sensing and metrology aspects, and helping clients build their quantum strategy. Additionally, the establishment of EY’s Global Quantum Center of Excellence will drive innovation and support the development of quantum technologies across various industries.
Collaborative Quantum Research and Projects
Collaborations with external partners involve sharing research, developing joint projects, and participating in industry events. The team works closely with clients to understand their needs and provide tailored solutions that utilize quantum technologies. Partnerships with academic institutions, technology companies, and industry organizations help maintain a leading position in quantum innovation and drive the development of new applications and solutions.
Addressing Data Privacy in the Quantum Era
Ethics play a key role in developing and implementing quantum computing technologies, as they do for every emerging technology. It is essential to ensure these technologies are developed and used responsibly, focusing on accountability and fairness.
This includes addressing issues such as data privacy in the context of how private data is used and in view of data privacy breaches by breaking RSA encryption using quantum computers. Promoting ethical practices and cultivating a culture of responsibility aims to build trust and ensure that quantum technologies benefit everyone.
Quantum Computing and AI Integration
Quantum computing integrates with other emerging technologies like AI and blockchain, providing increased computational power and enabling more efficient algorithms. For example, AI can benefit from the enhanced processing capabilities of quantum computers, leading to more accurate predictions and better decision-making. Similarly, quantum technologies can improve the security and scalability of blockchain networks, making them more robust and efficient.
Staying Informed on Quantum Advancements
Organizations looking to explore and adopt quantum technologies should start by understanding the potential impact of these technologies on their industry, assessing in which parts of their workstreams and processes they would be beneficial and how. Developing a quantum strategy that includes risk assessment, cybersecurity measures, and talent development is essential.
Staying informed about the latest advancements in the field will help organizations embrace the power of quantum technologies and proactively explore its applications while constantly being aware of the state of the art. The journey may be challenging, but the potential rewards and possible competitive advantage are immense.
Quantum Technologies’s Impact on Daily Life
Quantum technologies have the potential to impact everyday life in the next decade by transforming various industries and enhancing the technologies used daily. For example, it could lead to more accurate weather forecasting, improved healthcare through personalized medicine, and more efficient supply chains that reduce costs and waste.
Additionally, advancements in quantum technologies could enhance cybersecurity, making digital interactions safer. As quantum technologies become more integrated into daily life, improvements can be expected in everything from transportation to financial services.
Growth in the Quantum Computing Industry
The team has observed that the quantum technologies industry is growing, driven by substantial investments and increased private and public interest. This growth is reflected in the expanding research and development efforts and the formation of new partnerships and collaborations.
Advancements in quantum hardware and software are paving the way for practical applications across various sectors, such as satellite-free GPS, advanced sensors for medical applications, and quantum-secure communications. These trends highlight the increasing importance of quantum technologies and the competitive race to stay ahead regarding innovation and security.
Demand for Specialized Quantum Roles
Quantum technologies will create a growing demand for highly specialized roles with deep knowledge of each chain step (hardware, middleware, software, applications) and C-level roles with expertise in quantum technologies that can make informed decisions.
Related to that, there will be a demand for hybrid profiles that combine technical knowledge with an understanding of business needs, helping companies bridge the gap between quantum advancements and practical applications. There is already a shortage of this talent, which is expected to grow as quantum adoption increases. This will become a significant challenge for businesses to stay competitive.
