Quantum computing's potential impact on the global economy

Baltezarević, Radoslav (2024) Quantum computing's potential impact on the global economy. In: III. International Cankaya Scientific Studies Congress, Ankara, Türkiye, 28-29 February, 2024. IKSAD Publications, pp. 142-147. ISBN 978-625-8254-35-8

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Abstract

The rapid advancement of new technologies enhances society and facilitates easier business, education, collaboration, communication, and other aspects of people's life. Although it is still in its early phases of development, quantum computing, which is strongly anchored in quantum mechanics concepts, has immense potential to significantly impact the development of numerous fields. Quantum computers have demonstrated that they can perform some tasks tenfold quicker than traditional computers, and can solves problems that are too complicated for traditional computation by leveraging quantum physics' distinctive features. This is due to the fact that quantum computing uses the qubit as the fundamental unit of information rather than the traditional bit. The primary feature of this alternative system is that it allows for the coherent superposition of ones and zeros, the binary digits that underpin all computing. This technology has the potential to alter businesses by addressing complex, intractable problems that are now beyond the capabilities of traditional high-performance computers. The development of quantum computing is increasingly showing the potential to revolutionize many fields in the near future and greatly affect the global economy. The ability of this technology to impact the world economy is represented not only in far greater speeds, but also in precision and efficiency, allowing industries to benefit from complicated simulations and optimizations.

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