Quantum computing, AI and blockchain are being explored as drivers for business transformation and intelligent change by leading organizations.
Quantum computing has the potential to address the computational needs of modern technological industry development in areas such as drug development and manufacturing, where traditional and supercomputers aren’t able to provide the simulations necessary to further enhance and deliver new developments to these industries.
Also, distributed ledger technologies using blockchain are helping to secure data and transactions in areas like finance, government, energy, and transportation.
Quantum computing, AI and blockchain naturally coincide, as quantum computing will help bring new levels of computational power and efficiency as data growth and accumulation for industry solutions are on the rise. By the end of 2024, about 75 percent of enterprises will operationalize AI, driving a 5x increase in streaming data and analytics infrastructures, according to Gartner.
Also, the global blockchain AI market size is projected to reach USD 973.6 million by 2027 as AI and blockchain are being used to improve the customer experience through health information management systems, and trends such as securing sensitive data for natural language processing algorithms, for example.
The Business Impacts of Quantum Computing, AI and Blockchain
Quantum computing has significant potential to speed up problem-solving compared to traditional and supercomputers due to qubits (quantum mechanical bits).
Mainstream business adoption of quantum computing is still a few years away, but some large-scale technology companies are making investments now. It is recommended that organizations prepare for a quantum computing future by watching for the latest developments, learning how to better secure data from potential hackers, and shaping their business and industry trajectory that could be disrupted by future technology.
Many industries are going to benefit from quantum computing, learning how to better secure data from potential hackers in sectors such as finance, cybersecurity, and chemical and pharmaceutical companies:
- Testing chemical experiments: This is an expensive process, and researchers could quickly test a lot more methods. These simulations can solve chemistry and physics challenges — improving R&D and manufacturing efficiencies leading to better products.
- Battery improvements: Algorithms are currently being tested in this area for improving the cost, size, and charging speed of batteries for renewable energy.
- Material enhancements: Across industries such as consumer goods and aerospace and transportation, creating and testing material designs can create new possibilities faster and simultaneously reduce costs.
On the other hand, Artificial Intelligence has seen mainstream business adoption. It is being used to optimize product and service features, improve talent management, predictive maintenance in supply chain operations, customer service analysis, logistic network operations, and much more.
Businesses are reporting revenue increases from AI in half of business functions, such as marketing and sales, manufacturing, human resources, strategy and finance, and supply chain management.
Companies who are seeing the most success report that it is attributed to AI due to:
- Leadership driving successful AI adoption, and leveraging knowledge about pressing AI initiatives forward
- Organizations committing more resources to AI investments than their competitors
- AI is bringing more growth and performance
Businesses are also making large investments in blockchain — a distributed ledger that’s shared across public and private networks.
Every node in the computer network holds encrypted information where every new block is approved before its added to the chain. Blockchain is bringing organizations strategic value because it doesn’t require an intermediary to gain the benefits of this technology, and it helps to reduce costs. It’s commonly used in smart contracts that are automated to trigger when specific circumstances are met.
Businesses are exploring the possibilities of blockchain in various applications:
- Supply chain traceability: Transparency and traceability are important to supply chain operations when verifying the authenticity of products with QR code scanning, or material treatment for labor and environmental compliance.
- Transportation: Improving how people pay for and using transportation services through secure identities, authentication, and identity verification like vehicle information.
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Quantum computing, AI and blockchain allow organizations to continuously advance and accelerate digital transformation to industries worldwide and have many future business implications and applications.
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