Quantum computing boom: Innovations, investments, cyber security risks

Now that quantum computing capabilities are becoming a reality, thanks to another breakthrough, the future frontier of software innovation is nearer than ever. However, with the advent of the new Google Willow Chip, another very real concern is arising—the urgency of post-quantum cryptography migration. 

Quantum computers are likely to pose a severe threat to currently-used encryption practices. Behind the scenes, several innovative tech companies are working on quantum computing's capabilities both in problem solving and in cyber security, with recent developments coming from Scope Technologies Corp., SEALSQ Corp, Arqit Quantum Inc., Quantum Computing Inc., and D-Wave Quantum Inc. 

Experts are already saying that the new Willow Chip accelerates the time to market for quantum computing. According to a new report from Verified Market Research, the cloud-based quantum computing market is expected to generate US$55.22 billion in revenue by 2031, growing at a 38% CAGR. As well, analysts at S&S Insider are projecting the cloud encryption market to reach US$42.5 billion by 2032, growing at a 30.1% CAGR.

Scope Technologies Corp., a pioneering technology company specializing in quantum security and machine learning (ML), announced that First Majestic Silver Corp. has signed as an enterprise client for Scope's round-trip encrypted, immutable decentralized data storage and quantum-resilient security solutions.

"As we enter an age where quantum computing advancements, like Google's recent progress with their Willow project, accelerate the urgency for businesses to adopt quantum-resistant encryption and storage, companies must act decisively to future-proof their critical data," said James Young, CEO of Scope Technologies. "First Majestic's decision to utilize our quantum resistant encryption and data vault services underscores the growing recognition of the need for proactive measures in the face of rapidly evolving technology."

In other industry developments and happenings in the market include:

* SEALSQ Corp, a company that focuses on developing and selling semiconductors, PKI and post-quantum technology hardware and software products, announced it is bringing its quantum technology to the rapidly expanding market of professional drones and unmanned aerial vehicles (UAVs), and professional drones.

SEALSQ has partnered with leading drone manufacturers like Parrot and AgEagle to integrate its secure chips into cutting-edge UAVs, including Parrot's ANAFI models and AgEagle's eBee VISION for surveillance missions. 

Looking ahead to 2025, SEALSQ plans to launch its quantum-resistant secure chips, further strengthening its role in enhancing drone security for critical defense, public safety, and infrastructure operations worldwide.

* Arqit Quantum Inc., a leading provider of quantum-safe encryption, renounced announced a leadership transition, appointing seasoned software executive and Notion Capital Operating Partner Andy Leaver as its new CEO and Board member. The company also revealed a $13.6 million registered direct offering.

* Quantum Computing Inc., an innovative, integrated photonics and quantum optics technology company, received its second purchase order for thin-film lithium niobate (TFLN) photonic chip foundry from the University of Texas at Austin. The order will support the research efforts of the University's RF Acoustic Microsystem Group, and is part of the QCi Foundry's pilot launch program, with fulfillment expected in Q1-2025. 

D-Wave Quantum Inc., a leader in quantum computing systems, software, and services and the world's first commercial supplier of quantum computers, recently announced that its CEO Dr. Alan Baratz was interviewed on Fox Business' Making Money with Charles Payne, where he discussed the state of the quantum industry and the real-world impact D-Wave's annealing quantum computing is delivering for businesses.

-- USA News Group.