The United Kingdom has launched a project to build the country’s first ever commercial Quantum Computer to be used by Abingdon-based businesses in Oxfordshire.
Led by US-based Rigetti Computing, the consortium will include University of Edinburgh, high-tech tool maker Oxford Instruments, software start-up Phasecraft and Standard Chartered bank.
The £10m collaboration is backed by a three-year grant award from UK Research and Innovation. It will accelerate the development of cloud-accessible quantum computing and is set to bring huge benefits to businesses, industry and research.
Besides building the system, the programme includes making it available over the cloud. It also covers pursuing practical applications in machine learning, materials simulation and finance.
Distribution of work
Rigetti will build the superconducting quantum computer in a Proteox dilution refrigerator provided by Oxford Instruments.
The University of Edinburgh will develop new ways of testing quantum hardware and verifying the performance of quantum devices. It will work with Standard Chartered Bank to advance quantum machine learning applications for finance.
In addition, Phasecraft will use its knowledge of quantum algorithms and high-efficiency quantum software to harness the hardware for near-term applications in materials design, energy and pharmaceuticals.
Advantages of Quantum Computing
Industries related to aerospace, transport, finance, energy, and pharmaceuticals will benefit from quantum computing . A recent BCG report projected the global quantum industry to reach £4 billion by 2024.
Businesses will be able to solve problems sooner with quantum computing because they surpass standard ones which take lot of time to carry out the same process.
