What is quantum computing good for? XPRIZE and Google offer cash for answers

The sponsors of a new $5 million prize want to boost the quantum computing industry by encouraging developers to write new algorithms to help the emerging technology solve real-world problems.

The new Quantum for Real-World Impact contest, from the XPRIZE Foundation, aims to speed the development of quantum computing algorithms focused on sustainability, health, and other societal issues. The three-year contest, sponsored by Google Quantum AI and the Geneva Science and Diplomacy Anticipator Foundation, wants to “unleash the potential” of quantum computing, according to the contest site.

“Currently, quantum computers are not sufficiently advanced enough to solve real-world societal problems that classical computers cannot,” the contest site says. “However, as the technology advances, relatively few companies and university researchers are focused on translating quantum algorithms into real-world application scenarios and assessing their feasibility to address global challenges once sufficiently powerful hardware is available.”

The new contest is crucial for the advancement of quantum computing, said Rebecca Krauthamer, co-founder and chief product officer at QuSecure, a vendor of quantum-resilient cybersecurity tools.

“XPRIZE has a powerful history of pushing forward advancements in cutting-edge technology in spaceflight, conservation, advanced medicine, and more,” she said. The contest “signifies we’re in a truly exciting time for quantum computing.”

Quantum computing hardware development still has a “significant road ahead,” she added, but much of the innovation from the technology will come from new algorithms and the application of quantum computers to real-world problems.