In this era of technological advancement, the advent of quantum computing represents another significant leap. However, this leap could impose drawbacks on economic growth, as per the warnings given by researchers from the University of Cambridge and Bandung Institute of Technology. As quantum computing technology inches its way out of the labs and trickles into commercial industries, threats of economic stagnation loom over the global economy.
The researchers call attention to the ‘productivity paradox’ – a term that describes how the launch of improved technology doesn’t lead to an immediate surge in productivity. We’ve seen this paradox surface in various aspects of blockchain and cryptocurrency. As the bars for mining get higher, the costs of entering the market in a competitive capacity rise too.
According to the researchers, the transition into the quantum age is likely to be punctuated with roadblocks, thanks to a dearth of general comprehension of the technology among leaders and the presence of risk aversion. Businesses with an obvious use case may be keen on adopting quantum solutions faster. However, the returns might not be appealing to risk-averse companies seeking an immediate impact.
The researchers urge governments and fellow researchers to focus on elucidating the potential benefits of quantum computing. An effort should also be made towards the development of easy-to-understand terminologies to facilitate comprehension among business communities and the general public.
Finally, the researchers assert the need for a ready ‘quantum internet’ to ensure secure networking. As quantum computing evolves, becoming the backbone technology for businesses will still necessitate overcoming some hurdles. From a dearth of general understanding of the quantum technology to tendencies of risk aversion, the small step towards quantum computing can be a giant leap for mankind, though not an immediate one.
Quantum computing is a two-sided coin; it may be the harbinger of a technological revolution on one side, but also poses threats of economic stagnation on the other. The global adoption of quantum computing, much like the increase in computing requirements, could lead to more significant barriers to entry. All in all, the quantum revolution may not be as positive as it seems at first glance.
Source: Cointelegraph
