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The Australian government has announced a pledge of approximately A$940 million (US$617 million) to PsiQuantum, a quantum computing start-up company based in Silicon Valley.

Half of the funding will come from the Queensland government, and in exchange, PsiQuantum will locate its planned quantum computer in Brisbane, with a regional headquarters at Brisbane Airport.

PsiQuantum claims it will build the worlds first useful quantum computer. Such a device could be enormously helpful for applications like cracking codes, discovering new materials and drugs, modelling climate and weather, and solving other tough computational problems.

Companies around the world and several national governments are racing to be the first to solve the quantum computing puzzle. How likely is it Australias bet on PsiQuantum will pay off?

Quantum computers are computers that run quantum algorithms. These are step-by-step sets of instructions that change data encoded with quantum information. (Ordinary computers run digital algorithms, step-by-step sets of instructions that change digital information.)

Digital computers represent information as long strings of 1s and 0s. Quantum computers represent information as long lists of numbers. Over the past century, scientists have discovered these numbers are naturally encoded in fine details of energy and matter.

Read more: Hype and cash are muddying public understanding of quantum computing

Quantum computing operates fundamentally differently from traditional computing. It uses principles of quantum physics and may be able to perform calculations that are not feasible for digital computers.

We know that quantum algorithms can solve some problems with far fewer steps than digital algorithms. However, to date nobody has built a quantum computer that can run quantum algorithms in a reliable way.

Researchers around the world are trying to build quantum computers using different kinds of technology.

PsiQuantums approach uses individual particles of light called photons to process quantum data. Photon-based quantum computers are expected to be less prone to errors than other kinds.

The Australian government has also invested around A$40 million in Sydney-based Silicon Quantum Computing. This company aims to encode quantum data in tiny particles trapped in silicon and other familiar materials used in current electronics.

A third approach is trapped ions individually captured electrically charged atomic particles, which have the advantage of being inherently stable and all identical. A company called IonQ is one taking this track.

However, many believe the current leading approach is artificial atoms based on superconducting circuits. These can be customised with different properties. This is the approach taken by Google, IBM, and Rigetti.

There is no clear winning technology. Its likely that a hybrid approach will eventually prevail.

The timeline set by PsiQuantum and supported by federal endorsements aims for an operational quantum computer by 2029. Some see this projected timeline as overly optimistic, since three years ago PsiQuantum was planning to meet a deadline of 2025.

Progress in quantum technology has been steady since its inception nearly three decades ago. But there are many challenges yet to overcome in creating a device that is both large enough to be useful and not prone to errors.

The announcement represents a significant commitment to advancing quantum computing technology both within Australian borders and worldwide. It falls under the Albanese governments Future Made in Australia policy.

However, the investment risks being overshadowed by a debate over transparency and the selection process.

Criticisms have pointed to a lack of detailed public disclosure about why PsiQuantum was chosen over local competitors.

Read more: Australia may spend hundreds of millions of dollars on quantum computing research. Are we chasing a mirage?

These concerns underscore the need for a more open dialogue about government spending and partnership selections to maintain public trust in such large-scale technological investments.

Public trust is difficult to establish when little to no effort has been made to educate people in quantum technology. Some claim that quantum literacy will be a 21st-century skill on par with digital literacy.

Australia has made its quantum hardware bet. But even if the hardware works as planned, it will only be useful if we have people who know how to use it and that means training in quantum theory and software.

The Australian Quantum Software Network, a collaboration of more than 130 of the nations leading researchers in quantum algorithms, software, and theory including myself was launched in late 2022 to achieve this.

The government says the PsiQuantum project is expected to create up to 400 specialised jobs, retaining and attracting new highly skilled talent to both the state and country. The media release also contains the dramatic forecast that success could lead to up to an additional $48 billion in GDP and 240,000 new jobs in Australia by 2040.

Efforts like the Sydney Quantum Academy, the Australian Centre for Quantum Growth, and my own quantum education startup Eigensystems, which recently launched the Quokka personal quantum computing and quantum literacy platform, will help to meet this goal.

In the coming decade, education and training will be crucial, not only to support this investment but also to expand Australias expertise so that it may become a net exporter in the quantum industry and a substantial player in the global race for a quantum computer.

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Australia just made a billion-dollar bet on building the world's first 'useful' quantum computer in Brisbane. Will it pay off? - The Conversation

The Japanese government has announced plans to expand export restrictions on technologies related to semiconductors and quantum computing.

According to a Bloomberg report, impacted technologies include scanning electron microscopes and gate-all-around transistors, which companies including Samsung Electronics have been using to improve semiconductor design.

The report added that the Japanese government will also start requiring licenses for the shipment of quantum computers and cryogenic CMOS circuits, which are used to control the input and output signals of qubits in quantum computers.

Favored trading partners of Japan, including South Korea, Singapore, and Taiwan, will not be exempt from the new rules, which are expected to come into force in July following a period of public consultation.

At the start of 2023, it was reported that Japan, alongside the Netherlands, had agreed to comply with a number of US-led restrictions relating to the exportation of high-tech chipmaking technology to China.

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Japan to expand export restrictions on semiconductor and quantum computing technology - DatacenterDynamics

We highlight the vibrant discussions on quantum computing and quantum algorithms that took place at the 2024 American Physical Society March Meeting and invite submissions that notably drive the field of quantum information science forward.

The American Physical Society (APS) March Meeting is arguably one of the largest annual physics conferences of the world, and this years edition which was held in Minneapolis, USA on 38 March hosted over 10,000 scientists and students from around the globe, offering a rich platform to exchange novel ideas and breakthroughs that advance the field of physics. The meeting undoubtedly covered a comprehensive range of topics, of which many are of particular interest to our computational science community, such as electronic structure of materials, the dynamics of complex systems, and self-driving materials labs. Here, we focus on the stimulating discussions on quantum information science and its applications to various domains, given the growing interest and the multitude of avenues of future research in this area.

Credit: da-kuk / E+ / Getty Images

While quantum information science1 has recently seen myriad relevant advancements, many challenges still persist. A pressing issue in the field is the high level of noise in quantum bits (qubits), resulting in an error rate of about 102 to 103, which is much larger than the ideal error rate (1015) required for the successful implementation of large-scale quantum algorithms in practical applications. As such, overcoming the effects of noise remains the foremost challenge for advancing the field. At the APS meeting, a total of 14 sessions possibly the most attended ones in the event, at least to the eye of our editor in attendance were devoted to quantum error correction (QEC) and quantum error mitigation. For instance, the discussions surrounding QEC primarily focused on reducing time and qubit overheads. Among the numerous candidates, low-density parity-check codes emerged as one of the popular protocols for achieving low-overhead error correction2. During the Kavli Foundation Special Symposium, Mikhail Lukin, a professor of physics at Harvard University, emphasized the importance of optimized error-correction codes and highlighted the need for co-designing these codes with quantum algorithms and native hardware capabilities in order to achieve fault-tolerant quantum computation.

Another important and well-received focus at the conference was the application of quantum algorithms in noisy quantum computers, with the goal of demonstrating advantages of quantum computing in practical applications prior to achieving fault-tolerance. One such algorithm is quantum machine learning (QML)3, which embeds machine learning within the framework of quantum mechanics. A pivotal point of discussion in the conference revolved around how to practically harness QMLs strengths, such as its low training cost and efficient scalability. While QML has the potential to accelerate data analysis, especially when applied to quantum data from sources such as quantum sensors3, understanding its limitations and developing theoretically sound approaches are imperative tasks for achieving advantage in practical problems. In addition, proper considerations of practical constraints, such as bottlenecks in quantum data loading and the effects of noise, are equivalently important for algorithm design.

Efforts from the industry for advancing quantum information technology did not go unnoticed during the 2024 APS March Meeting either. Companies such as Google Quantum AI, AWS Center for Quantum Computing, IBM Quantum, Quantinuum, and QuEra Computing Inc. among others have been making substantial contributions to various aspects of quantum computing, from software and algorithm design to hardware advancements, such as the logical quantum processor with neural atom array4 and the 32-qubit trapped-ion system5. Furthermore, industrial partners play a crucial role in helping to identify pertinent problems for quantum algorithms, including, but not limited to, in the domains of physical sciences6,7, biological sciences8, and finance9.

At Nature Computational Science, we are keen on publishing studies that span a wide range of topics within quantum information science. Our interest extends from fundamental research aimed at the realization of quantum computing, including the development of codes such as QEC, to studies that deepen our understanding of quantum algorithms and contribute to the broader theoretical framework of quantum computing10,11. Furthermore, we are interested in well-motivated studies that apply quantum algorithms on real quantum computers for solving real-world, practical problems, showcasing clear advantages derived from quantum effects12,13. By fostering an ongoing dialogue on quantum computing and its implications in diverse fields, Nature Computational Science strives to contribute to the advancement of quantum information science and its transformative impact on society.

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Harnessing quantum information to advance computing - Nature.com

HSBC and PayPal are among the founding members of a new working group that aims to develop quantum-safe cryptography, preventing the cybersecurity threats posed by quantum computings potential to break current encryption methods.

Financial giants HSBC and PayPal teamed up with an ambitious working group dedicated to spearheading the adoption of quantum-safe cryptography within the payments industry. This initiative is led by the Emerging Payments Association Asia (EPAA) and also includes other tech and financial titans like IBM and Australian Payments Plus.

As quantum computing advances, it brings with it the power to shatter current encryption standards, such as RSA. This could leave our data exposed and vulnerable. Experts predict that within the next decade, quantum computers will pose significant cybersecurity risks. A DTCC white paper has already sounded the alarm, warning that quantum computing could render even the most secure systems susceptible to hacking.

The working group is not waiting for the quantum threat to become a reality. Instead, they are proactively exploring policy, regulation, and business processes for quantum-safe cryptography, particularly to protect payment rails. The collaboration aims to define requirements, identify dependencies, and create a roadmap for implementing post-quantum networks. This will help mitigate the risks associated with the quantum computers of the future.

Ray Harishankar, an IBM Fellow at IBM Quantum Safe, expressed enthusiasm for the project, stating, Given the accelerated advancements of quantum computing, data and systems secured with todays encryption could become insecure in a matter of years. We are pleased to work with the EPAA to help advance the industrys move to adopt quantum-safe technology.

The formation of this working group marks a significant step towards securing the financial industry against the quantum threat. By uniting leaders from finance and technology, the group is poised to develop strategies that will ensure the long-term security and trustworthiness of payment systems worldwide. As quantum computing continues to evolve, these preemptive measures are crucial for safeguarding our digital financial infrastructure.

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HSBC and PayPal join group pioneering quantum-safe cryptography | bobsguide - Bobsguide

Quantum computing may seem like science fiction, but it may come sooner than expected.

On Jan. 11, 2024, the World Economic Forum identified artificial intelligence (AI) and quantum computing as emerging threats in a report exploring how quantum computing could threaten the existing tech landscape.

While computer scientists and developers agree that quantum computing will still take some years to develop, research in the field is very active.

In the public sector, all G7 countries are actively involved in quantum computing projects. In the private sector, seven of the top 10 tech companies are either publicly competing for market dominance in involved in some capacity, according to Quantum Resistant Ledger.

So when will quantum computing become potent enough to threaten contemporary cryptography systems, like those safeguarding cryptocurrencies?

According to a December 2023 report from Reuters, Tilo Kunz, executive vice president of cybersecurity firm Quantum Defen5e (QD5), told officials at the Defense Information Systems Agency that Q-day the day quantum computing can break current security standards could come as soon as 2025.

Major organizations in the finance world have noticed. In June 2023, the Bank for International Settlements started its Project Leap, which aims to develop quantum-proof payment systems with the Bank of France and Deutsche Bundesbank.

So, with ominous forecasts and central banks scrambling to safeguard payments, how can the blockchain and crypto industry prepare for Q-day? Is anyone prepared?

David Chaum, a renowned computer scientist and founder of post-quantum resistant blockchain XX Network, explained to Cointelegraph how quantum computing can vaporize a blockchain.

Quantum computing could compromise the SHA-256 algorithm the cryptographic hash function that serves as the primary wall of defense for securing access to blockchain-based assets like cryptocurrencies.

Subsequently, quantum computers could break the blockchains consensus by creating fake messages, which could jam the consensus protocol. Chaum said:

They could also effortlessly crack private keys, making funds vulnerable to theft.

Vitalik Buterin, co-founder of the Ethereum network, introduced a possible solution to blockchains quantum challenge.

On March 9, 2024, Buterin proposed a solution involving a hard fork, opening a debate on how to prepare the blockchain for a quantum emergency.

Buterin explained that quantum computers could crack an Ethereum account and reveal the private key by using the public key alone.

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As Buterin explained, the only Ethereum accounts safe from a quantum attack would be wallets that have never completed a transaction, as they wouldnt have exposed their public key.

Of course, this is not a common practice among crypto holders, so nearly all wallets would be in jeopardy.

For Buterin, the technology required to make Ethereum immune to a quantum attack could be developed tomorrow:

Buterins proposed solution is based on proving ownership of crypto assets or a wallet by applying a backup key as a fallback.

The concept was introduced in 2021 in the paper W-OTS(+) up my Sleeve! A Hidden Secure Fallback for Cryptocurrency Wallets by cryptographers Chaum, Mario Larangeira, Mario Yaksetig and William Carter, who proposed a key generation mechanism where users can generate a backup key, which is securely nested inside the secret key of a signature scheme.

In the event of a secret key leak, the backup key would generate proof of ownership and recuperate their funds in an updated quantum-resistant blockchain essentially through a hard fork in the blockchain.

Therefore, if a quantum emergency emerges, users would download a new wallet software and prove their ownership with the fallback. Buterin mentioned how only a few users would lose their funds in this procedure.

The hypothetical hard fork would roll back the Ethereum network to the block where the large-scale theft occurred.

Chaum claimed that Buterins solution isnt perfect and could create some turbulence for Ethereum users.

As Chaum explained, if Ethereum does not implement a quantum resistance mechanism before a quantum attack, the emergency solution suggested by Buterin will force the chain to be reconstituted.

The cryptographer explained that a new chain with quantum-resistant measures built into its core would need to be built. Once that is achieved, the assets may be moved to a new wallet in the new chain.

During this process, the Ethereum blockchain would need to be paused for an unknown time until its restored to a new quantum-resistant blockchain. Chaum said that this procedure could take years.

He said that the consequences of the sudden halt of one of the most active blockchains should not be underestimated, stating that it could be catastrophic.

John Woods, chief technology officer at the Algorand Foundation, told Cointelegraph that, while he believes Buterin is hyper-competent, he feels Ethereum could take a step further: Its evident that this post represents an emergency plan of action and not an elegant transition into a post-quantum cryptography era for Ethereum.

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Algorand implemented a post-quantum mechanism using Falcon signatures, one of the three signing algorithms the National Institute of Standards and Technology selected for standardization.

Woods encouraged Ethereum to adopt Falcon to foster interoperability as its implementation is not limited to Algorand and holds potential for adoption by various other distributed ledger technologies, blockchains and related systems.

Ethereum seems to have established an emergency protocol to survive if a quantum emergency is detected.

However, the emergency solution has serious caveats, which should make the Ethereum developer community focus firmly on developing quantum-resistant measures before Q-day arrives.

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Q-Day approaching: Can Ethereum survive a quantum emergency? - Cointelegraph