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The UK government has announced that it is backing the nation's first commercially available quantum computer to the tune of millions of pounds.

Quantum technology is estimated to offer 4 billion of economic opportunities globally by 2024 (and 341 billion through productivity gains in coming decades) - which will result in creation of new jobs, knowledge and skills in the United Kingdom, the government claims.

A Rigetti superconducting quantum computer is already commercially available in the Amazon Web Service (AWS) Bracket cloud, alongside other US-based systems using different approaches from D-Wave and IonQ. "This a key part of our plan to build back better using the latest technology, attract the brightest and best talent to the United Kingdom and encourage world-leading companies to invest here".

Pharmaceuticals, aerospace and transport are thought to be among the industries that will get maximum benefits from quantum computers. A recent BCG report projected the global quantum industry to reach 4B by 2024.

The University of Edinburgh will develop new techniques to test the hardware and the performance of the programmes that will run on the computer. Phasecraft will develop algorithms for energy, materials design and pharmaceutical purposes, while Standard Chartered Bank will look at financial applications.

It still sounds like early days in the development of a UK-based quantum computer - yesterday's investment kicked-off a three year development program.

"Oxford Instruments" new Proteox dilution refrigerator will be used as the cryogenic platform. "I am sure this collaboration will open a new future for many more innovative applications, and these applications will require an ecosystem where skills development, design & engineering excellence, and technology partners all combine to enable new discoveries and solutions', Simon added".

"We are excited to deliver the UK's first quantum computer and help accelerate the development of practical algorithms and applications", affirmed Rigetti Computing CEO Chad Rigetti. By providing access to quantum hardware, the collaboration aims to unlock new capabilities within the thriving United Kingdom ecosystem of quantum information science researchers, start-ups, and enterprises who have already begun to explore the potential impact of quantum computing.

The funding for the project forms part of the government's Quantum Technologies Challenge, which itself is led by the UK Research and Innovation public body, according to the press release.

Oxford Instruments plc published this content on 02 September 2020 and is exclusively responsible for the information contained therein. And more research should bring us closer to advanced quantum technologies and the grandest goal of quantum information science, creating a fault-tolerant quantum computer that can indefinitely compute without errors. The company's contributions range from underpinning mathematics through to developing software on real or emulated quantum hardware. It is hoped the quantum computer will provide better or quicker ways to solve problems in complex United Kingdom industries like pharmaceuticals, aerospace, and transport.

With over 100 academics, 120 research staff and over 1,600 students from over 80 countries worldwide the University of Edinburgh's School of Informatics is the largest European centre of its kind. It will also provide access to quantum computers for both research institutions and businesses.It is based at the Harwell Science and Innovation Campus in Oxfordshire. Standard Chartered's Data Science & Innovation group, with a proven research track record in quantum computing and machine learning/AI, has been active in quantum computing since 2017.

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