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Transition to the quantum economy: Trends, prospects and opportunities for Cyprus and Cypriot businesses

BK Plus Europe had the pleasure to present the findings of its study prepared for Cyprus Employers & Industrialists Federation (OEB) – Ομοσπονδία Εργοδοτών & Βιομηχάνων (ΟΕΒ) “Transition to the quantum economy: Trends, prospects and opportunities for Cyprus and Cypriot businesses” and provided an outline of the concept of quantum, the state-of-play in international and national level and potential ways of how quantum technologies can be integrated and boost the workflow of Cypriot🇨🇾 businesses.

Based on the theory of quantum mechanics, the concept of quantum is not a welcoming addition to today´s generation of computers but a fundamentally different approach to how computers operate. The difference-maker between classical and quantum computers is that the latter can fulfill algorithmic calculations in only 200 seconds, while it would take more than 10.000 years for today’s computers to do the same. With this in mind, it is hardly difficult to imagine how this technology could holistically change the existing business models across all financial sectors. With fast and precise calculations quantum can optimize a business portfolio management and risk analysis, expedite the production process of new drugs and patient diagnosis or even present solutions for the prevention of traffic management and logistical planning for retail and wholesale companies.

Seemingly a forward-looking vision, the technology and its sectoral use cases are expected to come out sooner than we can possibly think into the market, with big techs and various countries already investing in R&D towards the development of quantum capacity. Apart from the business sector, quantum will bring a new disruption for countries worldwide. One that is expected to have absolute “winners” and which is the main reason why many global leaders have decided to pour their financial resources in such a forward-looking technology. However because of its increasing disruption to all different segments, concerted efforts and actions by governments, academia and private sector is the only way to move forward and ensure that this transformational technology will be smoothly applied in the societies of tomorrow.

Following the first – symbolic – baby steps, the increasing importance of emerging technologies shows us the imminent need for follow-up actions such as the formulation of a strategic policy framework devoted to #quantum. In the case of Cyprus, one that will propel it into new heights of technological readiness and innovation, ensuring that it will remain an an-all important player in today’s digital chessboard.

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