Despite many promises, quantum computing researchers have yet to develop algorithms that enable quantum hardware to outperform classical computer systems in a practical and useful way.
According to the European Commission’s quantum strategy, both quantum hardware and software are still in their early stages of development. The Commission estimates that it will take another 10 to 15 years before this technology can be brought to market using conventional methods.
However, some experts believe that introducing market-like competition could accelerate progress in the field. This belief is the driving force behind the XPrize Quantum Applications prize—a $5 million international competition aimed at creating quantum computing algorithms for real-world applications.
On 17 October, the competition announced its 20 semi-finalists, who hope to develop powerful quantum algorithms that push the boundaries of current technology and unlock new possibilities for quantum computing.
https://sciencebusiness.net/news/r-d-funding/quantum-computing/prize-make-quantum-technology-useful
