Can quantum computing tech kill fraud? The UK government thinks so, but with 100 million, I'm not so sure

Date:
Tue, 15 Apr 2025 08:43:00 +0000

Description:
The UK government has announced a huge(ish) investment into quantum
technology - but will it have any real effect?

FULL STORY ======================================================================

The UK Government has announced a 121 million investment into quantum technologies , a move it says will help tackle fraud, prevent money
laundering, and drive growth.

The government hopes to achieve this by bolstering the UKs world-leading research programmes, which it says will bring a range of benefits to working people, including improved healthcare systems and boosted energy efficiency
in the grid.

These are the perfect combination of big, impressive promises that are vague enough to evade any real scrutiny, with a budget that seems huge, but will
most likely fall seriously short of making any real difference. Will these research projects actually bring about an end to fraud? Well, lets start by looking at a breakdown of the spending.

An expensive venture

The new investment starts with 46.1 million through Innovate UK, and a
further 21.1 million for the National Quantum Computing Centre, including a testbed programme with Innovate UK, to to accelerate the discovery of more
ways that quantum can overhaul how we work and solve problems.

To me, this suggests the government wants more sectors to adopt quantum computing, but its not quite sure what for yet.

Quantum computing is in its infancy, and its potential is huge, but the
British government is pledging hundreds of millions to a solution it hasnt
yet matched to a problem - just to avoid falling behind.

These cash injections come alongside a further 10.9 million for the National Physical Laboratorys quantum measurement programme, in order to encourage
more businesses to make full use of the technology.

Heres the thing, though: quantum computing in its current form is
outrageously expensive. Mass production of quantum computers for commercial
use is still, at best guess, years away - and one single mid-range quantum computer (with 50-100 qubits) costs upwards of $1 million, SpinQ estimates .

Included in the 121 million figure is 24.6 million in funding from EPSRC for five previously announced research hubs, and 15.1 million spread between 11 Quantum Technology Acceleration Fellowships to help find more real-world applications for quantum, from drug discovery to disease diagnostics - yet
more potential uses of the new emerging technology.

Great expectations

To be clear, research is always positive, and the government should be establishing public research projects into potential use-cases for quantum computing, an area that has huge potential for public benefit - and if
quantum technology can eliminate fraud then thats fantastic.

That being said, at this stage, quantum computing isnt ready for commercialisation, and it is so expensive that 121 million is just a drop in the ocean for the technology, whereas that funding could be used to make a real, tangible difference elsewhere - like for the nature-friendly farming budget ( recently cut by the government) , costing the same amount, but protecting 239,000 hectares of land, or the 120 million project to help the
UK transition to zero-emissions vehicles - a measurable benefit for the
British public.

The UK has a well-developed technology sector, but struggles with a serious skills shortage , low wages, and a productivity problem. As great as quantum technology has the potential to be, these underlying issues will taint any
new developments until theyre resolved - and the governments promise to save millions for our economy, create thousands of jobs and improve businesses across the country with this relatively small cash injection seems like a stretch.

For context, its estimated that China has invested over $15 billion into
public quantum funding, out-spending both the EU ($7.2 billion), and the US ($1.9 billion). To suggest that such a small investment by the UK will simultaneously tackle crime, fraud, and money laundering, as well as
delivering thousands of jobs and cementing the UK as a world-leader in
quantum is incredibly optimistic, and quite frankly, the money could be used elsewhere.

The UKs current 10 year plan for quantum spending commits just 2.5 billion to development, an investment level likely to be overshadowed by a host of other states. Although investments are needed, without a coherent quantum strategy and guided public policy, these are likely to be lacking.

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Link to news story: https://www.techradar.com/pro/security/can-quantum-computing-tech-kill-fraud-t he-uk-government-thinks-so-but-with-gbp100-million-im-not-so-sure

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