Quantum technology, which is based on basic science principles, is still in its infancy, but it has become a burning issue among investors hoping to revolutionise everything from healthcare and finance to artificial intelligence and weather forecasting.
On Wednesday, Prime Minister Scott Morrison announced that Australia would spend A$100 million ($73 million) to develop quantum technology as part of a list of nine technologies that Canberra considers important to the country’s interests.
Quantum technology, based on fundamental scientific principles, is still in its infancy. Still, it has become a hot topic among investors hoping to revolutionise everything from healthcare and banking to artificial intelligence and weather forecasting.
Australia has committed to spending billions of dollars in recent months to modernise its economy and reduce its reliance on China by boosting manufacturing in industries such as resources and vital minerals and supporting the development of low-emission technology.
Australia will fund nine technologies as part of its economic plan, which is quantum technology. The majority of what was promised was delivered. A$100 million will be invested in commercialising Australia’s quantum research and establishing connections with global markets and supply networks.
In a statement on Wednesday, Morrison stated, “Quantum science and technology has the potential to revolutionise a whole range of businesses.”
Australia’s IT industry warmly received the announcement.
“Quantum technology has the capacity to be a multibillion-dollar business that creates thousands of jobs in Australia,” said Ron Gauci, CEO of the Australian Information Industry Association.
According to Morrison, advanced cyber security, communications, mineral extraction, autonomous vehicles, and innovative antibiotics are among the other technologies that will be backed.
He did, however, raise concerns about the ethical implications of such new advances.
Morrison stated, “We need to be asking ourselves what should be done with technology, not simply what can be done.”
Get Prince Edward Island and Canada’s top News, Latest News and other News of the world only at the most trustable news website of Canada peledger.com