While we regularly hear about artificial intelligence, the internet of things, and - of course - blockchain, quantum technology has received less public fanfare thus far, despite the tech's potential to revolutionise computing as we know it.
The idea behind quantum technology was first mooted by physicist Gerard J. Milburn in 1997. He suggested that by harnessing the properties of quantum mechanics, technologies like cryptography, imaging and computing could be radically improved.
However, practical research into this sphere only really started to take off in 2010. Today, many companies and governments are experimenting with this field of technology, with companies like IBM, Google, and other smaller competitors such as IonQ, Rigetti Computing and Quantum Circuits..
IBM could be seen as leading the charge, with the release of a 50-qubit quantum computer in November 2017.
Although Google and NASA are also currently testing a quantum computer known as ‘D-Wave Two', the second ever commercially available quantum computer, developed by Canadian firm D-Wave Systems.
However, no attempts come close to achieving a practically useful quantum computer. The IBM model released last year was only able to maintain its quantum microstate for 90 microseconds, which, although a record, is still far from being able to carry out useful activities.
The Fredkin gate
In 2016, scientists from the Griffith University and the University of Queensland managed to build a 'Fredkin gate', where two 'qubits' (the quantum computing equivalent of bits) are swapped depending on the value of the third.
There are government-backed programmes to explore quantum tech in Singapore and the Netherlands. But it is still viewed as a cutting-edge, far out area within tech.
Here in the UK, a year ago the government launched a five-year, £270 million initiative to take quantum tech from the realm of academics and labs into commercial, practical use, led by four ‘hubs' in the universities of Oxford, Birmingham, York and Glasgow. However, the plan's expiration date is 2019, so the government will need to decide soon whether it will re-invest.
The National Physical Laboratory (NPL) say that quantum technology could become a billion dollar industry for the UK.
However, the UK will face stiff competition from China, who aims to be a pioneer in this area. The country has drawn up plans to direct billions of dollars into this blooming area of technology.
For example, a $10 billion national lab for quantum research is set to open in Hefei, in 2020, and the Chinese company, Alibaba is also building its own lab.
But what eactly is quantum technology? [You might also like: What is microservices?]
Quantum tech explained
Take a deep breath. This is about to get a bit complicated.
Quantum theory concerns ‘the science of the very small': a roughly century-old field of physics which explains how matter behaves at the atomic and sub-atomic level.
There are about four properties within quantum theory that classical physics has traditionally struggled to explain. For the field of quantum tech, two are particularly important: superposition and entanglement.
"Superposition is the idea a particle or object can be in two places or states at the same time," explains Dr Richard Murray, technologist at the UK government's science and tech innovation agency Innovate UK.
In the field of quantum computing, this means that rather than a bit being either a 1 or 0, you can have ‘qubits' which can be a superposition of both a 1 and a 0 simultaneously.
Thanks to qubits, quantum computers can hold more information and crunch through data much faster than traditional computers.
The second effect is entanglement, a phenomenon where two objects can be connected by a quantum state, even though they may be physically separated by some distance.
The reason it is useful, according to Murray, is that if you try to transmit information using this entangled state, if anyone tried to look at it, the quantum effect would be destroyed, and the person at the other end would see someone had tried to intercept the data.
"That makes for a very secure comms network," he explains.
Still confused? Here's Canadian prime minister Justin Trudeau explaining quantum computing like a boss...
How quantum tech could be used
Quantum tech can theoretically be deployed in an number of different ways. Some examples include the microprocessor, imaging devices and lasers, which all derive from quantum physics.
As a field of science, quantum mechanics could transform the healthcare sector, including in radiotherapy and imaging.
For example, with quantum sensors, MRI machines can be improved to gather ultra-precise measurements. This means that the MRI will have the capabilities to look at single molecules or grouped molecules.
Quantum communication devices could be a way to transmit medical records, defence data or secure government records without worrying they would fall into the wrong hands.
And of course, the "holy grail" of quantum tech is quantum computing. This could have a major application in cryptography. Quantum computers can more effectively devise secure cryptographic protocol such as generating truly random numbers.
Essentially this poses the risk that a quantum supercomputer would be able to hack every 'classical' computer system in the world.
Another possible application for quantum computing is AI, where experts foresee the vast number-crunching capabilities to inevitably power superior artificial intelligence.
Could the UK be a market leader in quantum tech?
So what's next? Naturally the UK is looking to position itself as a leader in quantum tech.
The government predicts that quantum tech will be worth £1 billion in the UK economy in the next ten years. Already, in 2017 the University of Bristol announced plans to build the world's first Quantum Technologies Innovation Centre.
Although the centre is not expected to open in full until 2021, the UK remains the first country so far to have begun planning towards such investment. It is anticipated that the centre will provide 9,000 new jobs, while generating almost £300 million for the economy.