Despite many promises, quantum computing researchers have yet to develop algorithms that enable quantum hardware to outperform classical computer systems in a useful way.
The European Commission’s perspective, as outlined in its quantum strategy, is that both quantum hardware and software are still not mature. They estimate it will take another 10 to 15 years to bring the technology to market using conventional methods.
However, some experts believe that introducing market-like competition could accelerate progress. This idea is the driving force behind the XPrize Quantum Applications prize—a $5 million international competition aimed at creating quantum computing algorithms for real-world use.
On 17 October, the 20 semi-finalists were announced. These teams hope to develop powerful quantum algorithms that push the boundaries of the technology and bring practical quantum computing closer to reality.
https://sciencebusiness.net/news/r-d-funding/quantum-computing/prize-make-quantum-technology-useful