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.
The European Commission’s perspective, as outlined in its quantum strategy, is that both quantum hardware and software are still in their infancy. According to their view, it will take another 10 to 15 years to bring quantum technology to market using conventional development 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 competition—a $5 million international contest aimed at creating quantum computing algorithms for real-world applications.
On 17 October, the 20 semi-finalists were announced. These teams hope to develop powerful quantum algorithms that can demonstrate the potential of quantum computing and help bring the technology to practical use sooner.
https://sciencebusiness.net/news/r-d-funding/quantum-computing/prize-make-quantum-technology-useful