google, Forecaster of Science and Diplomacy in Geneva (GESDA), and XPRIZE opened a contest Monday that will award $5 million over three years to teams that can find real-life applications for quantum computers.

Quantum computers process information differently than conventional, classical computers in use today, which allows them to complete certain tasks in shorter periods of time. Google Scholars found in 2019, it took a quantum computer 200 seconds to complete a task that a high-performance supercomputer, which IBM RATINGS could have a million times the processing power of a standard laptop, it would take 10,000 years to complete.

The problem the XPRIZE competition aims to solve is the disconnect between quantum algorithms and the real world. Applicants should work on quantum algorithms that address sustainability and social impact.

The competition is open to anyone worldwide working in any field. Winners will have submissions that “accelerate” quantum algorithms for “positive real-world applications,” according to competition guidelines.

Applicants can submit a new quantum algorithm, a new application of an existing algorithm, or improved performance in the form of fewer resources to run an established algorithm. University of Chicago, IBM, MicrosoftAND Purdue University are some of the many institutions offering quantum computing courses.

Registration is open at XPRIZE website.

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^{A cryostat from a quantum computer stands during a press tour of the Leibniz Information Center. Photo: Sven Hoppe/dpa (Photo by Sven Hoppe/Photo Alliance via Getty Images}

Quantum computing is an area of ​​focus for many tech giants, including McKinsey evaluating a record $2.35 billion in investment by 2022. The McKinsey report further suggests that four industries are likely to see the earliest benefits of quantum computing: automotive, chemicals, financial services and life sciences.

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IBM CEO Arvind Krishna Folie at the Duke Power School of Business last April about the benefits of quantum computing and how business minds were essential to determining the right use cases for the technology.

“So you have to work out what kind of algorithms, what use cases can use those algorithms and the technology,” Krishna told the paper.

IBM and Google Stepped $150 million last year to advance quantum computing research at the University of Chicago and the University of Tokyo.