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Why banks are leading the way on quantum

Patents concerning new use cases for the technology are rising to fresh highs

Revolut Canary Wharf
Image credit: Gordon Bell / Shutterstock

By now, most people will have heard of quantum computing. But a much smaller subset will be aware of how the technology works and the full range of potential use cases.

It will surprise some to learn that modern quantum theory has been around for a century. But the difficulty, as well as the cost in getting quantum computers to work, have proved a major obstacles.

In recent years, however, many of those practical challenges have been overcome, paving the way for an explosion in interest in the technology from both academic researchers as well as private institutions. This has been the case in Britain more so than almost any other developed nation.

There were as many as 141 applications for patents relating to quantum in the UK in 2024, according to figures obtained from the UK Patents Journal, a jump of 57% on to the previous year and a fivefold increased compared to a decade ago. On top of that, 36 patent applications were filed in the first quarter of 2025, suggesting that interest in the technology continues to grow....