Quantum computing harnesses the laws of quantum mechanics to perform calculations exponentially faster than classical computers. It uses quantum bits that can represent both 1s and 0s through superposition and entanglement. While classical computers use binary digits that are either 1 or 0, quantum computers use quantum bits that can be 1, 0, or both at the same time. This allows quantum computers to perform parallel processing. Several companies are researching quantum computing including D-Wave, 1QB Information Technologies, and Cambridge Quantum Computing with potential applications in weather forecasting, drug discovery, and cryptography.