DAVOS, Switzerland -- U.S. tech giant IBM, the University of Tokyo, the National University of Seoul and the University of Chicago have signed an agreement to spend $100 million to develop and build an ecosystem around a quantum computer.

The parties have set a time scale of 10 years to develop a supercomputer capable of processing 100,000 quantum bits of information. Current computing systems process binary information in the form of either zero or one, but quantum computers are capable of processing both at the same time. This gives them the ability to process vast quantities of information at top speed.