There is no denying that quantum computing is one of the most riveting and exciting fields of science today. Like explorers charting unknown territories, the world’s top scientists are diving headfirst into this nascent field, unboxing new discoveries that often seem like they are ripped straight from the pages of a science fiction novel. As we venture further into the strange but fascinating realm of quantum computing, it’s reasonable to acknowledge the potential applications and the challenges that lie ahead.

Quantum physics, the science underpinning quantum computing, operates on principles that sometimes startle our ‘classical’ understanding of the world. Yet, it’s those very principles, like superposition and entanglement, that equip quantum computers with their prodigious power.

A classical computer handles information as binary bits, which could represent 0 or 1. Quantum computing, on the other hand, leverages quantum bits or ‘qubits’. Owing to superposition, a qubit can represent 0, 1, and everything in between – all at once. This gives a quantum computer a unique ability to handle vastly complex computations in ways that classical computers can’t match.

Potential Applications:

1. Cryptanalysis: Currently, many data encryption methods, like RSA, rely on the difficulty of factoring large numbers into primes. However, a sufficiently robust quantum computer could execute this task in a fraction of the time, rendering many current-generation encryption algorithms obsolete.

2. Drug Discovery: Quantum computing could also unlock new frontiers in medicine. By simulating the actions of complex molecules, a quantum computer could usher a revolution in drug discovery, leading to treatments for diseases that have thus far remained elusive.

3. Climate Modeling: The planet’s climate is an extremely intricate system. Quantum computing could help create highly accurate models which could predict climate change more accurately and lead to more effective counter-measures.

Challenges:

However, despite all the potential applications, the ‘quantum dream’ is not yet realized. Several obstacles stand in the path.

1. Physical Difficulties: Building a quantum computer is a herculean task. Qubits must be isolated from their surroundings in a state called quantum coherence, which is difficult to maintain. Currently, even the best quantum computers can only preserve this state for fractions of a second.

2. Error Correction: Unlike traditional computers, quantum computers are extremely sensitive to errors. These errors compound over time due to a phenomenon called ‘quantum decoherence,’ which can lead to incorrect results.

3. Programming Difficulties: Classical computing languages are inadequate for quantum computing. New programming languages and algorithms must be developed, which is a heavy task in itself.

In conclusion, as we continue exploring the frontier of quantum computing, we’re unlocking doors to technological advancements that could change the course of human history. However, the path there is steeped in challenges. We are still in the early stages of understanding and harnessing quantum mechanics for practical computing, but as is often the case in science, challenges are not dead-ends, rather opportunities for innovation.