A very interesting application of matrix theory and linear algebra is on mathematical analysis, formulation and studies on Quantum information and Quantum communications.
Matrices are essential to study all scientific topics.
Their properties provide a robust tool to describe almost all mathematical models. For example:
Solving linear systems, approximating the roots (eigenvalues) of polynomials, linearizing non-linear systems, dynamical systems, Jacobian, Hessian, Control theory, operators, probability theory, algebraic structures, Fourier and Laplace transforms, optimization problems, all branches in applied physics, graph theory, number theory, economic, differential topology and endless disciplines in pure and applied sciences.
So, any advances and discoveries in the matrix theory will reflect positively on all the mentioned topics.
One of the famous open problems in matrix theory is the following:
If A and B are two square non- commuting matrices of the same dimension. If we know the eigenvalues of both matrices A and B.