Adam Back, CEO of Blockstream, has played down the immediate threat of quantum computing to the Bitcoin network, emphasizing instead the need for the industry to prepare for this potential risk. As a pioneer in the field of cryptography, dating back to the 1990s, Back has argued that while the theoretical risk of quantum computing is real, it is not yet a practical concern. In a recent interview with Bloomberg, Back pointed out that current quantum hardware lacks error correction, aligning with the findings of two recent research papers. These papers, one a serious engineering analysis and the other a satirical piece, both suggest that quantum computing poses a long-term rather than a near-term risk to cryptographic systems.
However, Back stressed that the key issue is not whether to acknowledge the threat, but rather to respond to it at the right time. He suggested that the industry should prepare Bitcoin for the potential threat and give users the option to migrate their keys to a quantum-resistant format, allowing for a gradual transition over the course of a decade.
This timeline is in line with recent developments in post-quantum cryptography, which is moving from theoretical research to practical implementation, particularly after the standardization of guidelines by NIST in late 2024. Back also highlighted that preparation is already underway across the ecosystem, with a team of researchers working on the issue and implementing solutions, such as the Liquid network. The main challenge for the industry is to coordinate a slow and orderly migration to post-quantum cryptography before the risk becomes urgent.