Adam Back, CEO of Blockstream, has played down the immediate threat of quantum computing to the Bitcoin network, but stresses the importance of preparation. As a pioneer in Bitcoin's cryptographic development, dating back to the 1990s, Back argues that although quantum risk is theoretically real, it is not yet a practical concern. In a recent interview with Bloomberg, Back pointed out that current quantum hardware lacks error correction, a notion supported by two recent papers that approach the issue from different angles, suggesting that quantum computing poses a long-term rather than short-term risk to cryptographic systems. However, Back emphasizes that the focus should not be on dismissing the threat, but on responding to it in a timely manner.
He suggests that the industry should prepare Bitcoin for migration to quantum-resistant formats, allowing for a decade-long transition period. This timeline aligns with the progression of post-quantum cryptography from theoretical to practical implementation, particularly following NIST's standardization in late 2024.
Back highlights that preparatory work is already underway, with a 20-person research team actively publishing papers and implementing solutions, such as on Blockstream's Liquid network. The challenge for the industry lies in coordinating a gradual and orderly migration before the quantum threat becomes pressing.