Adam Back, CEO of Blockstream, has played down the immediate risks posed by quantum computing to the Bitcoin network. However, he emphasizes the importance of preparation. As a pioneering figure in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back argues 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, a notion supported by two recent papers.
These papers, one a serious engineering analysis and the other a satirical piece, collectively suggest that quantum computing poses a long-term rather than a near-term threat to cryptographic systems. Back's primary concern is not dismissing the threat but rather ensuring a timely response. He suggests that it is prudent to prepare Bitcoin and offer users the option to migrate their keys to a quantum-resistant format, allowing for a decade-long transition period.
This timeline aligns with the progression of post-quantum cryptography from theoretical concepts to practical implementation, particularly following NIST's standardization in late 2024. Back highlights that preparation is already underway across the ecosystem, with ongoing research and deployment.
A team of 20 researchers has been working on this, publishing papers and implementing solutions, such as Blockstream's Liquid network. The challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes pressing.