Adam Back, CEO of Blockstream, has played down the immediate threat of quantum computing to the Bitcoin network, while emphasizing the need for the industry to prepare for the future. As a pioneer in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back argued that although the 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 sentiment echoed by two recent research papers. These papers, one a serious engineering analysis and the other a satirical take, both suggest that quantum computing poses a long-term rather than near-term threat to cryptographic systems.
However, Back stressed that the key issue is not about dismissing the threat, but rather about responding at the right time. He suggested that the industry should prepare Bitcoin and give users the option to migrate their keys to a quantum-resistant format, allowing for a decade-long transition period.
This timeline is in line with the development of post-quantum cryptography, which is transitioning from theoretical 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 ongoing research and deployment efforts.
He mentioned a 20-person research team working on this issue, publishing papers, and implementing solutions, such as the Liquid network developed by Blockstream. The main challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.