According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is more of a long-term concern rather than an immediate danger. However, he emphasizes the importance of preparing the industry for the potential risks. As a pioneer 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 threat.
In a recent interview with Bloomberg, Back noted that current quantum hardware lacks error correction, which is a crucial factor in assessing the risk. This perspective is supported by two recent research papers, one providing a sober engineering analysis and the other a satirical take, both of which suggest that quantum computing poses a long-term rather than a near-term threat to cryptographic systems. Back's primary concern is not about dismissing the threat but about responding to it at the right time.
He suggests that preparing Bitcoin and providing users with the option to migrate their keys to a quantum-resistant format is essential, allowing for a decade-long transition period. This timeline is in line with the progress being made in post-quantum cryptography, particularly after the standardization of PQC by NIST in late 2024.
Back also highlighted the ongoing research and deployment efforts across the ecosystem, including a 20-person research team working on implementing post-quantum solutions. The Liquid network, developed by Blockstream, is cited as an early example of this implementation. The main challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.