Adam Back, the CEO of Blockstream, has downplayed the immediate threat of quantum computing to the Bitcoin network. However, he emphasizes the importance of preparing the industry for the potential risks. As a pioneer in Bitcoin's history, Back has been involved in cryptography since the 1990s. In a recent interview with Bloomberg, he argued that while the theoretical risk of quantum computing is real, it is not yet a practical concern due to the lack of error correction in current hardware.
This perspective is supported by two recent research papers, which approach the issue from different angles, suggesting that quantum computing poses a long-term rather than a near-term threat to cryptographic systems. Back stresses that the focus should not be on dismissing the threat but on responding to it at the right time. He believes that it is prudent to prepare Bitcoin and provide users with 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 moving from theoretical to practical implementation, particularly after the standardization of PQC by NIST in late 2024.
Back also highlights the ongoing research and deployment efforts across the ecosystem, citing a 20-person research team and the use of Blockstream's Liquid network as a testing ground. The challenge for the industry is to coordinate a gradual and orderly migration before the risk becomes urgent.