Adam Back, CEO of Blockstream, has downplayed the immediate risks of quantum computing to the Bitcoin network, yet stresses the importance of preparation. As a pioneer in Bitcoin's history, known for his work in cryptography since the 1990s, Back argues that although the theoretical risk of quantum computing is real, it is not currently a practical threat. In a recent interview with Bloomberg, Back pointed out that current quantum hardware lacks error correction, a sentiment echoed by two recent papers that highlight the long-term rather than short-term risks of quantum computing to cryptographic systems.
Back's primary concern is not dismissing the threat but rather ensuring a timely response. He suggests that preparing Bitcoin and providing users with the option to migrate their keys to a quantum-resistant format over the next decade is a prudent approach. This timeline aligns with the development of post-quantum cryptography, which is transitioning from theoretical to practical implementation, especially after NIST's standardization in late 2024.
Back emphasizes that preparation is already underway, with a team of researchers working on publishing papers, implementing solutions, and testing them on networks like Blockstream's Liquid. The challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes pressing.