Adam Back, CEO of Blockstream, has downplayed the immediate risks posed by quantum computing to the Bitcoin network, but stressed the importance of preparing for the future. As a pioneer in the field of cryptography, dating back to the 1990s, Back argued that while the theoretical risks of quantum computing are real, they are not yet a practical concern, in a recent interview with Bloomberg.
He pointed out that current quantum computing hardware lacks error correction, a notion supported by two recent research papers highlighted on social media, which approach the issue from different perspectives. These papers collectively suggest that quantum computing poses a long-term rather than short-term threat to cryptographic systems. However, Back emphasized that the key issue is not about dismissing the threat, but about responding at the right time. He stated, 'We don't need to agree on the timeline for quantum computers to become a threat, because the prudent approach is to prepare Bitcoin and provide users with the option to migrate their keys to a quantum-resistant format, with a timeline of around a decade to do so.' This timeline aligns with recent developments in post-quantum cryptography, particularly following 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 cited a dedicated 20-person research team working on this issue, publishing papers, and implementing solutions, with Blockstream's Liquid network serving as a testing ground. The main challenge for the industry is to coordinate a gradual and orderly transition before the risks become urgent.