According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is more of a long-term concern, but the industry must still take proactive steps to prepare. Back, a renowned figure in the history of Bitcoin due to his work in cryptography dating back to the 1990s, shared his perspective in a recent interview with Bloomberg. He highlighted that the current quantum hardware lacks error correction, which aligns with the findings of two recent papers that approach the issue from different angles. These papers suggest that quantum computing poses a long-term rather than an immediate risk to cryptographic systems.
However, Back emphasized that the focus should not be on dismissing the threat but on responding to it at the right time. He proposed that the industry should prepare Bitcoin and provide users with the option to transition their keys to a quantum-resistant format, allowing for a gradual migration over the course of a decade.
This timeline is consistent with the progress being made in post-quantum cryptography, particularly after the standardization of guidelines by NIST in late 2024. Back also noted that preparation efforts are already underway across the ecosystem, with ongoing research and deployment.
He cited the work of a 20-person research team and the implementation of solutions on Blockstream's Liquid network. The main challenge for the industry is to coordinate a smooth and orderly migration before the quantum threat becomes a pressing concern.