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. As a pioneer in cryptography, Back emphasized that while the risk is theoretically real, it is not yet a practical concern due to the lack of error correction in current quantum hardware.
He highlighted the need for a timely response, rather than dismissing the threat altogether, and suggested that the industry should focus on giving users the option to transition to quantum-resistant key formats over the next decade. Back noted that researchers are actively working on post-quantum cryptography, with a dedicated team of 20 people publishing papers and implementing solutions, such as on Blockstream's Liquid network. The main challenge lies in coordinating a gradual and orderly migration to new security protocols before the quantum threat becomes imminent.