According to Blockstream CEO Adam Back, the threat posed by quantum computing to the Bitcoin network is still a distant concern, but the industry must start preparing for the inevitable. As a pioneering figure in the history of Bitcoin, with a background in cryptography dating back to the 1990s, Back emphasized that while the theoretical risk of quantum computing is real, its practical application is still not imminent.
In a recent interview with Bloomberg, Back highlighted that current quantum hardware lacks error correction, rendering it incapable of posing a significant threat to cryptographic systems. This assessment is supported by two recent papers, which approach the issue from different perspectives, concluding that quantum computing poses a long-term rather than a short-term risk. However, Back stressed that the focus should not be on dismissing the threat but on responding to it in a timely manner. He suggested that the industry should prepare Bitcoin for the potential threat 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 in line with the development of post-quantum cryptography, which is transitioning from theoretical to practical implementation, particularly following the standardization of guidelines by NIST in late 2024. Back also highlighted that active research and deployment efforts are already underway across the ecosystem, with a dedicated team of researchers working on publishing papers and implementing solutions. The Liquid network, developed by Blockstream, is cited as an early example of this effort. The key challenge for the industry lies in coordinating a gradual and orderly migration, rather than reacting to a sudden breakthrough, to mitigate the risk before it becomes critical.