Adam Back, CEO of Blockstream, has downplayed the immediate threat of quantum computing to the Bitcoin network, but highlights the importance of preparation. A pioneer in Bitcoin's cryptographic history, Back argues that while quantum risk is theoretically real, it is not yet practically viable, as stated in a recent Bloomberg interview.
He notes that current quantum hardware lacks error correction, a point supported by recent papers that frame quantum computing as a long-term risk. However, Back emphasizes the need for timely preparation, stating that the focus should be on giving people the option to migrate their keys to a quantum-resistant format over the next decade.
This timeline aligns with the ongoing development of post-quantum cryptography, with NIST finalizing standards in late 2024. Back stresses that preparation is already underway, with a dedicated research team working on implementation and deployment, citing Blockstream's Liquid network as a key testing ground. The challenge for the industry lies in coordinating a gradual, orderly migration before the quantum threat becomes pressing.