In a recent interview with Bloomberg, Blockstream CEO Adam Back played down the immediate risks posed by quantum computing to the Bitcoin network, but emphasized the importance of proactive preparation. As a pioneer in the field of cryptography, with a history dating back to the 1990s, Back argued that while the theoretical threat of quantum computing is real, it is not yet a practical concern.
He noted that current quantum hardware lacks error correction, a point supported by two recent research papers. Back's central argument is not about dismissing the threat, but rather about responding to it in a timely manner.
He suggested that the focus should be on preparing Bitcoin for a potential quantum threat, by giving users 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 concepts to practical implementation. Back highlighted the ongoing research and deployment efforts across the ecosystem, including a dedicated team of 20 researchers working on post-quantum solutions.
He cited Blockstream's Liquid network as a key testing ground for these new technologies. The main challenge for the industry is not reacting to a sudden breakthrough, but rather coordinating a gradual, orderly migration to post-quantum security before the threat becomes critical.