BlackRock "Quantum computers, Bitcoin security can be threatened"

BeInCrypto reported that BlackRock warned in a recently submitted BTC Spot ETF (IBIT) S-1 document about the potential risk of quantum computers compromising Bitcoin's security framework.

BlackRock stated in the report, “With the advancement of quantum computer technology, there is a possibility that Bitcoin's encryption structure could collapse,” and added, “In particular, there is a risk that malicious actors could exploit quantum technology to gain unauthorized access to Bitcoin wallets.”

Currently, Bitcoin's security relies on Public Key Cryptography, which is virtually unhackable with existing computers. However, quantum computers possess incomparable computational power compared to traditional computers, and it is known that using Shor's algorithm, existing encryption keys can be quickly decoded.

BlackRock additionally noted that there is still uncertainty regarding the actual performance and development speed of quantum computers. Experts anticipate that it will take several years for quantum computer technology to become commercialized, but the cryptocurrency industry is hastening the development of Quantum-resistant Cryptography to address this risk.

BlackRock's remarks are interpreted as a warning requiring Bitcoin holders to re-examine security due to the advancement of quantum computers, drawing attention to the industry's future response.