BlackRock Warns Quantum Computing Threatens Blockchain Cryptography; Post-Quantum Migration Accelerates

According to BlackRock's digital assets research team, on June 25, quantum computing developments pose a growing risk to blockchain security, particularly to the elliptic curve cryptography systems used by Bitcoin and Ethereum. The report by Will Su, Robert Mitchnick, and Inish Crisson notes that recent advances by Google, Caltech, and IBM have accelerated timelines for quantum threats, with fault-tolerant quantum systems potentially emerging between 2029 and 2033.

The National Institute of Standards and Technology finalized post-quantum cryptography standards in 2024, and major technology companies have begun migration discussions. However, BlackRock highlights that blockchain networks face unique governance challenges in implementing quantum-resistant upgrades. Bitcoin requires broad consensus for changes, while Ethereum must coordinate across its complex architecture. The report concludes the industry still has time to prepare before quantum threats become urgent.