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BlackRock, a global investment firm, has raised concerns that Bitcoin’s security may face serious risks due to advancements in quantum computing. This concern represents the first occasion BlackRock has explicitly defined quantum technology as a systemic risk to Bitcoin 
$103,040 in formal documentation. Consequently, BlackRock has expanded its asset fund risk disclosures to better inform investors.
Details of the Quantum Threat
BlackRock’s statement emphasized that if quantum computing technology progresses, the encryption algorithms fundamental to both Bitcoin and other information systems could become obsolete. Their application to the United States Securities and Exchange Commission (SEC) noted that many encryption algorithms widely used in global IT infrastructures may be imperiled with quantum advancements, including those utilized in digital assets like Bitcoin.
Experts affirm that while current quantum computers do not yet pose a threat to the Bitcoin network, future developments could endanger both wallet security and transaction verification. Bloomberg ETF analyst James Seyffart described these updates as typical risk disclosures similar to standard warnings in the industry.
Solutions against Quantum Risks in Bitcoin’s Encryption
Bitcoin’s security, reliant on the Elliptic Curve Digital Signature Algorithm (ECDSA), is robust against classical computers; however, sufficiently powerful quantum computers might crack this algorithm. Utilizing Shor’s algorithm, for instance, quantum computers could potentially solve encryptions much faster than classical counterparts, with Grover’s algorithm also providing significant advantages in mining processes.
In response to such risks, the Bitcoin community has initiated various projects. One such initiative is the QuBit protocol, proposed by a developer with the alias Hunter Beast, which introduces a new address format promoting quantum-resistant digital signatures and an economically compatible solution mechanism. The community might also adopt an approach similar to the implementation of the Segregated Witness (SegWit) protocol.
Efforts are not limited to these measures. Diverse technological approaches, such as classical algorithms resistant to quantum attacks (post-quantum cryptography) and blockchain infrastructures with quantum features, are currently under exploration. Additionally, discussions on necessary updates and changes to advance the Bitcoin network are underway.
General Security and Risks in the Industry
Besides quantum risk, BlackRock’s filing addressed other significant issues, such as regulatory uncertainties, environmental impacts of mining activities, concentration of mining power in specific regions, past financial crises, and risks of protocol forks in the Bitcoin network. The fund’s risk disclosures have been significantly expanded accordingly.
This comprehensive risk section for investors spans over 50 pages, presenting all noteworthy threats transparently in official documents. Industry stakeholders remain committed to developing measures against potential threats.
Despite Bitcoin’s cryptographic security historically withstanding various attacks, long-term risks posed by technological advancements are prompting new research areas. As quantum computers evolve, new encryption methods and blockchain protocols may be introduced to protect the network. Currently, the community and technology companies are intensifying research on diverse defensive mechanisms, while international investors and industry representatives remain focused on evaluating risks and providing up-to-date solutions.
