Crypto: Coinbase Forms Board To Assess Quantum Computing Risks To Blockchain
The independent advisory board, comprising researchers and industry experts, plans to publish papers on digital-security risks and guidance for developers, organizations and users.
Coinbase has formed an independent advisory board to assess how advances in quantum computing could affect the cryptography used by major blockchain networks, including Bitcoin and Ethereum.
In a Wednesday blog post, Coinbase introduced the advisory board formed by experts in quantum computing, cryptography, distributed systems and blockchain security from academia and industry, including senior researchers from major universities, the Ethereum ecosystem and Coinbase.
The board will publish public papers assessing the state of quantum computing and its implications for blockchain systems, issue guidance for developers, organizations and users and respond to major advances in quantum technology with independent analysis.
Coinbase said the board will operate independently of the company’s management and is intended to provide industry-facing research rather than serve as an internal review body. The board is expected to publish its first position paper in early 2027, outlining a baseline assessment of quantum-related risks.
The company said the initiative will run alongside internal efforts to update Bitcoin address handling and key-management systems, as well as longer-term research into post-quantum cryptographic standards.
Related: Quantum threat to Bitcoin extends past wallet hacks: Coinbase analyst
Quantum computing is a form of computing that uses quantum bits, or qubits, to process information in ways that differ fundamentally from classical computers and may, at sufficient scale, challenge some of the cryptographic techniques used to secure digital systems.
As the technology advances, debate continues within the crypto industry over the scale of the risk it may pose and how quickly quantum computers could reach that level of capability.
On Friday, Jefferies strategist Christopher Wood removed Bitcoin from his flagship “Greed & Fear” model portfolio, citing concerns that advances in quantum computing could undermine the cryptocurrency’s long-term security.
Source: CoinTelegraph
