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Coinbase Platform CEO Brian Armstrong confirmed that quantum computing will not disrupt blockchain and described circulating concerns as a largely solvable problem, noting that the industry is already working hard to prepare for the next phase of technological development.
In an interview with CNBC on the sidelines of the Florida Economic Forum, Armstrong explained that Coinbase has taken a proactive approach, establishing an advisory committee dedicated to quantum computing and continually working with major blockchain networks to develop a transition path to post-quantum cryptography-resistant encryption systems.
The announcements come as quantum computing transforms from a distant theoretical hazard into a long-term engineering challenge that must be prepared for.
While current quantum devices are far from capable of breaking encryption systems currently in use, researchers warn that the process of upgrading global financial systems and decentralized networks could take years.
Coinbase recently established an advisory board, including well-known experts such as University of Texas professor Scott Aaronson, Stanford University cryptographer Dan Boone, Ethereum Foundation researcher Justin Drake, and Coinbase cryptography lead Yehuda Lindell, to assess quantitative risks and develop a gradual transition strategy.
In the same context, experts point out that the theoretical risk is the possibility of using advanced quantum computers to crack private keys based on the SHA-256 algorithm in Bitcoin, but the timing of the availability of this technology is still controversial and updating encryption standards is technically possible if preparations are made early.
The Ethereum Foundation has also recently strengthened the priority of post-quantum security in its strategy, suggesting that the industry as a whole believes it has enough time to upgrade the cryptographic infrastructure of major networks.
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