BlackRock, the world’s largest asset manager with over $15 trillion in assets under management, has published an optimistic report on the crypto sector’s ability to protect itself against quantum computers. According to the Quantum Computing and Blockchains report, migrating to quantum-resistant cryptographic standards is technically simpler than building a quantum computer capable of breaking that cryptography. The report notes that 35% of circulating Bitcoin supply is potentially vulnerable due to exposed public keys, with 11-19% possibly permanently lost. BlackRock announced, alongside Coinbase, Fidelity Digital Assets and Block, the creation of the Bitcoin Security Consortium to fund open-source development of proposals such as BIP-360.
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