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BTC 
ETH Quantum computing: A controllable challenge to cryptocurrency security
As discussions about the future security of cryptocurrencies intensify, BlackRock, the world's leading asset manager, has given a promising outlook. The company focuses on the debate between the development of quantum computing and blockchain security, pointing out that upgrading to anti-quantum encryption measures may be simpler than designing a quantum computer that can crack existing encryption protocols.
How real are quantum threats?
The cryptocurrency field has always been concerned that quantum computers may undermine blockchain security, especially threats to mainstream cryptocurrencies such as Bitcoin. Currently, researchers are experimenting with anti-quantum signature systems on specific side chains to counter potential quantum risks. BlackRock noted, however, that current quantum computers do not yet have the capabilities or reliability needed to crack Bitcoin security. They stressed that the real challenge lies in coordinating Bitcoin's decentralized network to transition to a quantum-resistant framework in a timely manner.
What actions are being taken?
Corresponding specific actions have been launched. In recent years, BlackRock has entered the digital asset space with the launch of Bitcoin and Ethereum exchange-traded funds (ETFs), marking a major recognition by the mainstream investment community. Larry Fink, the company's CEO, highlighted Bitcoin's transformative potential, likening it to "digital gold." Currently, BlackRock is working with major industry players to form a $15 million "Bitcoin Security Alliance" aimed at strengthening Bitcoin's ability to withstand quantum threats, including exploring standards such as BIP-360.
BlackRock's report points out that concerns about potential vulnerabilities are growing, with it being estimated that about 35% of existing bitcoins may be at risk of future attacks, of which 11% to 19% may never be accessible. Given these risks, BlackRock advocates proactive strategies to protect blockchain networks from quantum threats.
BlackRock emphasized the need for rapid and widespread adoption of anti-quantum cryptography technology. BIP-360 is seen as a viable solution to transition Bitcoin to a more secure encryption standard. The asset management company also emphasized that the cryptocurrency industry must work together. Future security updates need to take into account both technical and management aspects to prevent any quantum risks.
BlackRock's joint efforts with global financial leaders to protect digital assets demonstrate their determination to respond to potential threats and maintain the integrity and future prosperity of cryptocurrencies such as Bitcoin. These efforts reflect the industry's recognition that the development of quantum computing requires vigilance and timely adaptation to maintain system security.
