Coinbase has taken a significant step by forming an independent advisory board focused on evaluating the impact of quantum computing on the cryptographic systems that underpin major blockchain networks, such as Bitcoin and Ethereum.

In a blog post published on Wednesday, the company announced that the board, comprised of experts in quantum computing, cryptography, and blockchain security from both academia and industry, aims to produce public research papers.

This independent group will analyze quantum developments and their potential repercussions for blockchain systems, offering guidance for developers and organizations while reacting to advancements in quantum technology.

Coinbase emphasized that the board will function independently of the company’s management, aiming to provide research focused on the industry rather than internal assessments. Their first position paper is anticipated in early 2027, presenting an initial evaluation of quantum-related risks.

This initiative complements Coinbase’s internal revisions to Bitcoin address management and key-management systems and explores longer-term strategies for post-quantum cryptographic standards.

The Ongoing Discourse on Quantum Computing in Crypto

Quantum computing utilizes quantum bits (qubits) to process information distinctly from classical computers, potentially threatening existing cryptographic methods that secure digital systems.

The crypto sector is engaged in ongoing discussions regarding the magnitude of the risk posed by quantum technologies.

Recently, Jefferies strategist Christopher Wood decided to exclude Bitcoin from his prominent “Greed and Fear” model portfolio, citing the threats posed by advancements in quantum computing on the long-term security of cryptocurrencies.

He expressed concern that accelerating quantum risks might undermine Bitcoin’s viability as a stable investment option for long-term investors. Wood cautioned that shared public keys could compromise private keys if quantum computing progresses faster than anticipated.

Conversely, some crypto experts contend that the threat is not imminent. Adam Back, a co-founder of Blockstream, suggested that while Bitcoin should be prepared for quantum advancements, the technology doesn’t pose an immediate concern. He argued that substantial breakthroughs in quantum computing won’t occur within the next decade, asserting that Bitcoin’s security architecture is robust against potential attacks even if some cryptographic vulnerabilities arise.

Mark Thompson, co-founder and chief technologist of PsiQuantum, echoed this sentiment, indicating that while quantum computers could eventually disrupt current encryption systems, the required technology remains significantly out of reach, thereby allowing time for necessary adaptations in cryptography.

Thompson stated, “When you start to see people using quantum computers to solve genuinely important problems, then you can think that’s when you should start to worry.”

Related: The Quantum Threat to Bitcoin Goes Beyond Wallet Vulnerabilities