Source: Fortune
Summary
Chris Perkins, a former fund manager, argues that the crypto industry is better positioned to handle the quantum computing threat than legacy financial systems. He notes that public blockchains like Bitcoin and Ethereum have already begun developing quantum-resistant solutions. Perkins contrasts this with the slow progress of traditional financial infrastructure, such as SWIFT and the Federal Reserve’s high-value wire system. He highlights that blockchain networks have been proactive in addressing security challenges and that many have set clear timelines for quantum readiness. Perkins concludes that blockchain could become a foundation for a more secure financial system post-quantum.
Our Reading
The numbers tell one story.
Crypto networks are building quantum defenses ahead of schedule.
Legacy systems lag, with delays stretching into years.
SWIFT and the Fed took over a decade for major upgrades.
Blockchain’s open-source culture allows faster adaptation.
Author: Evan Null
Quantum Computing and the Crypto Industry
Quantum computing poses a real threat to public blockchains, according to doomer narratives. These stories suggest that public-key cryptography, the backbone of Bitcoin and Ethereum, could be compromised by quantum attacks. The fear is that decentralization, a core feature of blockchains, makes it hard to implement defensive upgrades quickly.
However, the threat is not unique to crypto. The entire internet, including legacy financial systems, is vulnerable to quantum attacks. Governments and institutions are scrambling to prepare, but progress has been slow. SWIFT, for example, took seven years to modernize its messaging system, a task far simpler than replacing encryption layers.
The Federal Reserve’s high-value wire system began upgrades in 2015 but only completed them in 2025. The Bank of England’s central ledger overhaul, planned for 2021, was delayed until 2025. These examples show that legacy systems struggle with timely upgrades, raising concerns about their ability to handle quantum threats.
Crypto networks, on the other hand, have been proactive. Ethereum, for instance, has set 2029 as its target for quantum readiness. Many blockchain projects have published comprehensive plans to become quantum-resistant. This contrasts sharply with the slow pace of traditional finance.
Crypto’s open-source ethos has allowed it to respond quickly to threats. Builders have learned to patch vulnerabilities and adapt to new challenges. As a result, the industry is better positioned to handle quantum computing than legacy systems. This has led to optimism that blockchain could become a foundation for a more secure financial system.
