Coinbase announced Wednesday the creation of an independent advisory board to assess and prepare for the potential threat posed by quantum computing to cryptocurrency and blockchain technology. The Coinbase Independent Advisory Board on Quantum Computing and Blockchain comprises experts from various fields, including computer science, cryptography, fintech, blockchain, and security.

The board includes academics from Stanford, Harvard, and the University of California, as well as experts from the Ethereum Foundation, the DeFi platform EigenLayer, and Coinbase itself. The primary concern is that the advent of quantum computing could render current encryption methods, which protect digital wallets and private keys, obsolete.

Jeff Lunglhofer, Coinbase Chief Information Security Officer, explained in an interview with Fortune that quantum computing's arrival could defeat current encryption mechanisms. This poses a risk not only to Bitcoin but also to any software relying on existing encryption technology.

Bitcoin, launched in 2009, is considered a highly secure network that has never been hacked. However, the potential of quantum computers to break existing cryptographic algorithms represents a significant long-term challenge for the entire cryptocurrency industry. The advisory board aims to proactively address this threat by exploring and recommending solutions such as quantum-resistant cryptographic algorithms. The board will likely focus on post-quantum cryptography, which involves developing new encryption methods that are resistant to attacks from both classical and quantum computers. The move by Coinbase highlights the growing awareness within the cryptocurrency industry of the need to prepare for the future impact of quantum computing on blockchain security.