Paper 2025/1626 Original: eprint.iacr.org/2025/1626 ↗

The Grand Challenge of PQC Migration: Analysis of Modern Blockchain and Intertwined Human Egoisms

Abstract

Since the invention of Bitcoin in 2008, blockchain technology has evolved from a simple decentralized ledger into a complex, multi-functional financial system spanning multiple layers. Despite this evolution, the cryptographic primitives foundational to this trustless system are now threatened by the emergence of quantum computers. While the necessity of Post-Quantum Cryptography (PQC) migration is widely acknowledged, blockchain remains an extremely challenging domain for cryptographic migration due to its decentralized architecture and long-term security requirements. Today, the evolving complexity has rendered simple cryptographic migration models insufficient at system scale. Furthermore, human factors rooted in economic rationality and intertwined incentives, such as investors’ pursuit of short-term profits and miners’ mining profitability, have emerged as critical obstacles to migration. This paper provides a comprehensive analysis of the challenges and current status of blockchain PQC migration as of December 2025. Specifically, we analyze the components requiring migration and their technical challenges, while systematically organizing operational barriers, including trade-offs found within migration strategies and stakeholder interests. Furthermore, we propose guidelines for future research initiatives that academia and the blockchain community should collaboratively address. By synthesizing ongoing community discussions and existing literature, this work aims to establish a foundation for navigating the path toward achieving quantum-resistant blockchains.