Quantum eMotion Corp (TSX-V:QNC, OTCQB:QNCCF) has filed a patent application for a new method of operating a blockchain wallet that takes advantage of the protection provided by the QeM Quantum Random Number Generator (QRNG2), the company announced.
A hardware wallet is a physical device used to securely store private keys to access and manage cryptocurrencies, such as Bitcoin or Ethereum. The wallets are designed to keep private keys offline, making them less vulnerable to cyber attacks than software-based wallets connected to the internet.
“We continue to deploy our patent-protected technology based on quantum electron tunneling in a variety of applications,” CEO Francis Bellido said in a statement. “Our quantum-protected blockchain wallet will be the first application of the program funded by Mitacs in collaboration with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada) for Blockchain applications of the QRNG technology.”
The hardware wallet market has taken off in recent years as demand for secure cryptocurrency storage solutions has increased.
However, even hardware wallets are vulnerable to sophisticated cybercriminal activities and future quantum data attacks. Last year alone, hackers stole a record $3.8 billion worth of cryptocurrency globally, according to a blockchain analytics firm that tracks cybercrime.
Future quantum computers may even break the encryption algorithms currently used to secure many electronic communications, including those used for financial transactions, public communications and the storage of personal data.
This is where Quantum eMotion’s patent application comes in.
“Our quantum crypto wallet will eventually be considered one of the most secure ways to store and manage cryptocurrencies and will become indispensable for anyone who wants to keep their digital assets highly secure,” Bellido said.
Quantum eMotion’s technology addresses the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the inherent unpredictability of quantum mechanics and promises to provide increased security to protect valuable assets and critical systems.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
