Montreal, Quebec–(Newsfile Corp. – August 15, 2022) – Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (FSE: 34Q) (“QeM” or the “Company”) Quantum eMotion is pleased to announce significant progress towards the development of the first Blockchain application of our QRNG2 technology.
Blockchain and distributed ledger technologies are quickly becoming a popular utilization of cryptography for a wide variety of domains, such as cryptocurrencies, digital art, and supply chain management. A source of truly random numbers is often desirable to enable application logic, harden security, or improve the efficiency of the system. Early in 2022, Quantum eMotion secured Mitacs funding in collaboration with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada) for Blockchain applications of its QRNG technology in three projects:
- Evaluate and develop the use of the QRNG2 device to harden the cryptographic mechanisms of hardware cryptocurrency wallets;
- Evaluate and develop the use of QRNG as a verifiable randomness beacon for blockchain oracle;
- Evaluate and develop the use of QRNG as an alternative leader selection protocol for blockchain consensus.
“We are very excited to announce the decisive progress made in our three Blockchain programs and more particularly, the design completion of the hardware cryptocurrency wallets integrated with our QRNG2. This will be the first Hardware Crypto Wallet able to store private keys for cryptocurrencies offline in a quantum-encrypted device, which will make these new wallets inviolable for the hackers. We expect to have our first physical prototype at the beginning of 2023,” said Francis Bellido, CEO of QeM.
Hardware wallets are the physical devices that store private keys for cryptocurrencies offline in an encrypted device. Private keys in these wallets are required while spending cryptocurrencies, and the wallets enable traders to store the keys safely while protecting the information.
One of the biggest heists happened last December, when the crypto trading platform Bitmart said hackers stole almost $200 million after they broke into a company account. As cryptocurrencies continue to gain popularity, the need for hardening security of Hardware Crypto Wallet with embedded cryptographic QRNG-enhanced solutions and authentication features is becoming a must to prevent catastrophic losses.
The global hardware wallet market was valued at USD 202.40 million in 2020. It is expected to be valued at USD 877.69 million by 2026, registering a CAGR of approximately 29.24%.
The Company’s mission is to address the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high value assets and critical systems.
The Company intends to target the highly valued Financial Services, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Networks and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.
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This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Corporation’s periodic reports including the annual report or in the filings made by QeM from time to time with securities regulatory authorities.
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