Quantum eMotion Corp (TSX-V:QNC, OTCQB:QNCCF) has filed a patent application for a new method to operate a blockchain wallet that benefits from 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, thus making them less vulnerable to cyber-attacks than software-based wallets that are connected to the internet.
"We continue to deploy our patent-protected technology based on quantum electron tunneling in a multitude 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 its QRNG technology.”
The market for hardware wallets has taken off in recent years as demand has risen for secure cryptocurrency storage solutions.
However, even hardware wallets are susceptible to sophisticated cybercriminal activities and future quantum-computer 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 could even break the encryption algorithms currently used to secure many online communications, including those used for financial transactions, government communications, and personal data storage.
That’s where Quantum eMotion’s patent filing comes in.
“Our quantum crypto-wallet will eventually be considered one of the safest ways to store and manage cryptocurrencies, and they 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 built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high-value assets and critical systems.