Quantum eMotion Corp. (TSXV: QNC) has recently unveiled a groundbreaking approach to bolster the security of Blockchain Wallets. The company proudly announced the submission of a PCT patent application for this innovative method, which capitalizes on the unparalleled security offered by the QeM Quantum Random Number Generator (QRNG2).
Enhanced Security through Innovative Methodology
The conventional hardware wallet acts as a stronghold, preserving private keys essential for the management and access of cryptocurrencies like Bitcoin or Ethereum. By maintaining private keys offline, these devices shield themselves against cyber threats and hacking endeavors, a significant advantage over internet-connected software wallets.
Cryptocurrency wallets, particularly those based on blockchain technology, rely heavily on extensive series of numbers known as keys. Quantum eMotion acknowledges the diverse schemes employed for key generation, such as ND and HD, each carrying its own set of merits and demerits. However, adapting the key generation scheme to suit individual user requirements poses a challenge, often resulting in mismatches between the user’s needs and the chosen scheme. Quantum eMotion’s pioneering technology resolves these inconveniences by introducing a wallet capable of intelligently selecting the key generation scheme. This selection process is based on a comparison of cost values associated with different key generation schemes. Furthermore, by harnessing Quantum eMotion’s QRNG technologies, consumers can now access a blockchain wallet that combines the benefits of true random number generation with intelligent key generation scheme selection, thus offering an unparalleled level of functionality.
International Patent Pending Status
The development of Quantum eMotion’s technology, achieved through collaboration with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada), has led to a patent pending status on a global scale. The patent application, filed under the Patent Cooperation Treaty, establishes March 30, 2023, as its priority date. This treaty, spanning more than 150 member states, facilitates international patent protection for 30 months from the priority date. As a result, Quantum eMotion’s international patent application for this groundbreaking technology will remain pending until September 30, 2025. Following this period, the application process will continue at the national level in selected countries and regions.
Industry Perspectives and CEO’s Remark
Francis Bellido, CEO of Quantum eMotion, highlighted the timeliness of their innovation amidst the resurgence of interest in cryptocurrencies. He emphasized the importance of deploying their patent-secured technology, grounded in quantum electron tunneling, across various blockchain applications. Despite the renewed popularity of cryptocurrencies, security remains a primary concern.
Market Projections and Security Challenges
A recent report by Allied Market Research forecasts substantial growth in the global hardware wallet market. From a value of $442.6 million in 2021, the market is projected to soar to $3.6 billion by 2031, with a compound annual growth rate (CAGR) of 23.7% from 2022 to 2031. However, despite their enhanced security features, current hardware wallets face vulnerabilities posed by sophisticated cybercriminal activities and the looming threat of quantum-computer attacks. In the previous year alone, hackers managed to steal a staggering $3.8 billion worth of cryptocurrency globally, as reported by a blockchain analytics firm specializing in cybercrime tracking. With the emergence of quantum computers capable of breaching current encryption algorithms safeguarding online communications and financial transactions, the future presents even graver security risks.
Quantum eMotion’s pioneering efforts in enhancing blockchain wallet security signify a significant stride towards fortifying the foundation of cryptocurrency transactions. As the digital landscape evolves, the integration of quantum technologies promises to revolutionize security paradigms, ensuring the integrity and confidentiality of digital assets in an increasingly interconnected world.