Quantum eMotion Corp said it was making “significant progress” in developing the first blockchain application of its quantum random number generator (QRNG) technology.
The company said it has completed designing its first Blockchain application of its QRNG technology.
Earlier in 2022, Montreal-based Quantum secured funding from Mitacs for Blockchain applications of its QRNG2 technology.
Quantum’s patented solution for a QRNG harnesses the built-in unpredictability of quantum mechanics and promises to provide enhanced security for the protection of high-value assets and critical systems.
The company used funds to develop the use of the QRNG2 device to strengthen the cryptographic mechanisms of cryptocurrency hardware wallets and to use QRNG as a “verifiable random tag” for the Blockchain oracle.
According to the company, additional funds have been dedicated to developing the use of QRNG as an alternative leader selection protocol for Blockchain consensus.
First prototype expected in early 2023
“We are very pleased to announce the decisive progress made in our three Blockchain programs and more particularly, the completion of the design of the cryptocurrency hardware wallets integrated into our QRNG2”, declared the CEO of Quantum, Francis Bellido, in a press release.
“This will be the first Hardware Crypto Wallet capable of storing private keys for offline cryptocurrencies in a quantum encryption device, making these new wallets tamper-proof to hackers.”
Bellido said the company expects to have its first physical prototype in early 2023.
Global Hardware Wallets Market was valued at USD 202.4 Million in 2020 and is projected to reach USD 877.7 Million by 2026, growing at a compound annual growth rate of approximately 29.24%, according to data provided by Quantum.
The company is focused on affordable hardware security for connected devices. It targets financial services, Blockchain applications, cloud-based IT security infrastructure, government networks and classified communication systems, secure device key and quantum cryptography.
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