Enhancing Blockchain Wallet Security with Quantum eMotion Technology

14 views 2:42 pm 0 Comments May 16, 2024

Quantum eMotion Corp. (TSXV: QNC) has recently introduced an innovative approach to enhance the security of Blockchain Wallets by leveraging the QeM Quantum Random Number Generator (QRNG2). The company proudly announced the submission of a PCT patent application for this cutting-edge method.

Advancing Security through Novel Methodology

Traditionally, hardware wallets serve as secure repositories for private keys crucial in managing cryptocurrencies like Bitcoin and Ethereum. By storing private keys offline, these devices offer robust protection against cyber threats and hacking attempts, a notable advantage over online software wallets.

Cryptocurrency wallets, particularly those utilizing blockchain technology, heavily rely on complex sets of numbers called keys. Quantum eMotion recognizes the various key generation schemes, such as ND and HD, each with its own advantages and drawbacks. However, tailoring the key generation scheme to individual user preferences can be challenging, often leading to mismatches. Quantum eMotion’s innovative solution addresses this issue by introducing a wallet that intelligently selects the key generation scheme based on cost values associated with different schemes. By integrating Quantum eMotion’s QRNG technologies, users can now access a blockchain wallet that combines true random number generation with intelligent key generation scheme selection, offering unparalleled functionality.

Global Patent Application Status

Through collaboration with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada), Quantum eMotion has achieved a patent pending status globally. The patent application, filed under the Patent Cooperation Treaty, establishes March 30, 2023, as its priority date. This treaty, encompassing over 150 member states, enables international patent protection for 30 months from the priority date. Consequently, Quantum eMotion’s international patent application for this groundbreaking technology will be pending until September 30, 2025, after which the application process will proceed at the national level in selected jurisdictions.

Industry Insights and CEO’s Statement

Francis Bellido, CEO of Quantum eMotion, emphasized the relevance of their innovation amidst the resurgence of interest in cryptocurrencies. He underscored the significance of deploying their patent-secured technology, rooted in quantum electron tunneling, across diverse blockchain applications. Despite the growing popularity of cryptocurrencies, security remains a paramount concern.

A recent report by Allied Market Research projects substantial growth in the global hardware wallet market, expected to reach \(3.6 billion by 2031 from \)442.6 million in 2021, with a CAGR of 23.7% from 2022 to 2031. Nonetheless, existing hardware wallets, despite their enhanced security measures, face vulnerabilities posed by sophisticated cyber threats and the looming specter of quantum-computer attacks. In the past year alone, hackers pilfered a staggering $3.8 billion in cryptocurrency globally, as reported by a blockchain analytics firm specializing in cybercrime tracking. With the advent of quantum computers capable of breaching current encryption algorithms safeguarding online communications and financial transactions, the future poses even greater security challenges.

Quantum eMotion’s pioneering endeavors in bolstering blockchain wallet security represent a significant leap towards strengthening the bedrock of cryptocurrency transactions. As the digital realm progresses, the integration of quantum technologies holds the promise of revolutionizing security frameworks, ensuring the confidentiality and integrity of digital assets in an increasingly interconnected environment.