Quantum eMotion Corp said it is making “significant progress” developing the first Blockchain application of its quantum random number generator (QRNG) technology.
The company said it had completed the design of its first Blockchain application of its QRNG technology.
Earlier in 2022, Montreal-based Quantum secured funding from Mitacs to Blockchain applications of its QRNG2 technology.
Quantum’s patented solution for a QRNG exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high value assets and critical systems.
The company used funds to develop the use of the QRNG2 device to harden the cryptographic mechanisms of hardware cryptocurrency wallets, and for using QRNG as a “verifiable randomness beacon” for Blockchain oracle.
Additional funds went to developing the use of QRNG as an alternative leader selection protocol for Blockchain consensus, according to the company.
First prototype expected in early 2023
"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,” Quantum CEO Francis Bellido said in a statement.
“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.”
Bellido said the firm expects to have its first physical prototype at the beginning of 2023.
The global hardware wallet market was valued at US$202.4 million in 2020 and is anticipated to reach US$877.7 million by 2026, for 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 is targeting the financial services, Blockchain applications, cloud-based IT security infrastructure, classified government networks and communication systems, secure device keying and quantum cryptography.
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