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Canadian Cyber Security Firm Patents Blockchain Wallet

Montreal based Quantum eMotion announces the filing of a patent for a Quantum-Operating Blockchain Wallet, promises prototype in Q2 2023

Quantum eMotion Corp announced a patent application for a new method to secure a crypto wallet using its Quantum Random Number Generator (QRNG) technology. The firm started commercial application of QRNG in 2007, after an extensive academic research by the Physics Department at Sherbrooke University.

Unlike usual Random Number Generators that can be replicated, True Random Number Generators use an unpredictable physical phenomenon, called an entropy source, to generate non-deterministic data. As a specific case of "natural" entropy source, Quantum Random Number Generators (QRNGs) generate randomness by measuring quantum processes, which are, by nature non-deterministic.

The company started researching QRNG in blockchain applications in early 2022 and announced the breakthrough in August 2022.

Francis Bellido, CEO of Quantum eMotion, talked about the collaboration of the firm with academy institutions:  

"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."

According to the presentation on the company website, the Alpha prototype of the wallet is expected in the second quarter of 2023.

The market for hardware wallets has grown significantly in recent years due to the increasing adoption of cryptocurrencies and demand for secure storage solutions. According to analysts, the global hardware wallet market is expected to increase from $0.22 billion in 2020 to $1.02 billion by 2028, growing at a CAGR of 24.0 % from 2021 to 2028.

Although hardware wallets have been developed to increase the security of cryptocurrencies, they remain vulnerable to sophisticated cybercriminal activities. Also, it is widely debated that the emergence of quantum computers could break the encryption algorithms that are currently used in blockchain. So, the bet on quantum engineering could be a potential win for the company. We continue to Observe this development too.