Quantum eMotion To Finalize Its First Product After Resolving Its Supply Chain Bottleneck Due to Global Chip Shortage
Montreal, Quebec--(Newsfile Corp. - November 10, 2021) - Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (FSE: 34Q0) ("QeM" or the "Company") today announced that it has finally obtained the key integrated circuits whose unavailability had threatened the timely delivery of its first product.
Francis Bellido, CEO of Quantum eMotion, commented, "We are extremely pleased to have found the FTDI chip we needed to complete the design of our first QRNG device. We have lost a few months due to the worldwide semi-conductor shortages and supply chain bottlenecks that have paralyzed so many industries, but now we feel confident that we can move forward and execute our ambitious business plan."
"Our first product is a portable USB QRNG device that will generate pure randomness as the cornerstone of un-hackable encryption systems. We are planning to use this device to develop, in collaboration with institutional technology partners, breakthrough security solutions for blockchain applications. Block addresses are generated with random numbers and cryptographic hashing algorithms. They are key to the trust of the blockchain. Any weakness in the randomness used could be exploited by an attacker to predict things and breach the system."
The disruption and havoc created by cybercriminals have been exacerbated by the COVID-19 crisis. The very recent cyberattack on the Newfoundland healthcare system that cybersecurity experts qualify as the worst in Canadian history is just another almost-daily example of this global threat. Earlier in July, the treacherous cyberattack on global IT provider Kaseya affected more than 1,500 businesses all over the world, bringing down local governments and shaking an already strained U.S.-Russia relationship at the worst possible time.
Francis Bellido added, "Cybersecurity has become a central focus for headline news as hacks and ransomware attacks continue to proliferate globally. It is time for a QRNG imperative-a quantum-based solution that prevents a hack at source. We are diligently working on getting a product to market that is both scalable and cost effective."
According to ResearchAndMarkets.com:
The global cyber security market is projected to exceed US$ 330 Billion by 2027. Cybersecurity is becoming a strategic imperative for organization owing to increased focus on preventing information in the wake of high-profile data thefts and breaches. The worldwide spending on cybersecurity is increasing as it is becoming difficult to keep pace with the rise in cybercrimes and malware attacks on governments, BFSI and healthcare organizations. The adoption of cybersecurity solutions is expected to grow with the increasing penetration of internet among developing and developed countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across the world.
The Company's mission is to address the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high value assets and critical systems.
The Company intends to target the highly valued Financial Services, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Networks and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.
For further information, please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Corporation's periodic reports including the annual report or in the filings made by Quantum from time to time with securities regulatory authorities.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102796