Trust Stamp Announces Notice of Allowance for Three New U.S Patent Related to its Artificial Intelligence (AI) Based Biometric Authentication Technology
April 12 2023 - 8:30AM
Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company TM
providing artificial intelligence (AI)-powered trust and identity
services used globally across multiple sectors, announces that it
has received Notices of Allowance for an additional three patent
applications from the United States Patent Office.
Patent application No. 17/109,693 directly builds on prior
patents related to Trust Stamp’s innovative processes for
irreversibly transforming biometric and other identity data into an
irreversibly transformed identity token or “IT².” Trust Stamp
believes this technology provides an unparalleled level of data
protection, while improving the efficiency and expanding the
utility of legacy identity systems. Patent application 17/966,355
expands the range of use cases for the IT2 into NFT’s and the
Metaverse by verifying the ownership of cryptographic asset
contracts using embedded IT2 technology, while patent application
No. 17/401,508 introduces a new authentication methodology
utilizing evidence of control of third-party accounts.
Trust Stamp CEO Gareth N. Genner comments: “Over the last seven
years we have invested heavily in research and development, and the
creation of intellectual property, and our extensive patent
portfolio is the first fruit of those investments. Following our
transition to our low-code SaaS Orchestration Layer in 2022, we are
focused this year on the monetization of our technology via SaaS
sales to government and the private sector, both direct and through
channel partners, and we believe that our unique proprietary
technology positions us well in that regard.”
“We already had fourteen issued patents before these three
allowances, and we have an additional 16 patent applications
pending in addition to the three recently allowed. We're proud to
be at the forefront of using AI for these types of applications and
these patents evidence our continuing commitment to a privacy first
approach. Our innovative technology can be implemented ‘on the
edge,’ meaning that it can operate on devices that may not have
internet or other ways to access server resources powering the
creation of privacy-first applications where the user’s biometrics
never leave their own device, as well as use in remote locations
that do not have Internet or other data services available to the
user.”
Trust Stamp believes its privacy-first technology is unique in
that it replaces the storage and use of biometric templates with an
irreversibly transformed identity token (IT)² generated by a neural
network. The AI processes used include image segmentation utilizing
deep learning. The use of AI allows Trust Stamp to provide users
with the benefits of biometric-derived authentication without
losing control of or sharing their original biometric
data. The (IT)² cannot be reverse-transformed to recover the
original data and thus offers a privacy-protecting methodology to
enjoy the benefits of biometric-based authentication without the
dangers of storing biometric templates.
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global
provider of AI-powered identity services for use in multiple
sectors including banking and finance, regulatory compliance,
government, real estate, communications, and humanitarian services.
Its technology empowers organizations with advanced biometric
identity solutions that reduce fraud, protect personal data
privacy, increase operational efficiency, and reach a broader base
of users worldwide through its unique data transformation and
comparison capabilities.
Located in nine countries across North America, Europe, Asia,
and Africa, Trust Stamp trades on the Nasdaq Capital Market
(Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner
and Andrew Gowasack.
Safe Harbor Statement: Caution Concerning
Forward-Looking Remarks
All statements in this release that are not based on historical
fact are “forward-looking statements” including within the meaning
of the Private Securities Litigation Reform Act of 1995 and the
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The information in this announcement may contain
forward-looking statements and information related to, among other
things, the company, its business plan and strategy, and its
industry. These statements reflect management’s current views with
respect to future events-based information currently available and
are subject to risks and uncertainties that could cause the
company’s actual results to differ materially from those contained
in the forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The company does
not undertake any obligation to revise or update these
forward-looking statements to reflect events or circumstances after
such date or to reflect the occurrence of unanticipated
events.
Inquiries
Trust Stamp Gareth Genner,
CEOEmail: Shareholders@truststamp.ai
Investor Relations Crescendo Communications,
LLCTel: +1
212-671-1020Email: idai@crescendo-ir.com
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