Patent filed for privacy-first, cross-platform identity authentication for NFT and other digital assets

Rhea-AI Summary

Trust Stamp (OTCQX: IDAI) has filed a U.S. Provisional Patent Application for a privacy-first technology focused on non-fungible tokens (NFTs) and digital assets. This innovation enables self-sovereign identity authentication and ownership verification of digital assets via the Irreversibly Transformed Identity Token IT². The technology is platform-agnostic and supports cross-platform transactions. Trust Stamp aims to enhance security and efficiency in the rapidly growing digital asset market, addressing user concerns in sectors such as finance and humanitarian services.

Positive

• Filed a patent for a privacy-first identity authentication technology for digital assets.
• Technology is platform-agnostic and supports cross-platform transactions.
• Enhances security and user control over NFTs and cryptocurrencies.
• Complementary to existing technologies aimed at enhancing financial services.

Negative

• None.

ATLANTA, Oct. 18, 2021 /PRNewswire/ -- Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID IR), a global provider of AI-powered software focused on trust and identity authentication, has filed with the United States Patent Office for a privacy-first technology allowing the ownership and control of non-fungible tokens (NFT), cryptocurrency wallets, DeFi products, and other cryptographically verified digital assets using the company's Irreversibly Transformed Identity Token IT².

The invention detailed in U.S. Provisional Patent Application No. 63/256,347 places self-sovereign identity authentication and digital asset ownership verification in the hands of the individual, is platform-agnostic, and can authenticate cross-platform transactions. The user-centric patent filing complements the recent announcement of Trust Stamp's Cryptographic Key Vault technology aimed at banks and other financial institutions, and the company's U.S. Provisional Patent Application No. 63/188,491 filed in May 2021 using proprietary data transformation techniques to create non-fungible tokens capable of authenticating a physical object.

John Bridge, Trust Stamp's Executive Vice President responsible for digital asset-related services, comments: "Digital assets are not confined to decentralized cryptocurrencies. Central Bank Digital Currencies, DeFi, and NFTs are all becoming components of mainstream investment strategies. The speed of innovation to ensure safe and efficient use has to match the speed of growth in the market and the user base. Trust Stamp's privacy-first technologies are already proven in high value, high volume implementations, and are ideal for fast-scaling digital asset implementations".

An expert in digital currency and financial technology, Bridge spent 34 years in law enforcement, including serving as Senior Inspector/Chief Inspector of Financial Surveillance with the United States Marshals Service. He is a charter member of the D.C. Blockchain Alliance and an active member of the North Carolina Blockchain Initiative.

Trust Stamp currently provides real-time KYC/AML-compliant facial biometric and I.D. document verification built on their privacy-positive data protection technology for leading Bitcoin ATMs worldwide. Highlighting their commitment to the crypto space, Trust Stamp joined 15 blockchain industry leaders to form the Cryptocurrency Compliance Cooperative (CCC) earlier this year.

Privacy-protecting IT² technology is already incorporated in a rapidly-growing range of non-blockchain implementations, including customer onboarding and fraud detection by an S&P500 bank, Humanitarian & Development applications by Mastercard International, initiatives to combat slavery, human trafficking, and violence against women and children by the International Justice Mission, and in the Alternatives to Detention program by the United States Immigration and Customs Enforcement agency.

About Trust Stamp

Trust Stamp is a global provider of AI-powered, privacy-first, trust and 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 solutions that facilitate financial and societal inclusion, 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.

Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 80 people in seven countries across North America, Europe, Asia, and Africa. Trust Stamp trades on the OTCQX Best Market (OTCQX: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID).

 

View original content:https://www.prnewswire.com/news-releases/patent-filed-for-privacy-first-cross-platform-identity-authentication-for-nft-and-other-digital-assets-301402067.html

SOURCE Trust Stamp

FAQ

What recent patent did Trust Stamp file regarding digital assets?

Trust Stamp filed a U.S. Provisional Patent Application for a privacy-first technology that enables self-sovereign identity authentication and ownership verification of non-fungible tokens (NFTs) and other digital assets.

How does Trust Stamp's new technology benefit cryptocurrency users?

The new technology empowers users with control over their digital assets, enhancing security and enabling cross-platform transactions.

What is the significance of IT² in Trust Stamp's patent filing?

IT², or Irreversibly Transformed Identity Token, is central to Trust Stamp's technology, providing a robust solution for identity authentication and digital asset ownership verification.

When was the patent application for digital assets filed by Trust Stamp?

Trust Stamp filed the U.S. Provisional Patent Application on October 18, 2021.