Trust Stamp announces a patent filing for a groundbreaking AI-powered facial recognition technology
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Insights
The filing of a provisional patent application by Trust Stamp for its Stable IT2 technology represents a potential strategic advancement in biometric identity authentication. This technology could disrupt the current market by offering a more secure and privacy-centric approach to identity verification, which is a critical component in various industries including finance, healthcare and government services.
From a financial perspective, the announcement could signal future revenue streams for Trust Stamp, as the demand for robust cybersecurity solutions is on the rise. The technology's ability to store data on edge wallets and distributed ledgers aligns with the growing trend towards decentralized systems, potentially opening new markets for the company. Investors should monitor the company's ability to convert this intellectual property into commercial products, as well as the market's response to such innovations.
It is important to consider the competitive landscape, as other companies may also be investing in similar technologies. Trust Stamp's ability to secure patents and create barriers to entry could be a significant factor in its long-term success and market share acquisition. Investors should evaluate the company's track record in innovation and its strategy for leveraging its intellectual property portfolio.
The introduction of Trust Stamp's Stable IT2 technology could represent a significant enhancement in cybersecurity measures, particularly in the realm of biometric authentication. The technology's use of cryptographic tokens and challenges to authenticate messages addresses the increasing concerns over personal data security and privacy.
This innovation may set new industry standards for secure system access and account protection. The ability to store sketch and helper data on various platforms, including distributed ledgers, is indicative of a move towards more resilient and distributed security frameworks. As businesses and consumers become more aware of cybersecurity threats, the demand for such advanced solutions is likely to grow.
Given the sensitive nature of biometric data, the technology's promise to enhance user control over personal information could be a significant selling point. The market will closely watch the implementation of this technology and its real-world efficacy in preventing data breaches and unauthorized access.
The provisional patent application for Trust Stamp's Stable IT2 technology underscores the importance of intellectual property rights in the tech industry. If granted, the patent could provide Trust Stamp with a competitive edge by legally protecting their innovation. This can deter competitors from infringing on their technology and potentially lead to licensing opportunities, which can be a lucrative revenue source.
The legal landscape for biometric data is becoming increasingly complex, with various jurisdictions implementing strict regulations on data privacy and security. Trust Stamp's technology, which enhances user control over personal information, could help businesses comply with such regulations, thereby reducing legal risks associated with data breaches and non-compliance. The ability to authenticate without exposing biometric data could also mitigate risks associated with the storage and transmission of sensitive information.
It is crucial for Trust Stamp to navigate the patenting process effectively, ensuring that their claims are broad enough to offer substantial protection while being specific enough to be granted by the patent office. Monitoring the progress of this patent application and any subsequent patents that are issued will be important for stakeholders interested in the company's intellectual property strategy.
Trust Stamp has filed a provisional patent application (USPTO: 63/611,799) with the US Patent and Trademark Office for its new Stable IT2TM technology that is designed to transform the landscape of biometric identity authentication
ATLANTA, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM, providing AI-powered trust and identity services, has announced the filing of a provisional patent application for its new Stable IT2TM technology.
Stable IT2 is a groundbreaking facial recognition technology designed for identity authentication, secure system access, and account protection. It uses a cryptographic token generated from a user’s facial biometrics to respond to cryptographic challenges and authenticate messages, enhancing security and user control over personal information.
At registration, Trust Stamp’s binding process combines a cryptographic key and biometric information to produce sketch and helper data that can be stored anywhere, including on edge wallets, mobile devices, or a distributed ledger. The ultra-secure feature of Stable IT2 is that even in verification, neither the secret nor the biometric about the user is revealed.
During the authentication process, the system does not compare raw biometric data or biometric templates. Instead, it matches the tokenized representations, ensuring that biometric data is never exposed or stored. This tokenized matching is not only secure but also highly efficient, providing quick and accurate identity verification thereby reducing the risk of account takeover by attackers.
Dr Norman Poh, Trust Stamp’s Chief Science Officer commented, "When a company adopts Stable IT2, Trust Stamp's technology integrates into the back-end of their existing systems to overhaul the facial recognition process. During the process, a user's facial image is captured – typically via a selfie, and the image is then converted into a Stable IT2 token using Trust Stamp’s proprietary algorithm. This token, a complex cryptographic representation of the user's facial data, is used for all subsequent identity verifications. During the authentication process, the system does not compare raw biometric data or traditional templates. Instead, it matches the tokenized representations, ensuring that the actual biometric data is never exposed or stored. This tokenized matching is not only secure but also highly efficient, providing quick and accurate identity verification”.
The Stable IT2 represents a user-centric approach to biometric authentication, keeping control of personal data in the hands of the user and requiring explicit consent for use, aligning with core user-privacy and data minimization and protection principles. By replacing the back-end processes of traditional facial recognition with a tokenized matching system, Stable IT2 sets a new standard in the field of biometric authentication.
Enquiries:
Trust Stamp Email: Shareholders@truststamp.ai
Norman Poh, Chief Science Officer
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 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.
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