Trust Stamp Announces Notice of Allowance for U.S Patent Related to its Artificial Intelligence (AI) Based Biometric Authentication Technology

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) announced on February 21, 2023, that it has received a Notice of Allowance for its patent application #17/230,684 from the United States Patent Office. This patent focuses on the company’s innovative processes for transforming biometric data into an irreversibly transformed identity token, referred to as (IT)², enhancing data protection while improving identity system efficiency. Trust Stamp's technology utilizes AI for biometric authentication without sharing original data, providing multiple biometric modalities for increased accuracy. This marks the company's fourteenth patent, with 19 additional applications pending.

Positive

• Received Notice of Allowance for patent application #17/230,684.
• Increases data protection with innovative (IT)² technology.
• Enhances efficiency of legacy identity systems.
• Utilizes AI for improved biometric authentication.

Negative

• None.

Atlanta, Feb. 21, 2023 (GLOBE NEWSWIRE) -- 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 a Notice of Allowance for its latest patent application #17/230,684 by the United States Patent Office.  The ‘684 application is directed to Trust Stamp’s innovative processes for irreversibly transforming biometric and other identity data into an irreversibly transformed identity token or “(IT)².”  Trust Stamp believes this technology provides an unparalleled level of data protection, while improving the efficiency and expanding the utility of legacy identity systems.

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. 

This patent builds upon prior patent grants protecting the (IT)² technology. The patent is also directed to:

• Collecting multiple modalities of biometrics using touchless technology;

• Converting multiple modalities of biometric and non-biometric data into a fixed-size representation allowing them to be compared for matching and deduplication using a similarity metric; and

• Combining multiple biometric modalities (e.g., face, finger, iris, speech, and palm biometrics) with other non-biometric data (e.g., SSN, user device identification data, driver's license #, date of birth, and medical data) to produce a multi-factor authentication that provides greater accuracy than any single biometric modality;

                                                                                                                                                                                                                            
Trust Stamp CEO, Gareth N. Genner comments, “This will be our fourteenth issued patent, and we have an additional 19 patent applications pending. We're proud to be at the forefront of using AI for these types of applications, this patent contributes to an overall depth of technology innovation that allows us to deliver identity and trust-focused solutions that place privacy first. 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 which allows 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.”

About Trust Stamp

Trust Stamp the Privacy-First Identity Company^TM, 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                                                   Email: Shareholders@truststamp.ai

Gareth Genner, CEO            

Investor Relations                                          Tel: +1 212-671-1020

Crescendo Communications, LLC                   Email: idai@crescendo-ir.com

FAQ

What is Trust Stamp's latest patent about?

Trust Stamp's latest patent focuses on innovative processes for transforming biometric data into an irreversibly transformed identity token (IT)².

When did Trust Stamp announce its patent allowance?

Trust Stamp announced the patent allowance on February 21, 2023.

How many patents has Trust Stamp received?

Trust Stamp has received its fourteenth patent with 19 additional applications pending.

What benefits does Trust Stamp's technology offer?

The technology offers enhanced data protection and improved efficiency in identity verification systems.

What market does Trust Stamp operate in?

Trust Stamp operates in multiple sectors, including banking, compliance, government, and humanitarian services.