Trust Stamp has partnered with Scurid to deliver highly secure, AI-powered in-field authentication for seamless human-machine interaction
- Partnership with Scurid enhances Trust Stamp's AI-powered trust and identity services
- Scurid's platform enables seamless connectivity among IoT edge devices, platforms, databases, and other applications
- Biometric tokenization reduces the risk of unauthorized access or use of exfiltrated biometric data
- Scurid's device identity implementation significantly reduces the risk and impact of security breaches
- Encryption for biometric systems can lead to potential breaches
- Search process for a match in extensive biometric databases can be computationally intensive and time-consuming
Insights
The strategic partnership between Trust Stamp and Scurid marks a significant advancement in the realm of Industrial Internet of Things (IIoT) security. The integration of Trust Stamp's biometric tokenization technology with Scurid's platform addresses the pressing need for robust security measures in an increasingly interconnected world. Biometric tokenization enhances the security of data storage and transmission by converting sensitive biometric information into a non-reversible token, thereby mitigating the risk of data breaches.
From a cybersecurity perspective, the collaboration is set to strengthen the protection of device identities and streamline the authentication processes. This is particularly relevant for sectors that require high levels of security, such as finance, healthcare and government. The deployment of such technology could reduce the incidence of unauthorized access, potentially lowering the costs associated with data breaches. Moreover, the decentralized nature of Scurid’s device identity framework could significantly diminish the impact of any single point of failure within the network.
The partnership between Trust Stamp and Scurid is poised to have a substantial impact on the IoT market, which is expected to grow exponentially in the coming years. The ability to offer a secure, adaptable and user-friendly platform for IoT device identity and access management could position both companies as leaders in this burgeoning market. The scalability of the solution is particularly important, as it allows for the integration of a vast number of devices without compromising performance or security, which is a critical selling point for potential clients in industries like smart manufacturing and fleet management.
Furthermore, the partnership could catalyze innovation by reducing the time-to-market for new IoT applications, offering a competitive edge. The ease of integration without vendor lock-in is an attractive proposition for businesses seeking to avoid the constraints of proprietary systems. This flexibility could lead to increased adoption rates and potentially drive up the market shares of both Trust Stamp and Scurid.
Investors in the technology sector should closely monitor the developments arising from the Trust Stamp and Scurid partnership. The integration of advanced biometric tokenization in IoT systems represents a forward-thinking approach to addressing current and future security challenges. As demand for IoT devices continues to surge, companies that provide innovative and secure solutions are well-positioned for growth.
Investments in cybersecurity technologies, particularly those safeguarding the IIoT space, are likely to see increased interest as businesses and governments prioritize data protection. The success of this partnership could lead to an uptick in investor confidence, potentially influencing Trust Stamp's stock performance positively. It is important for investors to consider the long-term implications, such as the potential for recurring revenue streams from service and maintenance contracts and the broader adoption of secure IoT solutions across various industries.
Trust Stamp’s Privacy-first AI-powered biometric technology, combined with Scurid’s platform ensures a secure and streamlined process, making the hassle of traditional authentication methods a thing of the past and it paves the way for a fluid, intuitive and seamless authentication between humans and machines, while addressing crucial security and privacy concerns
Copenhagen, Denmark, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM, providing AI-powered trust and identity services, has entered a partnership with Scurid, a global pioneer in delivering cutting-edge solutions for Industrial Internet of Things (IIoT) device identity and access management (IAM) platform, that enhances device identities through the incorporation of interoperability and data management functionalities. Scurid’s user-friendly platform, enables seamless connectivity among IoT edge devices,IoT platforms, databases, and other applications, allowing clients to implement secure autonomous IoT systems swiftly in their applications, and with a deployment base exceeding 1000 devices, Scurid has earned trust in production environments, providing their customers the ability to bring their innovations to market swiftly and securely.
In a strategic collaboration aimed at enhancing the smooth and secure interaction between humans and machines, Scurid has joined forces with Trust Stamp, to leverage the benefits of biometrics as it opens an avenue to elevate the usability and security of IoT devices. This partnership is poised to play a crucial role in fortifying a diverse array of emerging IoT and edge devices, effectively addressing security challenges, and establishing seamless authentication and authorization, fostering a more integrated connection between humans and machines
However, biometric data storage and transmission, particularly for IoT and edge devices, pose security challenges. Encryption, while common, is not foolproof, leading to potential breaches. Moreover, in biometric systems with extensive databases, the search process for a match can be computationally intensive and time-consuming, and encryption adds complexity, further slowing down system response time and accuracy. By utilizing biometric tokenization, like that of Trust Stamp’s IT2, it addresses these issues, providing performance and security. By transforming facial biometrics into a tokenized, irreversible form, the risk of unauthorized access or use of exfiltrated biometric data is significantly reduced.
Scurid, in synergy with Trust Stamp's biometric verification, has the potential to revolutionize secure identification and authorization across diverse IoT deployments such as fleet management, smart manufacturing, smart cities, and smart warehouses. This seamless integration forms a scalable, comprehensive solution, eliminating the complexities of traditional authentication and fostering a fluid, intuitive interaction between humans and machines. Scurid’s platform is not just secure but also highly adaptable, ensuring ease of integration with any existing platform without vendor lock-in. Its built-in capabilities replace the need for multiple toolchains, offering a well-rounded, self-sufficient solution. The decentralized core of Scurid’s device identity significantly reduces the risk and impact of security breaches, making it a cost-effective, reliable choice for dynamic device identity implementation. This approach paves the way for a new era in security dynamics, where users can grant access with unprecedented precision, reshaping the interaction between users and machines in the digital world.
This collaborative project between Trust Stamp and Scurid not only addresses security challenges in IoT and edge devices but also exemplifies the multifaceted uses of Trust Stamp's IT2 technology, showcasing its adaptability and efficacy in diverse sectors such as finance, healthcare, and government, where precise and secure identification is essential for fostering trust and efficiency.
Enquiries
Trust Stamp Email: Shareholders@truststamp.ai
Jonathan Patscheider
Scurid Email: sushant.pandey@scurid.com
Sushant Pandey
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.
About Scurid
Scurid is a software platform simplifying the adoption of secure digital hardware identity & data trustworthiness for IoT/IIoT devices. With Scurid’s easy-to-use low code and API-based functionalities for robotics, sensors, etc. we are enabling our users to accelerate the adoption of secure autonomous systems in industries like smart manufacturing, retail, fleet management and smart cities. Situated in Japan, Germany, and Denmark, Scurid boasts an international team and serves clients throughout these regions.
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.
FAQ
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