Update: Trust Stamp announces that it is filing a patent for an AI-based Age Estimation Calibration Algorithm
Trust Stamp (Nasdaq: IDAI) announced on May 23, 2024, that it is filing a patent for a new AI-based Age Estimation Calibration Algorithm. This technology is designed to enhance the accuracy of biometric-based age verification systems, which is increasingly important due to stricter regulations and growing markets for age-restricted content. Trust Stamp's existing AI-based age estimation service, launched on March 13, 2024, will benefit from this new algorithm. According to Chief Science Officer Dr. Norman Poh, the algorithm uses a Bayesian framework to mitigate errors in age prediction and to produce age category probabilities tailored to client needs. President Andrew Gowasack highlighted that the improved performance and customization will provide a competitive edge for clients requiring precise age verification.
- Trust Stamp is filing a patent for an advanced AI-based Age Estimation Calibration Algorithm.
- The new algorithm reduces error rates in age estimation, enhancing accuracy.
- The Bayesian framework helps address uncertainty in age prediction.
- The algorithm offers tailored age category probabilities for different client needs.
- The innovation is expected to outperform legacy age estimation products.
- The market for low-friction age verification is growing due to increased regulatory pressure.
- Potential delays or complications in securing the patent may arise.
- No specific financial figures or projections are provided regarding the algorithm's impact.
- The announcement does not mention any immediate revenue boost from the new technology.
ATLANTA, GA, May 23, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the AI-powered, Privacy First Identity CompanyTM announces that it is filing a patent for an AI-powered process that improves the performance of biometric-based age estimation algorithms. Increased regulatory pressure and the proliferation of age-restricted content has produced a robust and rapidly growing market for low-friction age verification. Trust Stamp already offers an AI-based age estimation service, having announced its product on March 13, 2024. With this new algorithm, error rates in AI-based estimation are reduced, and Trust Stamp will be able to more easily tailor results to complex client requirements.
Dr. Norman Poh, Chief Science Officer of the Company, commented, “This new patent application will represent Trust Stamp’s latest innovation in age estimation. The algorithm builds on the Bayesian framework to not only address the inherent uncertainty in predicting human's age but also in ways that can reduce the effect of over and under estimation had raw age values been used. Moreover, the solution allows us to produce age category probabilities that can be easily tailored to different clients’ requirements and even to target demographics, thus making the age estimation much more reliable and targeted."
Andrew Gowasack, President of the Company, commented, “With this new innovation, we fully expect our age estimation performance to outpace legacy products. Calibration and categorization of the AI outputs will be an attractive process improvement for clients who are seeking a more accurate and customized solution for online age estimation.”
Inquiries
Trust Stamp Email: Shareholders@truststamp.ai
Andrew Gowasack, President
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 seven 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.
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