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ATLANTA, May 23, 2023 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered trust and identity services used globally across multiple sectors, announced that it has received a Notice of Allowance for an additional patent by the United States Patent and Trademark Office related to its AI-powered, tokenized-identity products. This Notice of Allowance follows three additional patent applications announced in April, 2023.
The patent, titled: “Systems and processes for lossy biometric representation,” expands the IP protection around the Company’s innovative biometric hashing technology used for subject identity verification. Through neural network processing and pseudorandom matrix multiplication, the technology in the patent generates anonymized vector representations of biometrics that can be compared to one another for verifying a subject’s identity. These anonymized vector representations are “lossy,” meaning not all information from the original biometric is included in the anonymized vector representation. Generating “lossy” representations allows for enhanced security when dealing with a subject’s sensitive biometric data, while still allowing for the anonymized vector representations to be compared to one another with a degree of certainty high enough for identity verification.
Trust Stamp has integrated the identity verification processes from this patent into its Irreversibly Transformed Identity Token “(IT2)” technology – a privacy-first solution that replaces the storage and use of biometric templates with an irreversibly transformed identity token, or IT², generated by AI. 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 IT² 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.
Dr. Norman Poh, Trust Stamp’s Chief Science Officer, commented, “This latest Notice of Allowance marks an important win and significantly enhances the IP around our AI-based authentication technology. With over 30 patents now issued, allowed, or pending, over the last seven years our team has developed a highly defensible IP position that is now being productized across an ever-growing range of use cases. The IT² represents an evolution of biometric authentication that provides the subject with an exceptional level of security, while greatly enhancing the utility of the original biometric capture. These capabilities have clearly differentiated Trust Stamp in the market, and industry feedback has been extremely positive, resulting in a rapidly growing commercial sales pipeline.”
About Trust Stamp
Trust Stamp, the Privacy-First Identity Company™, 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.
Trust Stamp Email: [email protected]
Gareth Genner, CEO
Investor Relations Tel: +1 212-671-1020
Crescendo Communications, LLC Email: [email protected]