Patent filed for privacy-first, cross-platform identity authentication for NFT and other digital assets
ATLANTA, Oct. 18, 2021 /PRNewswire/ -- Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID IR), a global provider of AI-powered software focused on trust and identity authentication, has filed with the United States Patent Office for a privacy-first technology allowing the ownership and control of non-fungible tokens (NFT), cryptocurrency wallets, DeFi products, and other cryptographically verified digital assets using the company's Irreversibly Transformed Identity Token IT2.
The invention detailed in U.S. Provisional Patent Application No. 63/256,347 places self-sovereign identity authentication and digital asset ownership verification in the hands of the individual, is platform-agnostic, and can authenticate cross-platform transactions. The user-centric patent filing complements the recent announcement of Trust Stamp's Cryptographic Key Vault technology aimed at banks and other financial institutions, and the company's U.S. Provisional Patent Application No. 63/188,491 filed in May 2021 using proprietary data transformation techniques to create non-fungible tokens capable of authenticating a physical object.
John Bridge, Trust Stamp's Executive Vice President responsible for digital asset-related services, comments: "Digital assets are not confined to decentralized cryptocurrencies. Central Bank Digital Currencies, DeFi, and NFTs are all becoming components of mainstream investment strategies. The speed of innovation to ensure safe and efficient use has to match the speed of growth in the market and the user base. Trust Stamp's privacy-first technologies are already proven in high value, high volume implementations, and are ideal for fast-scaling digital asset implementations".
An expert in digital currency and financial technology, Bridge spent 34 years in law enforcement, including serving as Senior Inspector/Chief Inspector of Financial Surveillance with the United States Marshals Service. He is a charter member of the D.C. Blockchain Alliance and an active member of the North Carolina Blockchain Initiative.
Trust Stamp currently provides real-time KYC/AML-compliant facial biometric and I.D. document verification built on their privacy-positive data protection technology for leading Bitcoin ATMs worldwide. Highlighting their commitment to the crypto space, Trust Stamp joined 15 blockchain industry leaders to form the Cryptocurrency Compliance Cooperative (CCC) earlier this year.
Privacy-protecting IT2 technology is already incorporated in a rapidly-growing range of non-blockchain implementations, including customer onboarding and fraud detection by an S&P500 bank, Humanitarian & Development applications by Mastercard International, initiatives to combat slavery, human trafficking, and violence against women and children by the International Justice Mission, and in the Alternatives to Detention program by the United States Immigration and Customs Enforcement agency.
About Trust Stamp
Trust Stamp is a global provider of AI-powered, privacy-first, trust and 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 solutions that facilitate financial and societal inclusion, 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.
Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 80 people in seven countries across North America, Europe, Asia, and Africa. Trust Stamp trades on the OTCQX Best Market (OTCQX: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID).
SOURCE Trust Stamp
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