Trust Stamp Inc stock skyrocketed on Wednesday after the company announced it has received Notices of Allowance from the United States Patent Office for three additional patent applications which are related to its artificial intelligence (AI)-based biometric authentication technology.
Shares of Trust Stamp had added 100% at US$3.82 at the market close on Wednesday.
The company said in a statement that patent application number 17/109,693 directly builds on prior patents related to Trust Stamp’s innovative processes for irreversibly transforming biometric and other identity data into an identity token or “IT².”
Trust Stamp said it believes this technology provides an unparalleled level of data protection while improving the efficiency and expanding the utility of legacy identity systems.
The second patent application number 17/966,355 expands the range of use cases for the IT² into NFTs and the Metaverse by verifying the ownership of cryptographic asset contracts using embedded IT² technology, while patent application number 17/401,508 introduces a new authentication methodology utilizing evidence of control of third-party accounts, the company explained.
Trust Stamp CEO Gareth N Genner noted that the company already had 14 issued patents before these three allowances, and it has 16 additional patent applications pending.
“We're proud to be at the forefront of using AI for these types of applications and these patents evidence our continuing commitment to a privacy-first approach,” Genner said.
“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 powering 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.”
Trust Stamp 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.
-- Updated with share price --
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