Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) Inc., a provider of AI-powered trust and identity services, said it 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 Atlanta, Georgia-based said the invention detailed in US 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 (OTCQX:IDAI, EURONEXT:AIID)'s Cryptographic Key Vault technology aimed at banks and other financial institutions, and the company's US 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.
In a statement, Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) executive vice president John Bridge said digital assets are "not confined to decentralized cryptocurrencies."
READ: Trust Stamp to provide secure crypto key vault solution for financial institutions
“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," Bridge added.
As an expert in digital currency and financial technology, Bridge spent 34 years in law enforcement, which included serving as senior inspector and chief inspector of financial surveillance with United States Marshals Service. He is a charter member of the DC Blockchain Alliance and an active member of the North Carolina Blockchain Initiative.
Trust Stamp currently provides real-time KYC/AML-compliant facial biometric and ID document verification built on their privacy-positive data protection technology for leading Bitcoin ATMs around the world.
Highlighting its commitment to the crypto space, Trust Stamp earlier this year joined 15 blockchain industry leaders to form the Cryptocurrency Compliance Cooperative (CCC).
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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