By Faith Ashmore, Benzinga
Wall Street has become increasingly focused on the potential of artificial intelligence (AI) and the role it can play in transforming business and the global economy. While some experts are concerned about the hype and fear that a bubble is forming around the technology, there is growing evidence that more and more companies are embracing AI to drive innovation and growth. Multiple research reports and studies have been released by investment research firms, highlighting the transformative potential of AI and its ability to boost worker productivity and contribute to GDP growth. Carlyle recently called the birth of generative AI a watershed in human history, and Wall Street seems quite bullish on the long-term prospects of AI.
This is unsurprising considering that AI is becoming increasingly vital to businesses across a range of industries. Many firms are recognizing the need to incorporate AI into their operations and processes to remain competitive and meet the evolving demands of consumers. For example, companies are using AI to improve customer experience, enhance data analysis capabilities and streamline business operations. As AI technology continues to evolve, its role in driving innovation and growth in the business world is likely to become even more significant.
Among companies leveraging AI, Trust Stamp (NASDAQ: IDAI) is one that stands out in its field the company is looking to revolutionize digital security. Trust Stamp is a global provider of AI-powered, privacy-first trust and identity services used across multiple sectors such as banking and finance, real estate, communications, regulatory compliance and government. Trust Stamp offers a range of innovative services. Their biometric capture and analysis technology enables secure and convenient identity verification, allowing businesses to streamline onboarding processes. By integrating advanced document verification, Trust Stamp helps verify the authenticity of important documents, reducing the risk of fraud.
Trust Stamp has recently received a Notice of Allowance from the United States Patent and Trademark Office. This notice marks a significant milestone for Trust Stamp's AI-powered, tokenized identity products, which are leveraged in its global operations. It follows the announcement of three additional patent applications made by the company in April 2023.
The new patent, titled Systems and processes for lossy biometric representation," further bolsters the company's IP protection for its innovative biometric hashing technology, which is used for subject identity verification. The technology in the patent uses neural network processing and pseudorandom matrix multiplication to generate anonymized vector representations of biometrics that can be verified for identity authentication. The anonymized vector representations are "lossy," meaning that not all the information from the original biometric data is retained, thereby enhancing security when dealing with sensitive biometric data while still allowing for identity verification with a degree of certainty.
Dr. Norman Poh, Trust Stamps Chief Science Officer, shared, 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 IT 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.
Trust Stamp has integrated the innovative identity verification processes from this patent into its Irreversibly Transformed Identity Token (IT2) technology, a unique privacy-first solution. Using its AI-based IT2, Trust Stamp ensures the benefits of biometric-derived authentication while keeping control of and not sharing the original biometric data. The IT2 cannot be converted back to the original data, keeping the biometric templates secure and offering privacy-protecting methodology to enjoy biometric-based authentication advantages without the risk of storing biometric templates. This patent is a significant step forward for Trust Stamp in the AI-powered identity and trust services landscape.
As the digital landscape continues to evolve, Trust Stamp's emphasis on privacy and data protection is aimed at ensuring that users personal information is safeguarded at all times. The ability to enhance security while maximizing the benefits of biometric data is a game-changer for financial institutions and companies dealing with sensitive data. Trust Stamp's products and services are set to play a significant role in shaping the future of finance and identity verification in the coming years.
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