Trust Stamp gains approval for multi-factor authentication patent
Trust Stamp has gained approval for yet another new patent from the United States Patent and Trademark Office, this time relating to multi-factor authentication.
The patent, dubbed “Systems and Methods for Identity Verification via Third-Party Account,” reportedly uses a ‘proprietary process’ to establish control of one or more third-party accounts for use as a primary or secondary identity authentication factor.
The new technology aims to complement Trust Stamp’s existing Irreversibly Transformed Identity Token (IT2) technology, which creates pseudonymized tokenized identities.
Andrew Gowasack, Trust Stamp’s President, commented: “With fraudulent transactions increasing at an alarming rate, multi-factor authentication is critical for all types of digital transactions.”
“Trust Stamp provides not only a biometric-based privacy-first solution with the IT2 and Biometric Multi-Factor Authentication process, but also a suite of non-biometric tools to complement the IT2.”
He added: “This patent addresses our ability to utilize evidence of the user’s control of third-party accounts, including social-media accounts, for identity authentication.”
The news comes as the Atlanta, Georgia-based firm has been extremely active in terms of pushing through new patents during 2023.
As per the company’s claims, the vector representations produced by the patents tech are anonymised and ‘lossy’, meaning not all information from the original biometric is included in the anonymized vector representation, providing benefits such as increased security .
In April, the company received approval for yet another three different patents, pertaining to protecting biometrics and other sensitive data, including the use of identity tokens in the metaverse, from the United States Patent and Trademark Office.
The firm’s spending on research and development remains high. As per the company’s most recent set of financial results, the firm’s R&D spending shot up $139,000 (28.09%) year-on-year to Q1 2023.
The spending comes in the context of lower revenue and expenses, the firm’s revenue dropped $2.4 million, or 83.74%, for Q1 2023 compared to Q1 2022, which attributed to loss of it’s contract with the U.S. Immigration and Customs Enforcement (ICE).