Shares of NXT-ID Inc. (NASDAQ:NXTD) soared on Wednesday after the U.S Patent office awarded the Florida-based technology company a patent for Internet of Things device collaboration.
Next-ID shares soared nearly 2% higher to US$1.95 on Wednesday.
The Melbourne, Florida company’s new technology improves the security and operation of multiple IoT devices.
"This technology improves the security and operation of the IoT by enabling multiple devices to work together to improve accuracy and convenience," said David Tunnell, chief technology officer of NXT-ID.
"Now, instead of simply authenticating with a single device, multiple devices may work together to identify and authenticate users. This introduces numerous possibilities for collaborative services in the future as the IoT grows. Beyond authentication, these collaborative services can include jointly performing tasks or jointly providing services to the user."
The invention, and Next-ID does this better than anybody, allows for secure data exchange between multiple devices after utilizing common data or algorithms to authenticate a user for purposes of performing a variety of actions across many devices.
NXT-ID provides a comprehensive platform of technology products and services that enable the Internet of Things. With experience in access control, biometric and behavior-metric identity verification, encryption and data protection, NXT-ID develops and markets solutions for payment and IoT applications.
"Expanding our patent portfolio in the areas of credential management, authentication and payments is a key component of our strategy to be at the center of the ever-growing Internet of Things," said NXT-ID CEO Gino Pereira.
"The technology behind this patent creates a range of potential use cases -- everything from securing payments to personalizing room environments -- that will make IoT devices more secure, more personalized, more efficient and, ultimately, even more powerful," added Pereira.