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Trust Stamp strengthens patent portfolio with new identity token technology patent

Published: 09:22 31 May 2023 EDT

T Stamp Inc - Trust Stamp strengthens patent portfolio with new identity token technology patent

T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, is adding to its patent portfolio with a new patent covering its identity token technology.

The company said it had recently received a Notice of Allowance for an additional patent from the United States Patent and Trademark Office, shortly after receiving its previous patent allowance earlier this month.

The patent, titled "Systems and Methods for Identity Verification via Third-Party Account," introduces a proprietary process that establishes control over one or more third-party accounts as a primary or secondary authentication factor for identity verification.

The patent aims to complement Trust Stamp's renowned AI-generated Irreversibly Transformed Identity Token (IT2) technology, the company said in a statement.

Commenting on this development, Andrew Gowasack, president of Trust Stamp, emphasized the importance of multi-factor authentication in combating the increasing prevalence of fraudulent transactions.

“With fraudulent transactions increasing at an alarming rate, multi-factor authentication is critical for all types of digital transactions,” Gowasack said. “This patent addresses our ability to utilize evidence of the user’s control of third-party accounts, including social-media accounts, for identity authentication.”

Gowasack further elaborated on Trust Stamp's commitment to providing effective solutions against fraud, stating: "With the highly successful launch of our SaaS Orchestration Layer, we are able to offer a range of no-code and low-code solutions that can be swiftly implemented at minimal cost. This expansion enhances the availability of both biometric and non-biometric solutions, enabling our customers to stay one step ahead of fraudsters."

Trust Stamp introduced its Orchestration Layer in 2023 as a significant milestone in its evolution from a custom-solution provider to a Software-as-a-Service (SaaS) solutions provider. Initially offered to existing customers and through a channel partnership, the Orchestration Layer has already garnered significant interest, attracting twenty-nine enrollments, including twenty-five newly enrolled banks through the channel partnership.

As part of its growth strategy, Trust Stamp plans to make the platform available to a wider audience by establishing a direct-sales team, which is currently being recruited.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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