Trust Stamp Announces the Continued Growth of its Patent Portfolio Encompassing AI-Powered Identity Solutions
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The notice of allowance for a new patent covering facial recognition technology by Trust Stamp represents a significant advancement in biometric authentication capabilities. The ability to accurately identify individuals with obscured facial features addresses a growing market need, especially considering the widespread use of face masks during the COVID-19 pandemic and in cultures where facial coverings are commonplace. The integration of this technology into existing systems with minimal disruption is particularly noteworthy, as it suggests a cost-effective solution for businesses seeking to enhance their security protocols without extensive system overhauls.
From a market perspective, this development has the potential to open new avenues for Trust Stamp in various industries, including security, finance and retail, where identity verification is crucial. The innovation could also provide Trust Stamp with a competitive edge, as it offers a unique solution not yet widespread in the market. This patent allowance could lead to increased interest from investors and potential clients, reflecting positively on Trust Stamp's stock market performance and future revenue streams.
The issuance of a notice of allowance by the USPTO is a critical step in securing intellectual property rights for Trust Stamp's new facial recognition technology. It signifies that the application has cleared an important hurdle in the patent process and the company can expect to be granted the patent once administrative steps are completed. This legal protection can help prevent competitors from replicating the technology, thus providing Trust Stamp with a temporary monopoly on its use and potential licensing opportunities.
Furthermore, this patent fortifies Trust Stamp's position in negotiations and partnerships, as they now have a legally recognized claim to a novel technology. Companies with robust patent portfolios often enjoy higher valuations due to the perceived potential for market exclusivity and future earnings from patented technologies.
The technical implications of Trust Stamp's new facial recognition technology are profound. The ability to implement this advanced feature through a microservice architecture suggests a high degree of scalability and flexibility. It implies that the technology can be deployed rapidly across different platforms and services, which is valuable in today's fast-paced digital environment.
Moreover, the low-code or no-code approach to integration mentioned by the company reduces the barrier to adoption for many organizations that may lack extensive IT resources. This ease of implementation could accelerate market penetration and user adoption rates, leading to quicker realization of ROI for Trust Stamp and its clients. The technology's adaptability to current biometric systems is a testament to the company's forward-thinking approach to software development, potentially setting a new industry standard for biometric authentication solutions.
Trust Stamp received a notice of allowance from the US Patent and Trademark Office for a new patent covering facial recognition where the subjects face is significantly obscured by a mask or other covering
Atlanta, Georgia, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM announced that on January 22nd, 2024 the USPTO issued a notice of allowance for utility patent application #17/324/544 entitled “Face Cover Compatible Biometrics and Processes for Generating and Using Same”.
Andrew Gowasack, Trust Stamp’s President, commented, “This unique technology was developed during the COVID pandemic, but the range of use cases is far wider than being able to identify a subject while wearing a surgical mask, and encompass both cultural and security considerations. As a consequence of our microservice approach to software development, this capability can be implemented without significant changes to existing biometric authentication systems on a low-code or even no-code basis.”
Enquiries
Trust Stamp Email: shareholders@truststamp.ai
Andrew Gowasack: agowasack@truststamp.ai
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global provider of AI-powered identity services for use in multiple sectors, including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.
Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
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