Trust Stamp files provisional patent for AI-based Age Estimation Calibration Algorithm, its 14th pending patent
Trust Stamp (Nasdaq: IDAI) has filed a provisional patent for a new AI-based Age Estimation Calibration Algorithm. This marks the company's 14th pending patent. The algorithm aims to enhance the accuracy and reliability of biometric-based age estimation, addressing regulatory demands and the need for effective age-restricted content verification. It builds on the Bayesian framework to manage age prediction uncertainties and allows tailoring of age category probabilities to client specifications. Chief Science Officer Dr. Norman Poh and President Andrew Gowasack highlight the algorithm's potential to outperform existing solutions, offering a more customized and precise age estimation for various client needs.
- Trust Stamp filed its 14th patent, marking continued innovation in AI technology.
- The new algorithm reduces error rates in age estimation, enhancing accuracy.
- Tailoring of age category probabilities enables more customized client solutions.
- The algorithm addresses regulatory demands for age-restricted content verification.
- Trust Stamp's age estimation service is already in the market, adding credibility.
- Filing a patent does not guarantee approval, which may delay commercialization.
- Increased regulatory pressure could introduce complexities in compliance.
Trust Stamp's recent filing for a patent on an AI-based Age Estimation Calibration Algorithm indicates the company’s ongoing commitment to improving its biometric verification technologies. The use of a Bayesian framework to address age estimation uncertainties is particularly noteworthy. Bayesian methods are powerful tools in statistical inference, enabling the incorporation of prior knowledge and continuous updating as more data becomes available. This methodological choice can significantly reduce error margins in age estimation, making the technology more robust and reliable.
From a technological viewpoint, this innovation positions Trust Stamp ahead of competitors still reliant on legacy systems. The ability to provide tailored age category probabilities means that clients can receive more precise and client-specific age estimations, which is essential for businesses dealing with age-restricted content and compliance with regulatory standards. This could enhance client satisfaction and trust in the product, paving the way for wider adoption and integration into various applications.
The market for AI-based age verification is expanding rapidly due to increasing regulatory demands and the need for accurate age-restriction mechanisms. Trust Stamp's innovation could capture a significant share of this growing market. The company's focus on refining its age estimation accuracy through this new algorithm is likely to resonate well with potential customers looking for dependable and customizable solutions. This move could lead to increased market penetration and potentially higher revenue streams.
The timing of this patent filing also suggests a strategic approach to staying ahead of regulatory changes and market demands. As businesses seek to ensure compliance and minimize legal risks, the demand for advanced age verification tools will likely grow. Trust Stamp's proactive development and patenting of this technology could serve as a strong competitive advantage, possibly enhancing its market positioning and investor confidence.
For investors, the filing of this patent signifies Trust Stamp's ongoing investment in its core technology, which could translate into long-term financial growth. Patents can often serve as indicators of a company's future capabilities and potential for innovation-driven revenue. If this new algorithm indeed offers superior performance compared to existing solutions, it could attract new clients and boost existing contracts, leading to higher recurring revenues.
From a financial perspective, it is important to monitor how quickly this new technology can be integrated into Trust Stamp's existing product offerings and the speed at which it gains market acceptance. The costs associated with patenting and developing new technologies must also be balanced against the expected financial returns. Positive outcomes in these areas would likely reflect well on the company’s stock, making it an attractive proposition for investors looking for growth in the AI and biometric verification space.
Atlanta, GA, May 23, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the AI-powered, Privacy First Identity CompanyTM announces that it is filing a patent for an AI-powered process that improves the performance of biometric-based age estimation algorithms. Increased regulatory pressure and the proliferation of age-restricted content has produced a robust and rapidly growing market for low-friction age verification. Trust Stamp already offers an AI-based age estimation service, having announced its product on March 13, 2024. With this new algorithm, error rates in AI-based estimation are reduced, and Trust Stamp will be able to more easily tailor results to complex client requirements.
Dr. Norman Poh, Chief Science Officer of the Company, commented, “This new patent application will represent Trust Stamp’s latest innovation in age estimation. The algorithm builds on the Bayesian framework to not only address the inherent uncertainty in predicting human's age but also in ways that can reduce the effect of over and under estimation had raw age values been used. Moreover, the solution allows us to produce age category probabilities that can be easily tailored to different clients’ requirements and even to target demographics, thus making the age estimation much more reliable and targeted."
Andrew Gowasack, President of the Company, commented, “With this new innovation, we fully expect our age estimation performance to outpace legacy products. Calibration and categorization of the AI outputs will be an attractive process improvement for clients who are seeking a more accurate and customized solution for online age estimation.”
Inquiries
Trust Stamp Email: Shareholders@truststamp.ai
Andrew Gowasack, President
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 in seven countries 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.
FAQ
What did Trust Stamp announce on May 23, 2024?
What is the new algorithm by Trust Stamp designed to improve?
How does the new algorithm by Trust Stamp enhance age estimation?
What framework does Trust Stamp's new algorithm build on?
Who commented on the potential of Trust Stamp's new algorithm?
When did Trust Stamp announce its AI-based age estimation service?
What is the stock symbol for Trust Stamp?
