Trust Stamp has filed to protect its intellectual property for what the company describes as privacy-enhancing technology for proving ownership and exercising control over cryptographically verified digital assets with digital identity authentication through its Irreversibly Transformed Identity Token, IT2.
The technology is intended to protect non-fungible tokens (NFTs), cryptocurrency wallets, decentralized finance (DeFi) products by placing control over them in the hands of the user with self-sovereign identity.
A patent application for the SSI technology has been filed by Trust Stamp with the U.S. Patent and Trademark Office (USPTO). Provisional Patent Application No. 63/256,347 describes a platform-agnostic method of performing cross-platform authentications.
The company says the new filing compliments its recently-launched biometric private key storage vault for digital assets, as well as a patent application filed in May for set of techniques to authenticate a physical object with non-fungible tokens created through proprietary data transformation.
“Digital assets are not confined to decentralized cryptocurrencies. Central Bank Digital Currencies, DeFi, and NFTs are all becoming components of mainstream investment strategies,” comments Trust Stamp Executive Vice President responsible for services related to digital assets John Bridge. “The speed of innovation to ensure safe and efficient use has to match the speed of growth in the market and the user base. Trust Stamp’s privacy-first technologies are already proven in high value, high volume implementations, and are ideal for fast-scaling digital asset implementations.”
Trust Stamp also provides real-time authentication through face biometric and ID document checks compliant with KYC and AML standards for Bitcoin ATMs around the world. The company also joined the Cryptocurrency Compliance Cooperative (CCC) earlier this year.
The concept behind IT2 tokens and biometric binding with fuzzy tokens was explained by Trust Stamp CSO Dr. Norman Poh in a recent EAB lunch talk.