Trust Stamp Unveils Privtech™ - a New Government-Focused Privacy-First Identity Technology
September 28 2022 - 8:30AM
T Stamp Inc. (“Trust Stamp” or the “Company”) (Nasdaq: IDAI,
Euronext Growth: AIID ID), a global provider of AI-powered trust
and identity services used globally across multiple sectors, today
unveiled its new government-focused, privacy-first identity
technology, Privtech™, and reports it has received registered
trademark status for the Privtech solution by the US Patent and
Trademark Office.
The technology provides four customizable levels
of privacy protection using the Company’s existing Privtech
Certified® structure and offers government agencies the ability to
verify identity and protect against fraud, while minimizing the
data collected and providing transparency as to its use.
Gareth Genner, Chief Executive Officer of Trust
Stamp, explained, “Privtech technology utilizes our patented
irreversibly transformed identity token (IT2™), which allows users
to be identified on a probabilistic basis without disclosing
underlying biometric or other identity data. Within the Privtech
Certified® structure there are four levels of privacy protection,
of which Privtech Level Four is the most stringent with the entire
enrollment and authentication processes taking place on the user’s
own device, and only a randomized and encrypted one-time identifier
ever leaving the device.”
Dr. Norman Poh, Chief Science Officer of Trust
Stamp, stated, “An IT2 can be created from virtually any modality
of biometric together with most other types of identity
data. In addition to the obvious benefit of privacy
protection, the IT2 has numerous advantages when compared to legacy
biometric templates, including computational efficiency,
interoperability and cancelability.”
Gareth Genner further noted, “Government
agencies need to balance safe and efficient interaction with
digital users against minimizing intrusion into the user’s privacy.
Unlike the typical biometric systems in use today, Privtech Level
Four does not require data intermediation by a private sector
vendor and does not require the user to provide the agency with
their biometric data. We have designed these solutions to meet the
specific demands of government customers, which represent a very
substantial and growing market opportunity. Ultimately,
we believe that Privtech Certified products will define a new
privacy-first approach to interacting with government
agencies.”
The Company’s announcement is in the wake of
substantial increases in technology-focused investments by
government agencies including $80 billion in new funding for the
Internal Revenue Service with a stated emphasis on improving
taxpayer services and modernizing the agency’s technology and other
infrastructure.
About Trust Stamp
Trust Stamp, 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) and Euronext Growth in Dublin (Euronext
Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew
Gowasack, the company now employs over 100 people.
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 on 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.
Trust
Stamp Email: Shareholders@truststamp.ai
Gareth Genner, Chief Executive
Officer
Davy (Euronext Growth
Advisor) Tel: +353
1 679 6363
Barry Murphy
Investor
Relations Tel: +1
212-671-1021
Crescendo
Communications Email: idai@crescendo-ir.com
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