ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Trust Stamp Enhances Biometric Security with Palm-Enhanced Cryptographic Solution

Atlanta, GA, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), a global provider of advanced identity solutions, is pleased to announce the launch of a pioneering research initiative aimed at expanding its biometric cryptosystem, Stable IT2, to include contactless palm authentication. The Biometric Secure Module (BSM) project will further enhance security by integrating face and palm biometrics, providing a more resilient and privacy-centric authentication system.

Cyber-crime is on the rise, with global costs projected to reach $10.5 trillion by 2025. Trust Stamp’s BSM project aims to address this growing concern by developing a biometric cryptosystem that offers high-entropy, secure authentication without the need to store sensitive biometric data. This ensures users’ data remains protected even in the event of a device breach, as no cryptographic keys are stored directly on the device.

Project Biometric Secure Module (BSM) financed by Xjenza Malta, through the FUSION: R&I Technology Development Programme Lite, will span 18 months, with a start date of November 1, 2024. The funding covers 75% of the project cost, with the company contributing 25% from its own resources. By leveraging Trust Stamp’s proprietary Stable IT2 algorithm, the BSM will generate cryptographic keys directly from facial and palm biometric features. This innovative approach maintains high security while minimizing the risks associated with device compromises.

Prof. Norman Poh, Chief Science Officer of Trust Stamp, emphasized the privacy advantages of this approach, stating, “By utilizing palm biometrics, we can generate secure keys from a biometric modality that is less publicly exposed than facial features. This provides an added layer of protection against unauthorized access.”

Prof. Reuben Farrugia, Research Director at Trust Stamp, outlined the significance of the research, noting that this project aims to deliver a software development kit (SDK) for Android devices. This SDK will allow integration of the Stable IT2 process into mobile applications, enabling secure on-device authentication. Additionally, the development of Trust Stamp’s Orchestration Layer will provide seamless access to helper data, facilitating user-friendly biometric authentication.

Trust Stamp’s BSM project represents a significant advancement in the field of biometrics, offering a robust solution that aligns with industry standards such as the FIDO Alliance’s recommendations. With the combination of face and palm recognition, Trust Stamp is poised to redefine digital identity security, particularly for financial institutions, digital wallets, and identity access management providers.

About Trust Stamp: Trust Stamp is a global provider of AI-powered identity verification and authentication solutions. With a focus on privacy-first security, Trust Stamp offers innovative biometric technology to enhance digital identity management. For more information, visit www.truststamp.net.

About Xjenza Malta: Xjenza Malta is the government agency responsible for promoting and coordinating scientific research, technological innovation, and science communication in Malta.

Inquiries                                                                                                     Email: dgrima@truststamp.net
Trust Stamp

David Grima      
Director of Product Innovation, Trust Stamp


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.


Primary Logo

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.