ATLANTA – Trust Stamp (NASDAQ: IDAI), an artificial intelligence-driven identity verification company, has received a notice of allowance from the U.S. Patent and Trademark Office (USPTO) for a utility patent concerning a new technology designed to enhance the security and privacy of personal identifiable information.
The patent, numbered 17/719,975 and titled "Personal Identifiable Information Encoder," is part of Trust Stamp's growing portfolio, which includes 20 allowed and issued patents, with another 13 patents provisional or pending. The company's CEO, Gareth N. Genner, highlighted the patent's relevance in the context of increasing privacy legislation, such as the General Data Protection Regulation (GDPR), and the need for data localization solutions.
Genner expressed that the encoder is significant for its potential to protect against cyber-attacks while optimizing privacy by storing and sharing only tokenized personal data. He also indicated that Trust Stamp will soon announce specific implementations of this technology.
Trust Stamp, founded in 2016, is recognized as the Privacy-First Identity Company™ and is known for providing AI-powered identity services across various sectors, including banking, finance, government, and humanitarian services. The company emphasizes its commitment to reducing fraud, protecting data privacy, increasing operational efficiency, and expanding user access through its advanced biometric identity solutions.
The company, headquartered in Atlanta, operates globally with locations in North America, Europe, Asia, and Africa, and trades on the Nasdaq Capital Market. This latest patent allowance is expected to further strengthen Trust Stamp's intellectual property assets and its position in the identity verification market.
The announcement is based on a press release statement.
InvestingPro Insights
As Trust Stamp (NASDAQ: IDAI) continues to innovate in the realm of secure identity verification, investors and stakeholders are closely monitoring the company's financial health and market performance. A couple of noteworthy InvestingPro Tips shed light on the company's current standing. Firstly, Trust Stamp has an impressive gross profit margin of nearly 80%, a metric that underscores the company's ability to manage its cost of goods sold and maintain profitability on its products and services. Secondly, the company has been identified as having liquid assets that exceed its short-term obligations, indicating a strong short-term financial position that may reassure investors of the company's liquidity and ability to cover immediate liabilities.
Turning to the real-time data from InvestingPro, Trust Stamp's market capitalization stands at a modest 8.69 million USD, reflecting its position as a smaller player within the industry. Despite challenges, the company has seen a significant return over the last week, with a 7.88% increase in its stock price. However, it is essential to note that the stock price has experienced a considerable decline over the past three months, with a -42.26% total return. These fluctuations highlight the stock's volatility and the potential for high-risk and high-reward investment opportunities.
For those interested in a deeper dive into Trust Stamp's financials and market performance, InvestingPro offers additional insights, including the fact that the company has not been profitable over the last twelve months. There are also 10 more InvestingPro Tips available for Trust Stamp, which can be accessed for further analysis. To explore these insights, investors can visit: https://www.investing.com/pro/IDAI. Moreover, by using the coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment research with a suite of professional tools.
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