Business
Trust Stamp to Provide Secure Crypto Key Vault Solution for Financial Institutions
ATLANTA, Oct. 7, 2021 /PRNewswire/ -- Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID ID), a global provider of AI-powered trust and identity services used
About this update from T Stamp Inc.
[{"type":"text","content":"ATLANTA, Oct. 7, 2021 /PRNewswire/ -- Trust Stamp (OTCQX: IDAI, Euronext Growth: AIID ID), a global provider of AI-powered trust and identity services used across multiple sectors, today announces that they are adding secure account-credential and private key storage vault functionality to their suite of solutions targeted at financial institutions delivering cryptocurrency and digital asset services.\nThe solution leverages Trust Stamp's proven facial biometric authentication technology to establish and grant access to the vault. Biometric and other data is converted into Trust Stamp's proprietary Irreversibly Transformed Identity Token (IT2TM) and immediately discarded. The system does not require identity verification and no identifiable personal information is ever stored or shared, preventing the potential for sensitive biometric data, account credentials, or encryption keys to be exposed or compromised. \nWhile misplacing access credentials for a cryptocurrency account is inconvenient and can restrict access to assets, losing the private key for a cryptocurrency wallet or a non-fungible token (NFT) leads to permanent loss of the cryptocurrency in the wallet or the ability to prove and exercise ownership of the NFT. To further strengthen security and assure long-term data protection and availability, data that is irreversibly tokenized by Trust Stamp's advanced cryptographic processes is stored on an Amazon Quantum Ledger Database (QLDB), providing a transparent, immutable, and cryptographically verifiable append-only transaction log.\nJohn Bridge, Trust Stamp's Executive Vice President responsible for cryptocurrency-related services, comments: \"With around US $1 trillion in cryptocurrency and NFT assets in circulation today, billions of dollars are believed to be permanently inaccessible due to loss of account credentials. With cryptocurrency becoming mainstreamed and recognized as an important asset class in diversified portfolios, Trust Stamp is working to deliver parallel or superior protection and convenience for cryptocurrency and NFT investors to that offered by legacy financial institutions.\"\nAs an expert in digital currency and financial technology, Bridge spent 34 years in law enforcement which included serving as Senior Inspector/Chief Inspector of Financial Surveillance with United States Marshals Service. He...