NXT-ID (NASDAQ: $NXTD) Awarded US Patent on the
UN-Password™
MELBOURNE,
Florida - August 2, 2016 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (NXTDW) ("NXT-ID" or the
"Company"), a company focused on the growing mobile commerce market
announces the issuance of patent number 9407619 by the USPTO for risk aware end
to end multi-factor authentication.
Gino
Pereira, Chief Executive Officer of the Company, said "This is a
significant patent for our Company strengthening our core technology in secure
information exchange. We intend to implement this authentication and security
capability with the WorldVentures smart card, as well as other non-smart card
related product ventures under development."
This
invention relates to a method and system for authentication and securing data
exchanged between two devices without sharing keys or other information that
could be hacked. A first device needs to authenticate a second device, before
exchanging any information with the second device. In this case the first and
second devices can be a mobile phone, a smart card, a computer operating over
the internet, a server or a software application not resident on the computer.
To
approve the second device, the first device (the authenticator in this case)
gathers data from the second device to authenticate the later. A combined
authentication score will be generated by the first device based on these
historical information exchanges. An encryption key is then generated by the
first device and it is used to encrypt that combined authentication score to
yield a new dynamic pairing code. Both the first and second devices can decrypt
the new dynamic pairing code.
Location
data, user behavior, transactions and biometrics are examples of identifiers
that may be used to authenticate devices.
Rather
than blindly trusting a certificate from a third party certificate authority,
as is commonly done today, secure transactions can be now be done with dynamic
pairing codes on a transaction by transaction basis.
About NXT- ID Inc. - Mobile
Security for a Mobile World
NXT-ID
is an emerging growth technology company that is focused on products,
solutions, and services for security on mobile devices. Our core technologies
consist of those that support digital payments, biometric identification,
encryption, sensors, and miniaturization. We have three distinct lines of
business that we are currently pursuing: mobile commerce, primarily through the
application of secure digital payment technologies; biometric access control
applications, and Department of Defense contracting. Our initial efforts have
primarily focused on the development of our secure products for the growing
m-commerce market, most immediately, a secure mobile electronic smart wallet,
the Wocket®. The Wocket® is a smart wallet, designed to protect your identity. http://nxt-id.com/, http://wocketwallet.com/.
Forward-Looking
Statements for NXT-ID:
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the date of this
press release, and involve certain risks and uncertainties. Forward-looking
statements include statements herein with respect to the successful execution
of the Company's business strategy. The Company's actual results could differ
materially from those anticipated in these forward-looking statements as a
result of various factors. Such risks and uncertainties include, among other
things, our ability to establish and maintain the proprietary nature of our
technology through the patent process, as well as our ability to possibly
license from others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to implement its
long range business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary marketing and/or
distribution partners; the impact of competition, the obtaining and maintenance
of any necessary regulatory clearances applicable to applications of the
Company's technology; and management of growth and other risks and
uncertainties that may be detailed from time to time in the Company's reports
filed with the Securities and Exchange Commission.
NXT- ID Inc Contact:
Media:
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