NXT-ID (NASDAQ: NXTD) Receives Notice of Allowance
on the Unpassword Encryption Patent
MELBOURNE,
Fla. - March 21, 2016 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) ("NXT-ID" or the "Company"),
a company focused on the growing mobile commerce market, announces the receipt
of a notice of allowance from the US Patent Office on its
"Unpassword" encryption patent. The invention relates generally to
authenticating and encrypting information exchanged between two devices. A
first device needs to authenticate a second device, before the first device
will exchange information with the second device. "We want to be sure that
the second device is not a bad guy or a hacker before actually sending
sensitive information." David Tunnell, Chief Technology Officer of NXT-ID.
Generally,
this data will be gathered during several different information exchanges. A
combined authentication score will be generated by the first device based on
these exchanges. Then an encryption key is generated by the first device and it
is used to encrypt that combined authentication score. The dynamic pairing code
is then that encrypted combined authentication score. Both the first and second
devices can decrypt the dynamic pairing code. The dynamic pairing code is
modified based on subsequent information exchanges between the first and second
devices.
Location
data, user behavior, transactions, biometrics and the like 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, trust is instead earned by the number of successful authentications
achieved over time.
"These
dynamic pairing codes are a cornerstone of our MobileBio® encryption technology
and we are pleased that this patent is about to be awarded" said Gino
Pereira, CEO of NXT-ID. "This technology allows a much higher level of
security for transactions than is currently employed and the licensing of this
technology is a potential path to generating recurring revenue on financial
transactions and the reduction of fraud losses by financial institutions.
NXT-ID, Inc.'s innovative MobileBio® solution mitigates consumer risks
associated with mobile computing, m-commerce and smart OS-enabled devices. The
company is focused on the growing m-commerce market, launching its innovative
MobileBio® suite of solutions that secure consumers' mobile platforms. For more
information, please visit www.nxt-id.com
NXT-ID’ wholly owned subsidiary, 3D-ID LLC, is
engaged in biometric identification and has 22 licensed patents in the field of
3D facial recognition http://3d-id.net/
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:
D. Van Zant
800 665-0411
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