Category: Investment, Mobile Security, Technology
Tech News Alert: Say Goodbye to Passwords; NXT-ID (OTCQB:NXTD) Patents a Universal Authentication Method to Replace Passwords
NXT-ID Patents a Universal Authentication Method to Replace Passwords
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SHELTON, CT - March 25, 2014 (Investorideas.com Newswire) NXT-ID, Inc. (OTCQB: NXTD), a biometric authentication company focused on the growing mobile commerce market, announced today that it has submitted a patent application for a universal and adaptable authentication and data exchange method. As a follow-up to U.S. provisional patent application No. 61/802,681, NXT-ID has filed patent application 14/217289 for universal authentication and data exchange method, system and service.
The patent is a significant step forward in NXT-ID's vision to provide its proprietary MobileBio® authentication to a number of applications including financial transactions. MobileBio® enables users to identify themselves to a variety of other devices from a single device carried or worn by an individual.
In the MobileBio® ecosystem, devices know each other from a history of communication between one another. This history builds trust between devices by utilizing another NXT-ID invention, dynamic pairing. Since each device is dynamically paired with one another, it maintains a history of trust to secure its communications. When a user authenticates themselves with a local device such as a phone, watch, ring or a smart wallet, the user is also authenticating with other devices and applications that it encounters. This technology will enable users to seamlessly, securely access devices such as doors, phones, laptops, applications, entertainment systems, even remote services using a single device worn on a person.
"This technology enables users to unlock virtually anything, all from a single device that simply knows who you are," says David Tunnell, CTO of NXT-ID. "This invention supports current authentication methods such as passwords, as well as serves as a bridge to newer forms of authentication such as multi-factor authentication to promote universal security within the internet-of-things. Passwords are never forgotten, kept safe within an electronic vault that can also generate and send strong passwords to automatically login to devices and applications over a variety of communication methods such as Bluetooth and NFC (Near Field Communications)."
"This patent adds to a number of forthcoming technologies that help build our intellectual portfolio in the MobileBio® wearable and mobile markets," says Gino Pereira, CEO of NXT-ID. "We are building products to identify that you are uniquely you. The technology promotes inter-awareness in terms of identity, location, context and utility with secure methods that are dynamic, changing with every new session, and thus difficult to be spoofed."
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (OTCQB: NXTD) 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 biometric solutions that secure consumers' mobile platforms. NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
Forward-Looking Statements for NXT-ID
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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.
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