Breaking Tech News: NXT-ID (Nasdaq:NXTD; NXTDW) Patents Collaborative Services to Enable the "Internet of Things"
Patent further advances biometric authentication for Wocket™
OXFORD, CT - February 12, 2015 (Investorideas.com Newswire) NXT-ID, Inc. ( NASDAQ: NXTD ), a biometric authentication company focused on the growing mobile commerce market, announced today that it has filed provisional patent 62/113114 for
DISTRIBUTED METHOD AND SYSTEM TO IMPROVE COLLABORATIVE SERVICES ACROSS MULTIPLE DEVICES.
The patent further establishes NXT-ID's position in the emerging "Internet of Things" by adding to its intellectual property portfolio the ability for multiple devices to collaborate with one another to improve various services such as personal authentication. The patent also introduces new collaborative payment authentication methods by requiring multiple devices such as wearables and mobile devices to collaborate with one another before a payment can be made.
"Wearable and mobile devices will interact with traditional stationary devices more and more in the future," says David Tunnell, Chief Technology Officer of NXT-ID. "As watches, phones and smart wallets interact more and more with locks, appliances and point of sale (POS) systems, for example, the opportunity to harness the collective processing and unique features of the devices to improve user experience exists. Unfortunately, the opportunity for hacking also exists. The multi-device collaborative services described within this patent improve not only the convenience of interaction with multiple devices, but also improves security through collaborative authentication services."
He also went on to say, "This patent further advances biometric authentication for our Wocket™ smart wallet by enhancing training of our voicematch algorithm using multiple devices. We also enhance security of Wocket by introducing a new proximity based payment solution that requires multiple devices, such as Wocket and Wocket card, to be present before payment can be performed. This method further reduces potential fraud by only authorizing payment if both devices communicate without one another, further reducing any possibility of loss of personal information due to theft of either device."
About NXT- ID Inc. - Mobile Security for a Mobile World: (NXTD) (NXTDW):
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 biometric solutions that secure consumers' mobile platforms led by Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. Wocket was recognized as one of the top technology products at CES 2015 by multiple media outlets including Wired.com. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.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://www.nxt-id.com/, 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.
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D. Van Zant
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