NXT-ID (NXTD) Receives Notice on Encryption Patent

Steve Kanaval  |

NXT-ID (NXTD) 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.

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

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Companies

Symbol Name Price Change % Volume
NXTD NXT-ID Inc. 0.79 -0.05 -5.95 231,070 Trade

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