Trust Stamp Inc, through its Chief Commercial Officer Kenny Chan discusses the company's innovative Stable IT 2 technology, designed for enhancing online digital experiences, particularly in fast identity online applications.
The technology distinguishes itself by enabling biometric authentication without the need to store any biometric data, thereby enhancing user privacy and security. Unlike traditional systems that require storing a facial template or picture, Stable IT 2 performs authentication while preserving user anonymity.
The white paper co-authored by Chan aims to inform the public about the limitations of current biometric systems, which typically rely on device-based authentication or the storage of biometric templates. It highlights the vulnerability of current systems to fraud, such as SIM swap attacks and the interception of one-time passcodes, proposing Stable IT 2 as a more secure alternative. This new technology supports authentication through a combination of a device and a biometric input, without the need to store biometric data.
For users, the benefits of integrating Stable IT 2 include enhanced account security through multi-factor authentication, the elimination of the need to store biometric data, surpassing the security offered by passkeys, and portability of authentication across devices. The technology is also a step towards creating digital identity tokens, enabling secure digital wallets that contain personal and financial information protected by multiple layers of authentication.
Moving forward, Trust Stamp is seeking partnerships with merchants, financial institutions, and identity wallet partners to implement the Stable IT 2 technology in securing digital assets. Chan's discussion underscores the company's commitment to advancing privacy and security in the digital domain.
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