Emergent Technology, the blockchain technology company, announced on Tuesday (Sept. 25) that it has made a strategic investment in T Stamp Inc.
In a press release, Emergent Technology said T Stamp, which is known as Trust Stamp, makes artificial intelligence and biometric hashing technology for the purpose of verifying identities. Emergent Technology said it is deploying Trust Stamp’s technology across its G-Coin and Responsible Gold businesses.
“Across our business, we strive to facilitate greater financial inclusion in emerging markets, and identity is a central component,” said EmTech’s Chief Commercial Officer Mitch Davis. “Over one billion people worldwide cannot officially prove their identity. This needs to be solved to bring more people into the global financial system, forcing us to think beyond government-issued IDs to biometrics and proof of life.”
According to the executive, the company sees not only an opportunity to provide an identity to those financially excluded around the globe, but also to link their digital identities to its global payments ecosystem.
According to Emergent Technology, Trust Stamp’s main application uses facial biometrics and proof of life tests to create unique and secure digital identities. Using a mobile phone or computer, a user captures a video or still image of their face. Biometric data is then recorded and matched with a photo ID, public records or social media to verify the person’s identity. The data is translated into a hash, which can then be used to analyze and attach trust or preference to business interactions.
EmTech noted that the Trust Stamp hash is in operation across multiple industries, including banking, FinTech, KYC/AML compliance, real estate and law enforcement. It is also being piloted to fight human trafficking by the Attorneys General of New Mexico and Guanajuato, Mexico, with a future rollout planned for additional U.S. states.
“We are excited to bring an identity solution to EmTech, its clients and partners. Trust Stamp’s technology will make EmTech’s compliance and customer authentication processes even stronger across their G-Coin and Emergent Payments offerings,” said Trust Stamp Co-founder Andrew Gowasack in the same press release.
EmTech will also implement Trust Stamp technology across its Responsible Gold platform for the gold supply chain, which uses blockchain technology to track gold from the mine to the refinery to the vault. Trust Stamp’s imaging technology will be used to verify the authenticity, provenance and uniqueness of each gold kilobar registered on EmTech’s Responsible Gold blockchain, the company said.