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$NXTD News ~ Say Goodbye to Passwords ~ NXT-ID Patents a Universal Authentication Method to Replace Passwords

http://finance.yahoo.com/news/goodbye-passwords-175802195.html

SHELTON, CT--(Marketwired - Mar 25, 2014) - 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."