Privakey said the US Patent and Trademark Office issued it a patent for innovations in password free authentication.
“Technologies that simplify authentication and reduce friction are sweeping financial services and other consumer markets today,” said Privakey.
The patent is for “digital identity technology used to establish a universal, password-free authentication system, eliminating the need for the site-specific passwords.”
Privakey CEO Charles Durkin said: “The patent covers much of the foundational technology needed for large scale, password-free, digital identity services.
“Our technology enables a password-free future, where consumers will no longer suffer the hassles and insecurities of using passwords for their multitude of connected services.”
Privakey said professional identity service providers (IDPs) are expected to replace the thousands of unique login schemes that currently serve as the front doors to websites, mobile apps and online services today.
“Today’s marketplace is filled with a confusing mix of attempts to improve consumer authentication,” said Brian Ross, Vice President of Product at Privakey.
“Unfortunately, these attempts often hinder the customer experience by placing more hassle and burden on the user.
“Privakey’s technology improves the customer experience while eliminating the vulnerabilities inherent with shared secrets.
“Just imagine if you never needed to remember another password in your daily life? Privakey makes that possible.”