Biometric wallet firm NXT-ID has announced that it has been granted a US patent related to end to end multi-factor authentication.The firm said the invention relates to a method and system for authentication and securing data exchanged between two devices without sharing keys or other information that could be hacked.Gino Pereira, Chief Executive Officer of the Company, said “This is a significant patent for our Company strengthening our core technology in secure information exchange. We intend to implement this authentication and security capability with the WorldVentures smart card, as well as other non- smart card related product ventures under development.”In the NXT-ID system, a first device needs to authenticate a second device, before exchanging any information with the second device.In this case the first and second devices can be a mobile phone, a smart card, a computer operating over the internet, a server or a software application not resident on the computer.To approve the second device, the first device (the authenticator in this case) gathers data from the second device to authenticate the later. A combined authentication score will be generated by the first device based on these historical information exchanges. An encryption key is then generated by the first device and it is used to encrypt that combined authentication score to yield a new dynamic pairing code. Both the first and second devices can decrypt the new dynamic pairing code.Location data, user behaviour, transactions and biometrics 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, secure transactions can be now be done with dynamic pairing codes on a transaction by transaction basis.

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