The retail industry continues to be a hotbed of innovation. Activity is driven by a number of factors including regulatory reforms and the growing importance of technologies such as transaction data blockchain, smart contracts, and crypto wallets. In the last three years alone, there have been over 133,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cybersecurity: Crypto wallets. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 128,000 patents to analyse innovation intensity for the retail industry, there are 70+ innovation areas that will shape the future of the industry.
Crypto wallets is a key innovation area in cybersecurity
A crypto wallet is a programme, device, physical medium, or service that stores the public and/or private keys for transactions in cryptocurrency. Additionally, a crypto wallet also offers the functionality of encrypting and/or signing information. Unlike a traditional wallet that holds cash, crypto wallets don’t store cryptocurrency. A customer’s digital assets live on the blockchain and can only be accessed with a private key.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 100+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of crypto wallets.
Key players in crypto wallets – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to crypto wallets
Source: GlobalData Patent Analytics
The leading patent filers in the crypto wallets space are SoftBank Group, nChain Holdings, Headwater Research, Headwater Partners, Visa and Capital One Financial. Visa is enabling modern pay outs in the global marketplace using stablecoin to reshape the payment experience.
In terms of application diversity, Technikka Conexion, adidas, Cox Enterprises, ZTE, TripleBlind and AT&T are the leading players.
In terms of geographic reach, the top players include Headwater Partners, Authentify, Early Warning Services, Intertrust Technologies, Zeetta Networks and Anonos.
Crypto-related products and perceptions have been evolving, with digital currencies gaining momentum. As the crypto market matures, questions will arise about the crypto’s role in the future of commerce and finance.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cybersecurity in Retail.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
