The retail industry continues to be a hotbed of innovation. Activity is driven by security and technology, and growing importance of technologies such as blockchain, smart contracts, and cloud. 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 in Retail: e-transaction tamperproofing. 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.
e-transaction tamperproofing is a key innovation area in cybersecurity
Blockchain provides enhanced security against tamper-proofing. The reason is its distributed ledger. A blockchain network employs the distributed ledger system. This system records transaction data with timestamps that too, in a chronological order, making it difficult for an attacker as they need to change the transaction information across all ledgers, right up to the first Block.
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 e-transaction tamperproofing.
Key players in e-transaction tamperproofing – 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 e-transaction tamperproofing
Source: GlobalData Patent Analytics
In terms of patents filed, SoftBank Grou, nChain, Visa, Overstock.com, and Ant Group are the leading players in the e-transaction tamper-proofing space. In February 2023, nChain announced its partnership with Unisot, a Web3-based supply chain traceability platform as a service provider. As part of the partnership, Unisot’s supply chain sustainability and traceability platform will have the blockchain technology of nChain.
In terms of application diversity, Ballet Global, Nasdaq, Block, and IDEMIA France are the leading players in the e-transaction tamper-proofing space.
In terms of geographic reach, IDEMIA France, Algorand, nChain, and SICPA are the leading players in the space.
The benefits of transaction tamperproofing include lower costs, enhanced data integrity, reduced risk to business continuity, and improved financial health.
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.
