The global retail industry experienced a 39% decline in the number of blockchain-related patent applications in Q1 2024 compared with the previous quarter. The total number of blockchain-related grants dropped by 15% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Retail: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of blockchain-related patent applications in the retail industry was 303 in Q1 2024, versus 500 in the prior quarter.
The top five companies accounted for 12% of patenting activity
Analysis of patenting activity by companies shows that nChain filed the most blockchain patents within the retail industry in Q1 2024. The company filed 13 blockchain-related patents in the quarter, compared with 28 in the previous quarter. It was followed by Wells Fargo & Co with 6 blockchain patent filings, Mastercard (6 filings), and Bank of America (6 filings) in Q1 2024.
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Patenting activity was driven by the US with a 73% share of total patent filings
The largest share of blockchain related patent filings in the retail industry in Q1 2024 was in the US with 73%, followed by Australia (3%) and China (2%). The share represented by the US was 36% higher than the 37% share it accounted for in Q4 2023.
For further understanding of GlobalData's Retail: Patents Trends Q1 2024, buy the databook here.
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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.
