The retail industry continues to be a hotbed of innovation, with activity driven by security and technology, and growing importance of technologies such as cloud, blockchain, and cryptocurrencies. 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 Cloud in Retail: e-transaction tamperproofing.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
70+ innovations will shape the retail industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the retail industry using innovation intensity models built on over 128,000 patents, there are 70+ innovation areas that will shape the future of the industry.
Biometric authentication, gesture-based user interfaces, and shipping management systems are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are user biometric authentication and instant messaging social networks, which are now well established in the industry.
Innovation S-curve for cloud in the retail industry
e-transaction tamperproofing is a key innovation area in cloud
Automated, tamper-proof transaction logs, which involve identity data, are an efficient method to enable personal and institutional oversight of data usage. A tamper-proof ledger can be defined as a system of records that has properties of a blockchain ledger. All blockchain ledgers can be called tamper-proof ledgers in theory.
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 and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to e-transaction tamperproofing
Source: GlobalData Patent Analytics
Leading players in the cloud-based e-transaction tamperproofing in terms of patents filed are SoftBank Group, nChain, Visa, Overstock.com, and Ant Group. In September 2020, Ant Group, a Chinese fintech company, launched Trusple, a global financial services and trade platform powered by blockchain. Employing the company’s AntChain blockchain technology, the seller’s and buyer’s banks process settlements of payments automatically through the smart contract. According to the company, the automated process ensures that the information remains tamper-proof.
Leading players in this space in terms of application diversity are Ballet Global, Nasdaq, Block, and IDEMIA France.
In terms of geographic reach, IDEMIA France, Algorand, nChain, and SICPA lead the space.
Tamper proofing using blockchain is expected to gain momentum in the coming years, with bigger security threats to personal information and increasing adoption of the technology by mainstream players.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cloud Computing in Retail.