The retail industry continues to be a hotbed of innovation, with activity 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.
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.
Within the emerging innovation stage, smart contracts and transaction data blockchain are disruptive technologies that are in the early stages of application and should be tracked closely. Biometric authentication, biometric payments, and blockchain payments are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are user biometric authentication and e-commerce robotic process automation, which are now well established in the industry.
Innovation S-curve for cybersecurity in the retail 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 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 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 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.