Who are the leading innovators in retail crypto wallets?
The retail industry continues to be a hotbed of innovation, with activity driven by a number of factors, including regulatory reform and the growing importance of technologies such as blockchain for transaction data, smart contracts and crypto wallets. In the past three years alone, there have been over 133,000 patents filed and granted in the retail sector, according to GlobalData’s Cybersecurity: Crypto Wallets report.
However, not all innovations are equal, nor do they follow a constantly upward trend. Instead, their development takes the form of an S-shaped curve that reflects their typical life cycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those in emerging and accelerating stages, is critical to understanding their current level of adoption and the likely future trajectory and impact they will have.
70+ innovations will shape retail
According to GlobalData’s Technology Foresights, which plots the retail S-curve using innovation intensity models built on over 128,000 patents, there are 70+ areas of innovation that will shape the future of the industry.
Within shows up the innovation stage, smart contracts and blockchain for transactional data are disruptive technologies that are in the early stages of application and should be closely watched. Biometric authentication, biometric payments and blockchain payments are some of these accelerating innovation areas, where adoption has been steadily increasing. Among matures areas of innovation are user biometric authentication and e-commerce robot process automation, which are now well established in the industry.
Innovation S-curve for cyber security in the retail trade
Crypto wallets is a central area of innovation within cyber security
A crypto wallet is a program, device, physical medium or service that stores public and/or private keys for cryptocurrency transactions. In addition, a crypto wallet also offers the functionality to encrypt and/or sign information. Unlike a traditional wallet that contains cash, crypto wallets do not 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 area of innovation 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 providers, established retail companies, and up-and-coming startups that are engaged in the development and use of crypto wallets.
Key players in crypto wallets – a disruptive innovation i merchandise trade
“Application diversity” measures the number of different applications identified for each relevant patent, dividing companies into either “niche” or “diversified” innovators.
“Geographical scope” refers to the number of different countries each relevant patent is registered in, and reflects the breadth of geographic application intended, from “global” to “local.”
The leading patent applicants in crypto wallets are SoftBank Group, nChain Holdings, Headwater Research, Headwater Partners, Visa and Capital One Financial. Visa enables modern payments 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 geographical reach, the top players include Headwater Partners, Authenify, 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 crypto’s role in the future of commerce and finance.
To further understand the key themes and technologies disrupting retail, access GlobalData’s latest thematic research report on Cybersecurity in Retail.
